Exodus over? NYC expected to turn corner in April

Report says influx of people to city will outpace those who are leaving

New York /
Mar.March 30, 2021 07:00 AM
The number of temporary and permanent change of address requests for leaving the city totaled 832,388 in 2020. (iStock)

The number of temporary and permanent change of address requests for leaving the city totaled 832,388 in 2020. (iStock)

An exodus of New Yorkers to pieds-à-terre, new suburban homes or in some cases, South Florida, may finally be over.

By April, the influx of people coming to New York City is expected to outpace those who jump ship, according to a new report by real estate consultant Nancy Packes Data Services and Eastdil Secured.

The gap between the number of households filing a request to change their address from a city ZIP code to one outside the city and the number of households moving into the city has gradually decreased since May 2020. The report found that post offices received 66,714 change of address requests for households looking to move out of the city and 48,603 requests for those moving to the city in January, which is the most recent data available.

The number of temporary and permanent change of address requests for leaving the city totaled 832,388 in 2020, which is 233,091 more requests than 2019. Post offices received 339,990 requests for permanent and temporary address changes from Manhattan to locations outside the city and to other boroughs between March 2020 and January 2021, according to the report. During that time, the post office received 222,552 such requests from households in Brooklyn and 153,295 for households in Queens.

The report credits the gradual recovery of rent rates, which have dropped significantly in the past year, and job growth for slowing the exodus from the city. The report’s authors believe that as companies adopt hybrid work models, allowing their employees to work both in the office and remotely, “most people working for companies with offices in the City will live in the City, even if they are farther out in the boroughs.”





    Related Articles

    arrow_forward_ios
    Mortgage requests, refinancings continue to drop
    Mortgage requests, refinancings continue to drop
    Mortgage requests, refinancings continue to drop
    Many of these investors are targeting lower-priced homes. (iStock)
    Institutional investors, higher material costs lead to rising home prices
    Institutional investors, higher material costs lead to rising home prices
    Canada’s Public Sector Pension Investment Board CEO Neil Cunningham (left) and Allianz SE CEO Oliver Bäte (PSP Investments, Allianz, iStock)
    Canadian pensions, Asian wealth funds eye single-family home rentals
    Canadian pensions, Asian wealth funds eye single-family home rentals
    A rendering of 85 Jay Street and RXR Realty CEO Scott Rechler (Winick, Getty)
    RXR makes $220M apartment bet in Brooklyn
    RXR makes $220M apartment bet in Brooklyn
    The state has opened 52 more investigations into potential fair-housing law violations tied to the Newsday report (iStock)
    Agents named in discrimination exposé face discipline from state
    Agents named in discrimination exposé face discipline from state
    Sao Carlos CFO Fabio Itikawa. (Getty, YouTube via Levante Investimentos)
    In pandemic-battered Brazil, 3G Capital founders hunt for real estate deals
    In pandemic-battered Brazil, 3G Capital founders hunt for real estate deals
    Tesla’s Gigafactory (Tesla)
    Over 340M sf of industrial space set for delivery in 2021
    Over 340M sf of industrial space set for delivery in 2021
    BHS CEO Bess Friedman, Sotheby’s CEO Philip White REBNY head James Whelan, Douglas Elliman executive chairman Howard Lorber and Corcoran CEO Pamela Liebman (Getty, iStock)
    Broker fee ban an “error,” court rules
    Broker fee ban an “error,” court rules
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...