<\/p>\n
Daily Average Sublet Listings Hit Record in May<\/strong><\/h5>\n <\/p>\n
The first two weeks of May 2020 saw a more than 150% increase<\/strong> in average daily sublet listings as compared to the average daily sublet listings of the first two weeks of April 2020. This is the most dramatic spike in new sublet listings we have ever recorded. Further highlighting this sudden increase, the average daily sublet listings in May were double the average of the first two weeks of each month in 2020.2<\/a><\/sup><\/p>\nEven when controlling for seasonality, this spike in sublets is unprecedented. Unlike the May 2020 trend, in the first two weeks of May 2019, RentHop saw a 1% decline in average daily sublet listings as compared to the average daily sublet listings of the first two weeks of April 2019. Similarly, there was a 1.5% decrease in average daily listings in May 2019 compared to the average daily listings of the first four months of 2019.\u00a0 By contrast, May 2020 saw a more than 150% increase in average daily sublet listings compared to April 2020.<\/p>\n
<\/p>\n
![](\"https:\/\/www.renthop.com\/content-manager\/wp-content\/uploads\/2020\/05\/mom_change_sublets.png\")
<\/div>\nManhattan Seeing the Largest Spike in New Sublet Listings<\/strong><\/h5>\n <\/p>\n
Every NYC borough saw an acceleration in new sublet listings in the first two weeks of May 2020 compared to their average in the first four months of the year. Notably, however, Manhattan neighborhoods saw a substantially larger deviation from their 2020 average than neighborhoods in the outer boroughs. Manhattan\u2019s outsized share of new sublets may be due to the relatively higher average socioeconomic status of its residents and their ability to relocate out of the city.\u00a0 Another factor potentially contributing to May 2020’s sudden sublet spike could be pent up demand as many renters held off on moving in late-March \/ early-April as the lockdown orders had just gone into effect.<\/p>\n
The neighborhoods that saw the most significant spikes in new sublets this month were the Theater District (267% above average), Astoria (267%), Yorkville (255%), Greenpoint (200% increase), Williamsburg (200% increase), the West Village (165% increase), and Battery Park City (160% increase).<\/p>\n
<\/p>\n
![](\"https:\/\/www.renthop.com\/content-manager\/wp-content\/uploads\/2020\/05\/top_sublet_neighborhood_spikes.png\")
<\/div>\n <\/p>\n
\n1. As used in this report, \u201csublet listings\u201d are listings created by apartment renters seeking to find a new tenant to take over the remainder of their apartment lease. In NYC, finding a subletter is widely considered the most effective way to get out from under a lease without paying the steep contractual penalties triggered by an outright lease break.
\n\u21a9<\/a><\/sup>
\n2. We analyzed the first two weeks of each month, as opposed to each month as a whole, because that\u2019s the period when most renters create listings (generally about 1 month prior to their lease end dates).
\n\u21a9<\/a><\/sup><\/p>\n","protected":false},"excerpt":{"rendered":"New York City, the epicenter of the COVID-19 pandemic in the United States, has experienced unprecedented health, economic, and social disruptions over the last two months. Based on RentHop\u2019s apartment listing data, it now appears a record number of NYC renters are looking for subletters to take over their leases – early evidence the city […]<\/p>\n","protected":false},"author":5,"featured_media":632,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"yes","_lmt_disable":"","footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-631","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market-insights"},"yoast_head":"\n
Record Number of NYC Renters Looking to Sublet Their Apartment in Light of Pandemic - Real Estate Data & Research<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.renthop.com\/research\/record-number-of-nyc-renters-looking-to-sublet-their-apartment-in-light-of-pandemic\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Record Number of NYC Renters Looking to Sublet Their Apartment in Light of Pandemic\" \/>\n<meta property=\"og:description\" content=\"New York City, the epicenter of the COVID-19 pandemic in the United States, has experienced unprecedented health, economic, and social disruptions over the last two months. Based on RentHop\u2019s apartment listing data, it now appears a record number of NYC renters are looking for subletters to take over their leases – early evidence the city […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.renthop.com\/research\/record-number-of-nyc-renters-looking-to-sublet-their-apartment-in-light-of-pandemic\/\" \/>\n<meta property=\"og:site_name\" content=\"Real Estate Data & Research\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/renthopapartments\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-20T09:30:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-20T13:31:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.renthop.com\/research\/wp-content\/uploads\/sites\/2\/2020\/05\/mom_change_sublets.