New York City as a place to live has lost a substantial amount of its appeal. Gone are the days when people would do anything to rent out a converted garage space in Manhattan to be right in the center of it all. Rather than overcrowding and poor quality rentals, people are looking in other areas to lay their hat.
In fact, the prices of Manhattan rentals has never been lower. People are not interested anymore in staying close by to work, well, because either they have no work or their work is not centralized anymore. As more and more of the workforce are being told they can work from home and schools are in limbo, now is becoming an increasingly popular time to move out of the city and into the burbs.
Engle & Volkers Real Estate agent Nicole Beauchamp asserted that:
“It makes sense to come to sort of a medium point that works for both parties versus having a tenant move out and then having the vacancy and trying to fill the vacancy at a time when there’s a lot of choice for tenants. Compare what you’re in now to what you could move to and have that frank discussion with the landlord, that you’re here and you would like to stay and you would like an adjustment, or that you’re willing to go,”
CBS2’s Jenna DeAngelis was also informed that now, tenants are finding themselves in the rather unique position of being able to negotiate on prices with their landlords. Not surprising since over 67,000 rental units were available in NYC as of July!