For those of us with leases ending in the coming months, I’ve been wondering how the virus will affect the rental market in New York City. To me, it seems like rents HAVE to fall for the time being, given less people likely to move from their current apartments, less newcomers, more people liking moving to the suburbs or leaving NY altogether, etc. Curious to hear others opinion on this.
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I know very little about real estate but I would say that residential rentals will hold up reasonably well. Demand for homes will likely fall which may result in more demand for rentals. Commercial rental rates should fall as some companies will go bankrupt while others will recognize that they do not as much space.
in the near term I highly doubt many people are moving to city / outer boroughs... but I also don't think many people are moving out, saw some news articles about landlords negotiating month-to-month for tenants who have lease expiry soon but don't want to move out for covid related reasons + the 90 day moratorium on evictions.
with that being said, i wouldn't be surprised if come may / jun / july you see a rents go down because generally a lot of supply comes on market during summer but this time around there won't be people with internships / jobs to fill them (if more job cuts and / or continuing covid distancing regulations).
Yeah - I think rents have to fall. You should bargain your renewal.
I had a place in the East Village with friends and renewed in 2008 during the financial crisis and got the rent down from $5,300/mo to $4,900/mo. It wasn't a lot, but it was something. It was pretty clear that we had a bargaining chip at the time, but I think this market right now should offer lower inflation adjusted prices and bigger drops than in 2008. This shit is bad right now. People are likely going to be defaulting and coming short on the rent. Owners want people that can pay even if they have to lower their prices. Some landlords gave April rent for free. That's pretty huge.
any idea if any large landlords gave free rent in april? did a simple google search and only came up with mom and pop type landlords
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