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1797\" \/>\n\t<meta property=\"og:image:height\" content=\"1500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Shane Lee\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@renthop\" \/>\n<meta name=\"twitter:site\" content=\"@renthop\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shane Lee\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.renthop.com\/research\/record-number-of-nyc-renters-looking-to-sublet-their-apartment-in-light-of-pandemic\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.renthop.com\/research\/record-number-of-nyc-renters-looking-to-sublet-their-apartment-in-light-of-pandemic\/\"},\"author\":{\"name\":\"Shane Lee\",\"@id\":\"https:\/\/www.renthop.com\/research\/#\/schema\/person\/3e69a7be12d3d6e1af05a34a0aba1224\"},\"headline\":\"Record Number of NYC Renters Looking to Sublet Their Apartment in Light of Pandemic\",\"datePublished\":\"2020-05-20T09:30:45+00:00\",\"dateModified\":\"2020-05-20T13:31:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.renthop.com\/research\/record-number-of-nyc-renters-looking-to-sublet-their-apartment-in-light-of-pandemic\/\"},\"wordCount\":527,\"publisher\":{\"@id\":\"https:\/\/www.renthop.com\/research\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.renthop.com\/research\/record-number-of-nyc-renters-looking-to-sublet-their-apartment-in-light-of-pandemic\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.renthop.com\/research\/wp-content\/uploads\/sites\/2\/2020\/05\/mom_change_sublets.png\",\"articleSection\":[\"Market Insights\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.renthop.com\/research\/record-number-of-nyc-renters-looking-to-sublet-their-apartment-in-light-of-pandemic\/\",\"url\":\"https:\/\/www.renthop.com\/research\/record-number-of-nyc-renters-looking-to-sublet-their-apartment-in-light-of-pandemic\/\",\"name\":\"Record Number of NYC Renters Looking to Sublet Their Apartment in Light of Pandemic - 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Even when controlling for seasonality, this spike in sublets is unprecedented. Unlike the May 2020 trend, in the first two weeks of May 2019, RentHop saw a 1% decline in average daily sublet listings as compared to the average daily sublet listings of the first two weeks of April 2019. Similarly, there was a 1.5% decrease in average daily listings in May 2019 compared to the average daily listings of the first four months of 2019.\u00a0 By contrast, May 2020 saw a more than 150% increase in average daily sublet listings compared to April 2020.<\/p>\n
<\/p>\n
<\/div>\nManhattan Seeing the Largest Spike in New Sublet Listings<\/strong><\/h5>\n <\/p>\n
Every NYC borough saw an acceleration in new sublet listings in the first two weeks of May 2020 compared to their average in the first four months of the year. Notably, however, Manhattan neighborhoods saw a substantially larger deviation from their 2020 average than neighborhoods in the outer boroughs. Manhattan\u2019s outsized share of new sublets may be due to the relatively higher average socioeconomic status of its residents and their ability to relocate out of the city.\u00a0 Another factor potentially contributing to May 2020’s sudden sublet spike could be pent up demand as many renters held off on moving in late-March \/ early-April as the lockdown orders had just gone into effect.<\/p>\n
The neighborhoods that saw the most significant spikes in new sublets this month were the Theater District (267% above average), Astoria (267%), Yorkville (255%), Greenpoint (200% increase), Williamsburg (200% increase), the West Village (165% increase), and Battery Park City (160% increase).<\/p>\n
<\/p>\n
<\/div>\n <\/p>\n
\n1. As used in this report, \u201csublet listings\u201d are listings created by apartment renters seeking to find a new tenant to take over the remainder of their apartment lease. In NYC, finding a subletter is widely considered the most effective way to get out from under a lease without paying the steep contractual penalties triggered by an outright lease break.
\n\u21a9<\/a><\/sup>
\n2. We analyzed the first two weeks of each month, as opposed to each month as a whole, because that\u2019s the period when most renters create listings (generally about 1 month prior to their lease end dates).
