NYC Sublet Listings Break Record Amid Coronavirus, Study Says

NEW YORK CITY — Sublet. Sublet. Sublet.

That's the word repeating itself across New York City online housing boards and among apartment hunters as the city grapples with the new coronavirus.

And a new study shows the one-word refrain reflects real change — sublet listings citywide jumped 114 percent in June above the average for the first four months of the year, according to RentHop.

June, in fact, set a record for renters looking to sublet, the study found. It edged out the previous record set in May with 110 percent.

"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," the study stated.

Some neighborhoods, particularly wealthy ones in Manhattan, saw even greater jumps in sublet listings.

The neighborhoods with the biggest difference between June sublet listings and the first four months of the year were:

1. Astoria — 600 percent
2. Yorkville — 440 percent
3. Williamsburg — 419 percent
4. West Village — 306 percent
5. Chelsea — 289 percent
6. Battery Park City — 240 percent
7. East Harlem — 240 percent
8. Financial District — 231 percent
9. Hell's Kitchen — 219 percent
10. Bedford-Stuyvesant — 217 percent

It's no secret many New Yorkers packed up and left the city during the pandemic. RentHop's study reported drew a link between the coronavirus and the spike in sublets.

The surge can't be explained by New Yorkers leaving for the summer, the study states. Sublets in June 2019 only rose 0.3 percent — remember, this year the increase is 114 percent.

"Even controlling for seasonality, June 2020 stands as the greatest single month of new sublet listings ever recorded in RentHop’s 11-year history," the study states.

The whole study can be read here.