“Is New York okay?”

That was the refrain I heard repeatedly on a recent trip back to London. Perceptions of New York have become profoundly negative in the wake of COVID-19; tales of urban decay and prophecies of an office market apocalypse now dominate any discussion of the city.

But how accurate are these doom-laden narratives? As someone immersed in New York’s supposedly crumbling urban landscape, I can attest there is a noticeable gap between external perceptions and lived reality.

Without a doubt, New York faces challenges. Crime has risen, albeit from historically low levels. Homelessness is more visible. Shoplifting means heightened security at Duane Reade.

But let’s apply some perspective; grocery inconveniences are a small price to pay for the magic of Manhattan. Because, despite the gleeful schadenfreude of New York’s critics, people still want to be here. Don’t believe me? Just look at the data: average residential rents in the city have never been higher, with average monthly rents in Manhattan now well above pre-pandemic levels at more than $5,500.

Record rents are no short-term aberration either but reflect strong underlying demand. Yes, New York’s population declined during the pandemic. However, increased working-from-home also caused a surge in household formation; people ditched their roommates. So, the overall impact of more remote work has been increased housing demand. Far from abandoning New York, people are paying more than ever to live here, and most market experts expect continued robust growth in apartment rents.