As the city goes back to normal, the market does not waste time, presenting sales numbers at pre-pandemic levels, and prices going up. During the spring, several market reports showed a more than two times bigger number of sold apartments than in the early days of the pandemic.
New York City’s Real Estate was never a stranger to competition when it comes to apartments available for rent, but in a post-pandemic scenario, in which renters know exactly what they want and are willing to do anything to get it, this comes as a surprise. The pro tip here is: prepare for high competition and fast-pacing inventory.
Renters are facing bidding wars, especially in the neighborhoods that are closer to the new and reopened office buildings. Along with multiple inquiries and applications, bids are reaching from $100 to $750 above the listing price, and although these rental prices are far from pre-pandemic levels and companies are still getting steady, inventory is flooded in areas like Midtown East and West.
As the city fully reopens, residents who left the city due to the pandemic are coming back.
But why? Well, renters who moved out of the city due to the pandemic and economic crisis are now coming back and won’t settle for less than what they previously had. Most are even eager to get the exact same units where they lived before moving out. Location is the priority now; residents prefer being close to downtown, near areas like the Financial District, Greenwich Village, West Village, and Lower East Side, both closer to work and to popular universities.
So, whether there’s an urgency or not, it is important to be organized and precise when looking for an apartment in our current atmosphere. Be prepared to bid, have your paperwork ready to go, and be realistic with your options. Your dream home will take energy and strategy, but in the end, will be worth it!