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Long Term Property Leases - Covid- 19

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Currently there is over 13,000 empty properties available for rent in Manhattan, New York, the highest number in 14 years . The average rental is $3,620 most landlords are offering 1.5 months rent free.

Long Term property leases are also out of favor as tenants, want to have the option of moving out with 30 days notice, as lots of people are still losing their jobs or offered positions in other states. People also don't know if their jobs are coming back.

Pre Pandemic there were long leases but not any more. Property owners are offering more flexible agreements.

 

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Students at my daughter’s college that live off campus are reporting renewing their leases for less than last year’s rental.

Seems to me from a long term view this might be a good time to buy for those looking to get into Manhattan property at some stage. 

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