Big Ways Covid Changed New York City Real Estate

It is an obvious fact to state that the Covid pandemic changed the real estate industry in New York City. Where once, people were trying to outbid each other for what many would deem a closet, now, people have started to stand up and not accept their previous life and living conditions. With the ability to work from home and the desire to walk instead of taking mass transit, here are some ways the Covid pandemic has changed New York City real estate.

More Space

People in New York City want more space. One of the first lessons learned during the pandemic was that New Yorkers did not have enough room to move. People indeed live in New York for the city not to sit around in their apartment. However, during the lockdown, there was no other alternative, and people were stuck indoors. The people who suffered the most were couples who were living in studio apartments. Two people couldn’t work at home at the same time.

Since then, people have wanted more space, and they will not settle for anything less. As a result, there are long waiting for lines to see apartments with the amount of space people desire. If the space isn’t available, people will leave the city.

More Affordable

With heavy job losses, people started to realize how inflated the rent market had become. When people left the city to quarantine with family and friends, they were exposed to large spaces in sizable homes that cost the same amount of money as the rent they were paying in their small NYC apartment.

People know the value of a dollar. Some even want to buy instead of rent. But, unfortunately, many people are looking for the correct number, and if they don’t get it, they will move somewhere they can get their money’s worth.

Walkable Life

New Yorkers are not interested in taking the subway at the moment. Although the subways are starting to fill up again, it took almost 18 months for riders to return. In addition, subways are underground, poorly ventilated, and a playground for germs. For those reasons, New Yorkers want apartments where they can walk to where they want to go.

New Yorkers want to be closer to work, their favorite spots, and close to or in their favorite neighborhoods. The less a person has to be underground, the better. As a result, more desirable neighborhoods are starting to fill up, and inventory is dropping as people flock to where they never have to retake public transportation.

Work/Home Space

With so many companies allowing their employees to work from home, people need an apartment where they can work from home or be close to a workspace like a WeWork or a Convene. People look at their apartments now and think, “Where does the desk go?” Working from home is now normal in a lot of people’s lives.

It comes back to space. People want more space to live the lives they need to live, and working from home is part of the life that needs to be lived right now. Apartment seekers cannot budge on this aspect because they have no alternative. After all, most offices are closed and not coming back.

Trusting and Reliable Agents

Because there are so many demands in the market today, apartment hunters are looking to work with reliable real estate agents who get what’s wanted. Compass Real Estate has a vast inventory throughout the city, mainly in the luxury line, and finds people are more receptive when they feel an agent is helping them get what they want.

Residents feel that agents may try to get over on them because there is a need to rent apartments and rent them fast, but companies are being vetted beforehand, and if anything doesn’t look or feel on the up and up, people will bolt.

Empty Spaces

The biggest hit New York has taken in the pandemic is the miles of empty storefronts and offices lining the streets. An article in the New York Times during the pandemic stated how many developers are starting to think about taking these empty spaces and turning them into residential areas where people can live.

The spaces are being wasted and are located in the city’s prime locations like Madison Avenue, Park Avenue, and Fifth Avenue. Living in these locations is a luxury, and people who can afford it will pay to live in these areas.

Pet Friendly

So many people got pandemic puppies when they were locked down, and now those puppies are full-grown dogs. With that, the need for pet-friendly buildings and apartments is growing. Pets are like family members, and apartment seekers will do anything to ensure their furry friends can come along on their move.

Pet friendly is being ticked off on search filters all over New York, and agents have their work cut out for finding these types of units. Landlords and management companies that would normally not allow pets in their buildings are starting to reconsider because just about every tenant now has an animal of some sort.

Conclusion

When it comes to New York real estate, people are preparing for the next pandemic. People want to be prepared to be indoors again for an extended period and be comfortable if that happens. They want to have space to work from home, walk to nearby parks to take their dogs for strolls, and get themselves some fresh air, and they want to make sure that they can avoid crowds and public transportation at all costs to get where they want to go.

As the world continues to reopen, the pandemic will never be forgotten, especially by New Yorkers. The real estate game and the amenities it needs to provide are changing, and just like any New Yorker, there is no compromise on what they want.