Don’t call it a comeback.
Manhattan has largely recovered since the population decline in the early days of COVID-19 a new study From Placer.ai on post-pandemic migration.
From February to April 2020, the borough’s population fell by 8.1% – threatening its status as a major world economic and cultural centre.
But as New Yorkers learn time and time again, one should never underestimate the Big Apple. With population growth of nearly 4% from January 2018 to October 2022, along with its social scene and job prospects, Manhattan now has more residents than pre-pandemic.
The entrants also increased the fares. According to the Corcoran Tally, the Manhattan median reached $4,200 in November, up 24% from 2021. The brokerage also reported that sales prices fell 8% from the third to the fourth quarter, falling slightly to an average of $1.1 million.
The report’s authors say the rapid recovery is a testament to the city’s resilience in times of crisis.
“The retail and office recovery in New York City is an affirmation of the unique environment that can only be found there,” said Ethan Chernofsky, vice president of marketing at Placer.ai. “While there are areas that have been hard hit, it is difficult to envision a scenario where these do not see equally powerful improvements over time.”
Indeed, the boroughs are still a bit sleepy. Brooklyn has pockets of revival, but they haven’t yet experienced the overall influx of Manhattan. Between January 2018 and October 2022, the population declined by 4.5% in The Bronx, 4.6% in Brooklyn, 5.8% in Queens and 7.1% in Staten Island, the report found.
So which areas of Manhattan are the hottest in our new, post-pandemic normal? Topping the list is the Upper West Side, which saw a 30% increase in residents between November 2019 and October 2022. This is followed by the East Village/Gramcery and the area around City Hall, which is hovering around 25% during that same time period. span of time.
In Brooklyn, while most of the southern half is still seeing a decline, Coney Island’s population is up 6% over a nearly three-year period.
Not surprisingly, prime Downtown Brooklyn and Williamsburg lag behind at about 5% and 3%, respectively. Places like Prospect Heights, Beds-Stuy, and Greenpoint, not quite as trendy but still a quick ride from Manhattan, are growing at a pace of about 2% each.