It was a quick month of February that came and went without a dull moment. There were 28 days full of winter weather, real estate activity, and more progress towards a fully re-opened New York City.
There’s a lot of optimism in the real estate market as rentals and sales have picked up in what is typically a slow season. We are witnessing the “pent up demand” for properties as the city heads back to normal.
Renters are still getting incredible deals on apartments that are at least 10- 20% below the recent rental rate. Tenants have used this reset in prices to upgrade their space by moving into larger apartments while paying the same price. Everyone seems to be getting comfortable in their new apartments and relieved to be paying less. If tenants are going to be working from home, they may as well have a nice home to live in!
Buyer activity has really picked up this past month! In my mind, buyers have the toughest decision of all….take advantage of the incredible rental prices, or lock in low-interest rates and low prices by purchasing in New York City? All across the country there is home buying frenzy, will it hit NYC?
The Spotlight this month is on rent vs. buy! Both are very attractive options…
