Is it worth it for incoming FT to try to sign a 1 year lease in NYC in June/July with the high likelihood of a virtual start?
Obviously it didn't make sense for FT 2020 to do so given the severity of the virus last year, however with firms stating that they'll probably return to the office in some fashion (most likely a hybrid model) come mid 2021-end of 2021, does it make sense for people to try to sign a lease (to possibly receive cheaper rent) around their start date assuming that banks come April/May can confirm a return to office timeline? Or would it make sense to stay home and then move to your work location say a few weeks before the in person start date? Is anyone able to list some possible pros and cons? I'd like to reiterate that I'm not trying to rush going to NYC for the amenities as NYC probably wont be back to the way it was/fully open until 2022 but just curious about being there for work purposes.
Interested as well. Was planning on starting a search for an apartment soon but not completely sure if it makes sense
One thing I know many people are looking forward to are the change of environment. I think come June/July NYC will be open enough where everything except for pure entertainment (movies, concerts, bars, clubs, etc...) will be open and with the warm weather it would be a good time to go with festivals, outdoor dining, and enough other things happening. Would hate to end up going in say October or November and have my first experience of living in the city be where its cold and most of the allure is gone.
Good news: the allure is gone
bump
I would wait until closer to your start date. The city is highly unlikely to be open by that point if that is your concern.
Thanks. Yeah I understand that and I'm not really gung-ho about trying to eat indoors or do the things that come with a city being fully open. And yeah I'm just curious if it's worth locking in a lease as landlords might try to do away with having good deals such as free months or low rent once NYC being fully open gets announced. I'm sure in the past landlords saw a migration to the city in the summer and rose rents a bit but curious if people are even going to come at all
The thing is with the current supply and the overall situation rent isn’t just going to magically go back up once the city is “open.” Who even knows what open means. No one is rushing back to NYC and rent prices will reflect that for the foreseeable future.
"Locking in a lease" will cost you way more money than you will save even if rents go up a bit. NYC is not going to reopen overnight and some of the residents are gone for good - wait until more clarity before your start date. You may very well be virtual for the first few months (for starters, doubt firms are flying in people across the country for training they've already done virtually unless the US is 90%+ vaccinated)
I second this. There's outdoor dining and that's pretty much it to do out here. You're going to save more money long term just chilling at home playing warzone. Just wait until there's visibility to an in-office date (which might also be a rough estimate)
young single people are chomping at the bit to move to the big cities...but they are all waiting...vaccines should be widely distributed by end of the summer...which means bars and restaurants will be open in September (possibly sooner)...and i expect them to be flooded with people...single people who are horny and starved of socialization. So, move into the city Sept 1 if you can...to take advantage of the returning energy.
Biden is trying to administer 100 million doses of vaccine in first 100 days (so by end of April). That means the city should be back to full swing by end of summer. Sure, lots of restaurants have already closed....but that happens a lot in NYC anyway...with the influx of people new restaurants will open...and there are still many hundreds of restaurants that survived. By this summer, expect young single people will be out and about...mingling, eating, dating, having sex with strangers....all the good stuff of NYC lore.
Check back on this thread after the 100 days, I'm betting he gets out like 40 million.
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