When the pandemic erupted in New York in March of 2020, New York City streets were empty but for ambulances and moving vans. Some 300,000 people left for the suburbs, and many worried that New York City’s shining appeal to buyers and renters had dissipated during the lockdowns.
Now, those fears are eased. The city has seen three consecutive months of steadily increasing real estate transactions, Pix 11 reported.
The typical high prices were brought down due the coronavirus, and buyers and renters are taking advantage of lower rents and mortgages to come back to the city.
Rent prices have been down between 25-30%, and landlords are willing to negotiate.
Hal D. Gavzie, director of leasing at Douglas Elliman, said that savvy renters can negotiate several months of free rent if they sign a long-term lease.
“If the lease term is 24 months, you may be able to get three to four months free,” Gavzie told Pix 11. “In some cases, we have seen six months free.”
The real-estate growth has been inconsistent across the five boroughs; Queens and Brooklyn, which tend to be quieter and have more space available, have seen dramatic increase.
“Brooklyn saw a 90% increase and Queens saw a 70% increase,” Paimaan Lodhi of the Real Estate Board of New York told Pix 11. “There’s a sense the market has bottomed out and we are now on an upward trajectory.”
Manhattan has had little improvement; rent and purchases have remained flat.