What Landlords Privately Think About the Real-Estate Boom
A year ago, property owners were doing anything they could to woo tenants: paying broker’s fees, offering multiple months of free rent, even giving away Pelotons. In February 2021, the Manhattan vacancy rate stood at 11.79 percent. Within a few months, everything changed. As people flocked to the city last spring in anticipation of a reopening that never really happened, the vacancy rate plummeted and the rental market turned brutally competitive.
Renters started reporting increases of 50, 60, and even 70 percent on lease renewals. Desirable apartments now receive hundreds of inquiries. There are lines around the block at open houses and baseline 15 percent broker fees. Bidding wars, unheard of until last year, now happen in nearly a quarter of Brooklyn and Manhattan apartments, according to the latest Douglas Elliman market report.
Read more on:
https://www.curbed.com/2022/06/landlords-thinking-real-estate-boom.html