Mario Salerno made headlines last year as the landlord with a heart. He waived rent for his tenants during the first wave of the pandemic.
So on April 15 we are seeing the most curious rental market ever. Some landlords are back to pre-pandemic inventory levels, prices are going up, concessions are vanishing. (I will miss OP being nearly universal.)
So what gives.?
There are three things that effect whether a property rents or sells–
Everyone always forgets about access, but it is currently the key.
Each landlord has their own way of doing keys, applications, lease signings, payments. Some make it easy, some not so much. Don’t get me wrong, I respect traditional old school landlording, things were done for a reason that often makes sense. (Like a signed lease without money means nothing.)
But the easy to rent crowd is doing well. I had a lovely couple lose out on an apartment. Remember when getting a place was competitive? We are almost back there. Landlords who kick it old -school still have backlogs of inventory and frankly better prices.
I hate to toot my own horn, but work with an agent who understands landlords and you will get the most for your money!
Last year I spent Memorial Day by myself in a gutted about-to-close office.
My first broker had said,”Don’t take memorial day weekend off!”
So I didn’t. I had clients and did not realize that for the most part New York City real estate takes holiday weekends off.
I even ticked off a broker who I really respected calling during dinner. (Don’t disturb a frenchman’s dinner!)
My office was moving, and I was probably changing brokers, so it was a challenging time. I did get an application in Friday, another client applied then changed her mind, my MIT grads looking for a 6 bedroom turned out to be challenging, and I got to spread out my stuff on a folding table.
I find this holiday weekend even more unsettling. Due to the Covid-19 pandemic, face to face showings are not allowed, and even the loopholes are tricky. Last month we did virtual deals, now clients are confused. Many agents are showing. I am competitive by nature and it is HARD to turn away business.
But I thought about my early days, and my belief that I can make NY a better place through real estate. I love showing off public gardens, art galleries, independent cafes. I love getting people to be part of a neighborhood where they can make a contribution to a community. And sadly, skirting the law to get a deal done doesn’t fit.