While the coronavirus pandemic prompted other generations to flee New York City and stay away, one age group has returned in droves.
Just a few short years after COVID temporarily emptied the five boroughs of many residents, Gen Zers have swept in with force, making the city’s housing vacancy rate plummet to a record low.
According to a recent Business Insider analysis of Census Bureau data, the biggest demographic currently moving to New York City are unmarried Gen Z renters with incomes of $57,000 a year.
Indeed, nearly half (more than 42%) of those who found a place in the Gotham between 2021 and 2022 belonged to Gen Z, closely followed by millennials (39%) with older generations lagging significantly behind (8.7% were Gen Xers and only 7.4% were boomers).
As the youngsters moved in, the available housing stock went down, and the rate of empty, for-rent properties dropped to just 1.4% last year — qualifying 2023 as the year with the worst housing crunch in Big Apple history, Fortune reported.
To put that 1.4% availability rate into perspective, the outlet noted that a normal vacancy rate is considered to be in the 5% to 10% range.
“Younger generations certainly constitute a significant portion of those returning to the city for its social, cultural, and convenience appeal,” Jason Bordainick, co-founder and managing partner at the New York-based Hudson Valley Property Group, told the publication. “Whether working in-office or remotely, the appeal of urban living, especially in Manhattan, remains strong.”
Another shared similarity of those now calling New York home?
In addition to being young, the city’s newest residents are also likely to be looking for love. Of those who have recently moved to New York, more than 67% have been single or unmarried, while just 25.3% have been married — and comparatively insignificant percentages have been divorced, separated or widowed, according to Business Insider.
Though they may be making the housing market tougher, maybe all those young, free agents can help make the local dating market a little less miserable.