By Ian Slater | May 12th, 2020
Interesting phenomenon and opportunity to share with all of my blog readers!!
There are a lot of conversations I’m having or witnessing, or articles being written, stating that “a lot of people are going to leave NYC for a short period” or “there is going to be a contingent of people who won’t want to live or work in cities for a few years,” and so on and so forth. This is definitely going to ring true for a time, admittedly. There is a group of people who are going to probably take a “break” from the city -- whether it be for two, six, or twelve months. But it is generally accepted that this will pass upon the creation of a vaccine and that the city will buzz along back to normalcy.
Real estate wise, though, this short “break” may cause a new phenomenon: a jump in the amount of apartments on the market for rent. And, a jump in the amount of apartments for rent that are typically not rented out (i.e., more people’s homes, not investment properties). I’m witnessing this personally with my clients-- people who had NO interest in renting out their properties before are now deciding to do so for 1-2 years as they “break” from the city.
Important to note: these owners have no interest in selling, only renting, because there is an extreme confidence that the city will return to normalcy in short time.
So for the vast majority of people who are going to remain in New York-- if you have the ability to, and are a renter with an ability to move or look into a new lease, why not look at this as an opportunity to trade up and live in a “cooler” or different apartment for a time, one that might not be available another time? Maybe this quarantine has made you decide you need more natural light, or something more unique, or a bit more space, or more proximity to the water. I think you’ll see some pretty amazing rental opportunities pop up throughout the late spring and into the summer. Keep an eye on that Compass app.