Counting a terrace or a balcony in New York is having a treasure. Those interested in buying apartments with these characteristics in Manhattan are willing to pay up to 5.4% more than they thought they would spend before the arrival of the coronavirus.
Having an outdoor space at home shoots up the list of must-have priorities for both buyers and renters in New York, who are willing to pay more for it, according to data from the appraiser Miller Samuel.
The largest city in the US has had the highest rates of coronavirus infections in the country and federal authorities decreed confinement measures in homes to try to contain the pandemic. Millions of people were trapped in their small apartments in the big city. According to the appraiser, terraced apartments in Manhattan are selling 5.4% more than those sold just before the lockdown. Prices increase while the price of cooperative apartments and apartments without terrace have dropped 1.1% in recent months.
“The first thing people ask of us is a private outdoor space,” he highlights. Cindy Scholz, Compass New York Real Estate Consultant. “Particularly in rentals. The offer that really moves at a reasonable rate has a private outdoor space.”
Searches for rental apartments in New York City with a terrace or balcony increased 270% since before the pandemic began, according to the specialized web StreetEasy.
On the part of the rental market, rents in apartments without outdoor spaces in New York have fallen by 6% since the beginning of the pandemic in the US, while those with a balcony or terrace have fallen less, by 3 %, according Shane Lee, data scientist at RentHop, an apartment rental portal.
In Brooklyn and Manhattan, renters are paying 33% more for two-bedroom apartments with outdoor space, compared to apartments without, according to RentHop. For example, a two-bedroom apartment with a terrace rents for $ 4,728 on average in Manhattan, just over $ 4,000 at current exchange rates, compared with $ 3,550 (€ 3,008) for similar apartments without outdoor space.
In other markets like Chicago, homeowners can get up to $ 300 a month more for apartments with a balcony compared to last year, according to the portal of Apartments rent. While prices in the rest of the market have not changed significantly since the pandemic began.
He tenant interest in New York City se has displaced from Manhattan to neighborhoods in outer boroughs like Ocean Hill, in Brooklyn, or Ditmars, in Queens, partly due to the fact that they seek outdoor space, more common in these neighborhoods than in Manhattan.
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