New York is Calling Its Residents Back – Here’s Why

By: ROS Team

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Did you know almost 336,000 people left New York City at the peak of the Coronavirus outbreak in 2020? New Yorkers fled the city and settled in rural areas and smaller towns in search of affordable living and less restrictive lockdowns. Now that vaccines are available and office buildings are reopening. Migration trends are reversing and people are moving back to NYC.

Why Are People Moving Back to NYC?

New York City saw its largest significant migration in history as residents left the city in droves during the height of the pandemic from June 2020 to June 2021. Now that the world is slowly returning to normal, New Yorkers are slowly returning.

Why Are People Moving Back to NYC

Here Are Some Of The Reasons People Are Moving Back To NYC:

Vaccines

As of the writing of this article, over 77% of New Yorkers have been vaccinated. Furthermore, New York City has one of the highest vaccination rates in the United States, which is notable in light of how hard the pandemic hit the city. People are seeing that vaccines are effective in lowering infection rates and, as a result, are encouraged to return to the place many have always called home.

Office Reopenings

As the second anniversary of the coronavirus pandemic approaches, businesses in New York City are calling their employees back to work at the office. In some cases, physical attendance in the office is mandatory at least three to four days a week, so people are rapidly returning to the city to remain employed.

Revitalized Tourist Industry

Several well-known NYC landmarks have reopened now that COVID-19 infection rates have decreased, which means waves of people who have been stuck inside for nearly two years are visiting the city. Travel experts project that NYC will break its tourist record in 2022 as the city sees more tourists than it did pre-pandemic. New tourist attractions and restaurants are already welcoming tourists in every borough, undoubtedly helping restore the New York City economy.

Start Up Boom

New York City was known as a hotbed for start-up companies before the pandemic, but it became a nightmare for entrepreneurs when the pandemic hit in 2020.  Very few businesses opened their doors during the peak of the pandemic. But now that COVID-19 is better managed, NYC is once again seeing an influx of startups.  And, with ample opportunities for investment, more and more business leaders are choosing NYC as their next business hub.

Inflation in Suburbs and Rural Areas

Suburbs and rural areas have seen an overall increase in the cost of living. Since there is no longer a clear financial benefit to not living in the city. Many people are now packing up and returning to the hustle and bustle of New York City streets.

Other Reasons

It’s not altogether surprising that New Yorkers are returning to the city. After all, it’s the only place many people have lived. Moving anywhere else may have felt right at the moment, but for many, there’s no place like home.

What Are the Impacts of Returning?

In the early months of Summer 2022, Washington Square Park saw a sharp increase in visitors and the number of vehicles on Manhattan’s streets increased. This increase coincided with the return of workers returning to offices in the city. This rapid rate of return is slowly restoring the vibes that have always made New York City iconic.

Greenwich Village, Murray Hill, and Chelsea were some of the neighborhoods that had to be evacuated at the height of the pandemic. Now, these and at least 14 other New York City neighborhoods are witnessing more residents moving in than before the pandemic.

Unfortunately, this mass migration has resulted in an increase in rents in New York City, particularly in Manhattan, than in any other borough. Finding an apartment is also becoming more difficult now because the demand outweighs the supply.

When is the Best Time to Rent an Apartment in New York City?

According to the results of a recent survey, the month of February is the optimal time to rent an apartment in New York City. This is usually when property owners and landlords reduce rent to attract new tenants to increase occupancy rates. You will have more negotiating power during the winter months because fewer people are looking for apartments.

Conclusion

New York City is seeing a resurgence in population as we create a new normal. Businesses are calling employees back into the office full-time at the risk of termination, and start-up companies have a new footing to build market share. The Big Apple is alive again and calling people back home.