It’s been a wild month in the New York real estate market! It is hard to keep up with the fast-paced rental market here in the city.
Most agents, myself included, are shocked by the competitive rental market. Apartments are leasing quicker and at higher prices than pre-covid. One day on the market and there are multiple applications. Apartments that you couldn’t give away last year are now going to the highest bidder.
Long story short, THERE HAS NEVER BEEN A BETTER TIME IN HISTORY TO LIST YOUR APARTMENT FOR RENT. Pardon the capitalization, just want to make sure every owner gets the message. This environment is great for landlords, not so good for tenants. It can be pretty frustrating these days to find a home. If you’re looking to rent, give me a call and I will do my best to help you!
In the news, New York City regained the #1 spot as the most expensive place to live in the nation. No surprise there. Jeff Bezos purchased another apartment to add to his collection at 212 Fifth Avenue. Even while he was making news for traveling to space! Also, the eviction moratorium came to an end after 18 months of permitting renters to skip payments. Unfortunately, for renters the bill is finally due.
Spotlight this month is on the crazy rental market. Since no one really expected this surge in rental demand, it’s hard to predict what will happen next. There is a lot of commentary as to why this happened and, of course, I’d like to weigh in on the subject & offer my two cents….
