New study ranks New York as America’s best city of 2023
New York City has made a remarkable comeback after a difficult few years during the COVID-19 pandemic. Resonance Consultancy, a global real estate and tourism advisement group, has just ranked New York as America’s Best City of 2023. This is great news for the city that was once the epicenter of the pandemic, but the quick and effective vaccine roll-out has led to a resurgence in real estate and tourism.
The report notes that more than 61 million tourists are expected to visit New York City in 2023, which is up from 33 million in 2021 and 56 million last year. This is a positive sign as it shows the city is steadily getting back to the 70 million mark achieved in 2019.
New hotels are also opening in 2022, providing around 10,000 new rooms for tourists. In addition, airports and train stations have been renovated and expanded to make travel to and from the city more convenient.
New York City’s subway also recorded its first day with over four million riders since the start of the pandemic. The increase in ridership is another positive sign that New Yorkers are returning to their daily routines.
The real estate market has also seen positive growth, with Manhattan’s median rent hitting $4,395 in May, a record high for the third consecutive month. Sales are also strong, with pending contracts up 10% from May 2019 and the number of days that listings sit on the market down 10% from that time period.
Despite the challenges of the past few years, savvy investors know that New York City is always a good investment. “There’s a reason New York comes back every time,” said Lisa Chajet, an associate broker with Coldwell Banker Warburg. “Let the naysayers go to Florida.”
FAQs:
What is Resonance Consultancy?
Resonance Consultancy is a global real estate and tourism advisement group that ranks US urban centers each year.
How many tourists are expected to visit New York in 2023?
More than 61 million tourists are projected to visit New York in 2023.
How many new hotel rooms are opening in 2022?
Around 10,000 new hotel rooms are opening in 2022.
What positive signs indicate New York City’s resurgence?
The real estate market has seen positive growth, and Manhattan’s median rent has hit a record high for the third consecutive month. The subway has also recorded its first day with over four million riders since the start of the pandemic.
“New York Takes the Top Spot as America’s Best City of 2023, According to Recent Study”
Despite a challenging few years during the COVID-19 pandemic, New York has been ranked as America’s Best City of 2023 in a new report from Resonance Consultancy. The global real estate and tourism advisement group annually ranks US urban centers, and noted that New York’s rebound has been swift, particularly in real estate and tourism. The report states that more than 61 million tourists are projected to visit New York in 2023, up from 33 million in 2021 and 56 million last year, and that number is expected to creep back towards the 70 million mark achieved in 2019. Furthermore, visitors are arriving in style, with renovations to JFK Airport, LaGuardia Airport and Penn Station, in addition to the opening of 10,000 new hotel rooms in 2022. The MTA also recently clocked more than 4 million riders in a single day, five times in one month, for the first time since March 2020. New Yorkers are driving the revival, with the Manhattan median rent hitting $4,395 in May, a record high for the third month in a row, according to Douglas Elliman. Furthermore, the rental market is squeezed in a vice of demand and Manhattan’s population has more than recovered from its COVID losses by last fall, says a Placer.ai study. The report suggests that New Yorkers need not be told that their city is the best; the city that never sleeps has bounced back from every catastrophe in the last two-plus decades, says associate broker with Coldwell Banker Warburg, Lisa Chajet.