Rent

Sublet listings spiked in June, breaking record set way back in May

By Brick Underground  | July 15, 2020 - 9:30AM 

A shuttered beauty salon in Jackson Heights, Queens in May. The city’s unemployment rate is about 20 percent.

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Another month, another record spike in sublet listings from New Yorkers looking to get out of their expensive rentals as NYC grapples with the aftershocks of the coronavirus pandemic. The city’s unemployment rate is about 20 percent—a figure not seen since the Great Depression, according to the New York Times

A new report from RentHop finds that June’s total sublet listings broke the previous record set in May. Total sublet listings increased by 110 percent in May compared to the previous month. June saw an increase of 3 percent over May, hitting the highest level ever recorded by RentHop in its 11 years.

“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 report says.

The neighborhoods that saw the biggest spikes are Astoria, Yorkville, Williamsburg, the West Village, Chelsea, and Battery Park City.

 

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