With all of our lives put on hold and full of uncertainty here in New York City due to the Coronavirus pandemic, many renters in the city have not been able to pay rent due to the loss of work. Some renters in New York who can afford to, have packed up their lives and walked away from their lease completely, in hopes to live somewhere else until the pandemic subsides. With many apartments newly empty, those seeking a new home in the city wonder if now is the right time to be searching for a new apartment. Here are 3 important things you should know about renting in NYC during the Coronavirus pandemic.
1. Potential renters who have the means to move into a new home at this time do have many options to choose from. When New York City shut down in mid March and many New Yorkers started to work from home, many didn’t realize that the city lockdown would not be as temporary as they once believed. As many renters walked away from their homes and left the city they left many nice apartments just waiting for their next tenants. There has been roughly a 348% increase in clients compared to the same time last year. For many people who have always dreamt to live in New York City, now is your chance to score your dream apartment as long as you’re willing to wait for the city to open up again.Source:Abc7
2. For potential renters, an in-person tour of an apartment will likely not be possible right now. Due to the Coronavirus in New York City, in person open houses for renters have come to a halt in order to limit social contact and potential spread of the virus. As an alternative, most real estate agents are holding virtual open houses with clients through means like Skype, Zoom and FaceTime. Some agents are even showing home tours through 360-degree panoramic pictures and 3D videos to give a more realistic view. Although obviously this may not be the same experience for people looking to rent a new apartment it’s the best real estate agents can offer during the pandemic.
3. Rents prices in New York City started to fall just a couple of months into the Coronavirus pandemic. The reasons for this can be attributed to the number of tenants who have walked away from leases early in hopes to settle somewhere outside the city, and left landlords desperately trying to fill the spaces again. Landlords have done what they can to try and attract new tenants into renting with them such as waiving security deposits, and for current tenants, offering more flexibility with their renewals. Rent prices will continue to fall as landlords attempt to get new tenants to sign leases. With an overall drop between 3 and 5 percent on NYC rent, this is good news for those hunting for a new place in the city as they can use the pandemic as an opportunity to save some money.