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luxury apartment in edinburgh for rent

 

New York’s April rental statistics reflect a fragment of the tragedy that has played out at the U.S. epicenter of the Covid-19 crisis. New leases in Manhattan declined by 70.9% in April compared with the year prior, according to a Douglas Elliman report prepared by Miller Samuel Real Estate Appraisers & Consultants.

 

luxury apartment in Edinburgh for rent Despite the challenges, New York rents appear to be increasing—median rental prices on new leases are up 4.9% in Manhattan and 14.4% in Brooklyn since last year, according to the Elliman report. But that is a statistical illusion due to the small number of new leases signed this year, said Jonathan Miller, the report’s author. In addition, the data doesn’t capture discounts that landlords are offering to encourage tenants to remain in their units, Mr. Miller said.While rent reductions and generous concessions are not part of the New York story yet, tales from real-estate agents and New Yorkers themselves appear to presage a wave of fresh inventory that will hit the market when the city finally unfreezes.

 

luxury apartment in edinburgh for rent Karla and Matt Fernandes-Vogel never planned to leave New York City, but picked up with their twin 11-year-old boys and fled for their Hamptons house in mid-March. In late May, they put their three-bedroom West Village co-op on the rental market for $12,500 and plan to spend the year in Brazil, where Ms. Fernandes-Vogel grew up.



“New York is our home,” said Ms. Kofoed, 43, but the city feels unsafe right now because she has an autoimmune condition. They are not sure when—or if—they will return to the city, and are considering attempting to break their lease or find a subletter, she said.

 

In addition to the homes of New Yorkers who have temporarily left the city, “you’re going to see more property that would typically be for sale for rent” as would-be sellers look for renters instead, said Jeremy Stein, an agent with Sotheby’s International Realty in Manhattan.

 

New inventory is also coming to market. Sam Charney, principal of New York developer the Charney Companies, launched rentals in mid-May in The Dime, a 177-unit luxury building in Williamsburg, a hip area of Brooklyn. Mr. Charney said prices—from about $2,700 to $5,600—haven’t changed at all from the precrisis plan. Mr. Charney said that the building will simply take longer to fill than it would in normal times.Others insiders believe the statistics point to an inevitable drop in luxury rental prices.

 

Compared with the deep freeze caused by Covid-19, real-estate agents said, the looting of Manhattan stores in the wake of protests over the death of George Floyd is likely to have a relatively small impact on the city’s rental market. The civil unrest is likely to be temporary, agents predicted, and affects not just New York but cities all over the country. “The pandemic is the more worrisome thing” for the health of New York City’s rental market.

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