\n\u21a9<\/a><\/sup><\/p>\n","protected":false},"excerpt":{"rendered":"New York City, the epicenter of the COVID-19 pandemic in the United States, has experienced unprecedented health, economic, and social disruptions over the last two months. Based on RentHop\u2019s apartment listing data, it now appears a record number of NYC renters are looking for subletters to take over their leases – early evidence the city […]<\/p>\n","protected":false},"author":5,"featured_media":632,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"yes","_lmt_disable":"","footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-631","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market-insights"},"yoast_head":"\n
Record Number of NYC Renters Looking to Sublet Their Apartment in Light of Pandemic - Real Estate Data & Research<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.renthop.com\/research\/record-number-of-nyc-renters-looking-to-sublet-their-apartment-in-light-of-pandemic\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Record Number of NYC Renters Looking to Sublet Their Apartment in Light of Pandemic\" \/>\n<meta property=\"og:description\" content=\"New York City, the epicenter of the COVID-19 pandemic in the United States, has experienced unprecedented health, economic, and social disruptions over the last two months. Based on RentHop\u2019s apartment listing data, it now appears a record number of NYC renters are looking for subletters to take over their leases – early evidence the city […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.renthop.com\/research\/record-number-of-nyc-renters-looking-to-sublet-their-apartment-in-light-of-pandemic\/\" \/>\n<meta property=\"og:site_name\" content=\"Real Estate Data & Research\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/renthopapartments\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-20T09:30:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-20T13:31:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.renthop.com\/research\/wp-content\/uploads\/sites\/2\/2020\/05\/mom_change_sublets.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1797\" \/>\n\t<meta property=\"og:image:height\" content=\"1500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Shane Lee\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@renthop\" \/>\n<meta name=\"twitter:site\" content=\"@renthop\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shane Lee\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.renthop.com\/research\/record-number-of-nyc-renters-looking-to-sublet-their-apartment-in-light-of-pandemic\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.renthop.com\/research\/record-number-of-nyc-renters-looking-to-sublet-their-apartment-in-light-of-pandemic\/\"},\"author\":{\"name\":\"Shane Lee\",\"@id\":\"https:\/\/www.renthop.com\/research\/#\/schema\/person\/3e69a7be12d3d6e1af05a34a0aba1224\"},\"headline\":\"Record Number of NYC Renters Looking to Sublet Their Apartment in Light of Pandemic\",\"datePublished\":\"2020-05-20T09:30:45+00:00\",\"dateModified\":\"2020-05-20T13:31:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.renthop.com\/research\/record-number-of-nyc-renters-looking-to-sublet-their-apartment-in-light-of-pandemic\/\"},\"wordCount\":527,\"publisher\":{\"@id\":\"https:\/\/www.renthop.com\/research\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.renthop.com\/research\/record-number-of-nyc-renters-looking-to-sublet-their-apartment-in-light-of-pandemic\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.renthop.com\/research\/wp-content\/uploads\/sites\/2\/2020\/05\/mom_change_sublets.png\",\"articleSection\":[\"Market Insights\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.renthop.com\/research\/record-number-of-nyc-renters-looking-to-sublet-their-apartment-in-light-of-pandemic\/\",\"url\":\"https:\/\/www.renthop.com\/research\/record-number-of-nyc-renters-looking-to-sublet-their-apartment-in-light-of-pandemic\/\",\"name\":\"Record Number of NYC Renters Looking to Sublet Their Apartment in Light of Pandemic - 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<\/div>\n<\/p>\n
\n
1. As used in this report, \u201csublet listings\u201d are listings created by apartment renters seeking to find a new tenant to take over the remainder of their apartment lease. In NYC, finding a subletter is widely considered the most effective way to get out from under a lease without paying the steep contractual penalties triggered by an outright lease break. New York City, the epicenter of the COVID-19 pandemic in the United States, has experienced unprecedented health, economic, and social disruptions over the last two months. Based on RentHop\u2019s apartment listing data, it now appears a record number of NYC renters are looking for subletters to take over their leases – early evidence the city […]<\/p>\n","protected":false},"author":5,"featured_media":632,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"yes","_lmt_disable":"","footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-631","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market-insights"},"yoast_head":"\n
\n\u21a9<\/a><\/sup>
\n2. We analyzed the first two weeks of each month, as opposed to each month as a whole, because that\u2019s the period when most renters create listings (generally about 1 month prior to their lease end dates).
\n\u21a9<\/a><\/sup><\/p>\n","protected":false},"excerpt":{"rendered":"