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Astoria Sees Massive Spike in Subletting Amid COVID-19 Pandemic: Study

Homes in Astoria (iStock)

July 20, 2020 By Allie Griffin

Astoria residents are trying to sublet their apartments and head elsewhere like never before, according to a recent study.

The neighborhood saw a whopping 600 percent increase in sublet listings last month when compared to the average for the first four months of the year, according to a Renthop report.

Astoria saw the single greatest increase in the listings across all five boroughs, Renthop reported.

New York City, as a whole, recorded 114 percent more sublet listings in June than the average for the first four months of 2020, according to the study.

In fact, June 2020 stands as the greatest single month increase of new sublet listings ever recorded in Renthop’s 11-year history, the apartment listing site stated. It beat the previous record set in May with 110 percent.

New York City sublet listings on Renthop (Renthop)

Wealthy neighborhoods, in particular, saw the steepest rise in sublet listings on Renthop. Many sections of Manhattan saw a significant jump in listings– such as in Yorkville, Chelsea, the West Village and Financial District.

Many people, experts say, try to sublet their apartments when they move so they can cover the rent for the duration of their lease.

The authors of the report believe that the uptick indicates that New Yorkers are leaving the city because of the coronavirus pandemic — as has been reported anecdotally.

“This sudden spike in sublet listings may be considered early evidence the city is witnessing an outflow of residents to the suburbs or other metropolitan areas, likely as a consequence of the COVID-19 pandemic and increased ability to work from home,” Renthop stated.

NYC neighborhoods with the most significant spikes in new sublets in June 2020 vs. the average for the first four months (Renthop)

 

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3 Comments

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UnafartableApatments

The tech nerds will work from home outside New York City from now on. Good luck renting out the ‘affordable’ apartments landlards.

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Osvaldo

I guess covid has a bright side. Rents will come down to 1980’s prices soon enough.

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Guest

Makes no sense.
What are those lines represent? Did it go up from 2 to 12? 600% increase?

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