New Yorkers Move In and Out of the City Post Pandemic, Boro Park Rents Continue to Spike

New Yorkers Move In and Out of the City Post Pandemic, Boro Park Rents Continue to Spike

By Yehudit Garmaise

Hundreds of thousands of New Yorkers have been returning to the city this year, but more are still moving out: a dynamic that has caused NYC residents to see both empty units and rents spike.

In 2021, 546,000 people moved to the city, showing a significantly higher number than the 510,295 people who moved into the city in 2019.

Not accounted for by the US Post Office, however, are transplants moving into NYC from outside the country, pointed out Barbara Byrne Denham, a senior economist with Oxford Economics.

Rents might be going up because landlords are trying to recuperate the income they lost over the pandemic, Denham hypothesized, but in some neighborhoods, she added that inventory may be down, “because people are still moving here at a very aggressive rate.”

In addition, with the US Fed’s attempt to cool the economy by hiking interest rates, fewer New Yorkers can afford to buy apartments.

"When fewer people buy homes, more people rent, which means the demand for apartments goes up," Denham said. "And so does the price."

According to the US Postal Service, 3,811 Americans moved into the 11219 ZIP code so far this year, but a greater number moved out, which is a trend experienced by neighborhoods citywide, reported abc7ny.

“Many former Boro Parkers have left the city for lower-priced communities, such as Monsey, Linden, and Union,” reported a Boro Park resident. “However, my rent has gone up twice in the past two years.”

“You can see a lot of empty houses,” he said. “Just walk down any street in Boro Park.

“My block has three houses and more than 10 apartments that are vacant.”

“We have considered many times to move, but we love Boro Park, and we love the city,” the resident told BoroPark24. “We have the Shomer Shabbos shul right next to us. We have kosher restaurants open until 2am. There is no place else in the world where you have such a thing: Minyanim 24/7.

“That is what we pay rent for. It’s crazy, but that is what we are paying to live in the city.”

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