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A record number of New York City renters are currently looking for subletters to take over their leases as the city struggles with the coronavirus pandemic and job losses.
A new report from RentHop calls a spike in sublet listings “early evidence the city may be seeing an outflow of residents to the suburbs or other metropolitan areas.” The migration may be caused in part by climbing unemployment claims: NYC is expected to lose more than 900,0000 jobs by the end of June, according to Comptroller Scott Stringer.
For the first two weeks of May 2020 compared to the same period a year ago, RentHop saw an increase of more than 150 percent in average daily sublet listings compared to the first two weeks of April 2020, “the most dramatic” spike ever recorded by the website.
Each borough saw an increase in new sublet listings in the first two weeks of May 2020 compared to monthly averages in 2020. Manhattan in particular saw the largest spike, which the report says may be attributed to the borough’s wealthier renters and their ability to relocate quickly. The May spike may also been impacted by pent-up demand, since many renters likely put off moving during late March and early April because of the lockdown order.
The Theater District, Astoria, and Yorkville topped this list of neighborhoods with the most significant increases in new sublets this month.
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