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If you’re a regular reader of Brick Underground, you know that we have been running many articles about how renting, selling, and buying has changed in New York City during the coronavirus pandemic.
But if you haven’t been following along and need a quick snapshot to get up to date, check out this interview with Teri Rogers, founder and CEO of Brick Underground. She was featured on The Real Deal’s “The Interview,” a series of conversations with real estate leaders and newsmakers hosted by Hiten Samtani, associate publisher.
Rogers describes how the shutdown has forced the NYC real estate industry to belatedly adopt 21st century technology—and how many of these changes are likely here to stay. Online co-op board interviews, for example, have worked out well for many buildings, thanks to their scheduling convenience and opportunity to see how prospective owners live in their own apartments. Virtual apartment tours, once more of a gimmick, are now extremely important for renters who need to find a place and sign a new lease without stepping foot in an apartment first.
Click here for more of Brick Underground's coronavirus coverage.
Of course, many changes are not for the better: Samtani and Rogers also discuss how coronavirus has turned New York City’s major draws upside down—being among crowds and living in buildings with shared amenities no longer feels safe or desirable—and for that reason, New Yorkers are "escaping" or leaving the city. Other New Yorkers have lost jobs and are looking to break their leases, renegotiate their rent, or sublet because they can't afford their expensive apartments.
“Most people who could afford to, and had a place where they could go, have left already, temporarily,” Rogers says.
NYC renters who need to look for a new apartment and are uncertain about having a job long term are going to want extreme flexibility, like a six-month lease with the option to cancel on 30-days notice after that, she says. For more, check out the interview.
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