U.S. Growth City No. 8: Manhattan Residential Projects Never Cease

More U-Haul Traffic Entering than Leaving the Densely Populated Borough

Jan 27, 2016, 11:00 ET from U-Haul

MANHATTAN, N.Y., Jan. 27, 2016 /PRNewswire/ -- For every parking garage, aging warehouse or string of small buildings with a Manhattan address, there are a dozen developers lined up with large checks and visions of high-rise apartments in its place.

"You can't really go around the corner without seeing a crane," said Jeff Sonberg, president of U-Haul Company of Manhattan/Bronx. "It's a building boom. There's a huge project around the 34th Street-Hudson Yards subway stop. Developers obviously aren't going to build these things unless they know they can sell them, too."

Manhattan, which keeps finding new space for residents willing to pay a premium price, graces the U-Haul Top 10 U.S. Growth Cities for 2015 at No. 8. Growth rankings are determined by the net gain of incoming one-way U-Haul truck rentals versus outgoing rentals for the past calendar year.

Read the entire Manhattan release, including additional quotes, facts, statistics, infographics and photos at myuhaulstory.com.

U-Haul locations in Manhattan saw 51.6 percent of truck rental customers coming into the city as opposed leaving. Manhattan welcomed 12 percent more U-Haul arrivals year-over-year, while its departures were up 3 percent over the same period. The overall bump in U-Haul traffic made the borough a busy backdrop for do-it-yourself movers.

U-Haul has winning tips to make moving in Manhattan easier

Manhattan remains the tourist magnet it has always been, with Times Square, Broadway and the view atop One World Trade Center offering an agenda that's tough to beat. For those who want to live in the heart of the action, Sonberg said there are more corners of the city that newcomers are willing to explore – and more sacrifices they are willing to make.

"The mayor speaks on how secure the city is and invites people in, and they come," Sonberg said. "People are going off the beaten path to see different sections of the city. Developers are coming up with micro-apartments now – I can't see them being more than a couple of hundred square feet. People do what they have to do when starting a business or wanting to live in the city and have a Manhattan address."

While U-Haul migration trends don't correlate directly to population or economic growth, the growth cities data is a strong gauge of how well cities are attracting and keeping residents. The report was compiled from more than 1.7 million one-way U-Haul truck transactions that occurred in 2015. All cities were considered, regardless of size.

Discover the cities named so far and continue following the U-Haul Top 10 U.S. Growth Cities countdown at myuhaulstory.com and via Twitter @uhaul.

Contact
Jeff Lockridge
Sebastien Reyes 
E-mail: publicrelations@uhaul.com 
Phone: 602-263-6194 
Website: uhaul.com

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SOURCE U-Haul