New Study Crowns New York as America's Top City 2023 | Inquirer

New Study Crowns New York as the Top City in America for 2023

/ 09:59 AM June 13, 2023

After going through the COVID-19 storm, New York has emerged stronger than ever. In a recent report, the city earned the title of America’s Best City of 2023.

Despite temporary departures of residents and drastic predictions, the city that never sleeps proved an impressive resilience. New York’s quick rebound, particularly in tourism and real estate, has caught Resonance Consultancy’s interest.

It is an international real estate and tourism advertisement organization well-known for ranking urban areas around the US yearly. Here are the details that highlight New York’s impressive recovery.

1. Tourism Surges

The city is recovering its status as a top tourist destination. The report shows that an estimated more than 61 million tourists will travel to the Big Apple in 2023.

It is a significant leap from 33 million in 2021 and 56 million last year. With the numbers nearing the pre-pandemic highs of 70 million tourists in 2019, New York’s charm stays absolute.

A New York Post report confirmed that additional touristic appeals are the major enhancements done by the city. For instance, LaGuardia Airport, JFK Airport, and Penn Station are currently under renovation and expansion.

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In addition, the city also boasted 10,000 newly-opened hotel rooms in 2022. These offer travelers a wide array of stylish accommodations.

2. New Yorkers Lead the Recovery

The city owes much of its revival to its residents. New Yorkers, known for their invincible spirit, are driving the rebound in several sectors.

Moreover, the Metropolitan Transportation Authority (MTA) witnessed a significant milestone when it recorded more than 4 million subway riders in one day on May 17.

The city has recorded the same five times within one month. It marked the first time the record surpassed 4 million since 2020 when the pandemic occurred.

3. Real Estate Dominates

Manhattan’s real estate market is hitting a remarkable record. The average rent in Manhattan was at an all-time high of $4,395 in May. According to Douglas Elliman, New York maintained this record-breaking bar for three consecutive months.

Moreover, sales are also strong, with pending contracts displaying a 10% growth compared to May 2019. In addition, the period that market listings stay on the market has lowered to 10% during the same time, indicating a soaring demand for properties.

However, this robust demand has built a challenging rental market. Appraiser Jonathan Miller emphasized that high-interest rates result in potential buyers opting to rent. This worsens the lack of vacancies.

4. A Fascinating Healing

New York has faced several challenges throughout history. From 9/11 to economic struggle and the most recent COVID-19 crisis. Despite the setbacks, the city always just bounced back and stood up.

An associate broker with Coldwell Banker Warburg, Lisa Chajet, affirms that New York’s magical healing strength has consistently sent prices increasing after each tragedy. In addition, she dismisses the notion that New Yorkers need reports to claim greatness.

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She also emphasizes that investors understand the possible growth, and they capture these opportunities before prices soar again. As Chajet said, “There’s a reason New York comes back every time. Let the naysayers go to Florida.”

Overall, New York’s impressive rebound in the face of catastrophes has once again proven its strong spirit. Despite the struggles of the COVID-19 pandemic, the city is reviving its position as an international hub of commerce, culture, and tourism.

With tourism soaring, real estate markets growing, and New Yorkers taking the lead, the city will stand as America’s Best City of 2023.

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TAGS: New York, Trending, United States
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