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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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9 Comments

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Paul Kersey

Astoria is fast becoming a crime ridden ghetto. There are those who want to deny this, but the facts don’t lie. The exodus will be large-no matter the reduction in rents

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Georgia

I am not surprised. We all knew the area is over rated and trashy. But tolerated it because its way cheaper than Manhattan, Brooklyn and LIC. A lot of negative publicity also throughout the pandemic regarding the lack of social distancing and partying taking place in our streets. In the long run Astoria will be ok. All this publicity will attract a certain type of renter and lower rents even further.

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Queens Lady

Astoria became trashy when all the transplants moved in.It had a small home town feel at one time, not that long ago.

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Melisa

Others are moving in though. I talked to one new neighbor and he told me that he and his family moved out of corona and moved to Astoria. More landlords he says are lowering the rent to qualify for city rent vouchers. His brother and his family is moving down our same block next month. We welcome all these great people.

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Bob

Most of these sublets are gonna turn to rentals next year. Right now renters are just trying to see if Astoria is gonna go back to beautiful days so that they can come back.

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Mark

Um, people aren’t sure about the direction of the economy or their jobs . This has nothing to do with waiting for Astoria to beautiful again .

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Bob

Most of my friends are moving to other places.. Staten Island, Upstate, Connecticut, even to Jersey.. All of them have good jobs indeed. 2 houses just showed up for sale in a week on my block. It tells something.

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