Those considering moving to New York also raise practical concerns. Miller’s return is upset because she wants to visit apartments before signing a lease. It’s difficult because the state is forcing visitors like her to quarantine for two weeks. Rather than paying for an extended hotel stay, she put her move on hold.
The effect of the pandemic on the city’s population will only become clear when Census Bureau figures are released next spring, but new Manhattan apartment leases fell 23% in July, according to data from Douglas. Elliman. The vacancy rate has more than doubled, to 4.3%, and could rise further if landlords start evicting delinquent tenants in October, when a state-imposed hiatus is due to end.
Meanwhile, sales tax revenue in the city fell 35% in the second quarter, according to the New York State Comptroller’s Office.
The city’s most sought-after real estate may be a space for New Yorkers to store their belongings while waiting for the pandemic elsewhere. Rachmany said storage lockers are almost impossible to find as far as John F. Kennedy International Airport.
CubeSmart, which operates self-storage warehouses in the city, has started raising rents for existing customers again after freezing them in March. In a recent conference call, its CEO called July a “fabulous month”. CubeSmart officials believe most New York shoppers will end up going back to town and clearing their lockers.
“They will find a new apartment, probably at a much lower price, and things will get back to normal,” an executive said over the phone.
Mayor Bill de Blasio certainly hopes so.
“When we come back, many, many people will feel the opportunity,” he said last month. “The younger ones, especially those who are, you know, creative and enterprising, who want to be where the action is, that hasn’t been changed. It can be paused a bit, but it hasn’t been changed.
Indeed, university graduates have been one of the most important national sources of new residents to the city for many years. Over the past decade, college towns like Ann Arbor, Michigan, Boston and Ithaca have been among the few places in the country to send more migrants here than they have received, according to a 2018 study from Baruch College. .
But much of what draws young people to New York City is gone, or at least has gone into hibernation.