In a year to forget, we cannot forget to give thanks!
One thing I’m very thankful for is the rental business that keeps me busy.
With the sales market in the midst of a slow recovery, it is nice to have rental activity. There is still more outflow than inflow, however, there is a pretty consistent low level of demand across all of our rental listings.
Why are rentals still moving? Well, the prices have fallen and there are a lot of New Yorkers looking to upgrade their space. If it’s work from home, tenants need bigger apartments! The studios, which were slow this summer, have started picking up again as roommates break up and start finding a place of their own.
A lot of people are wondering when the sales market will come back. Unfortunately, the numbers just don’t make sense for investors. You can’t cover anywhere close to the expenses with rental prices so low. There needs to be a sustained increase in rental demand before the sales market will come back.
Spotlight this month is on the big tech growing in New York City. If anyone has been thriving in this pandemic it is the big technology firms. Apple, Amazon, Facebook & Google are taking advantage of the market by expanding their footprints in New York City.
