3.5 months rent free. Plus a $ 1,000 voucher for Amazon and free WiFi for one year. So they are currently trying to attract tenants in New York. Not somewhere on the edge, but in the heart of Chelsea, one of the hip districts of Manhattan with a view of the Empire State Building.
Four months free
“This is really crazy,” says Scott Robinson. The real estate expert from Wall Street company Oberon Securities knows the market inside out. “There has never been packages like this before, not even after the financial crisis of 2008 / ’09, when the economy only recovered slowly.” In the end, you get almost four months of free rent with a one-year contract.
Hundreds of thousands have left the city as a result of the pandemic and its consequences. More than 16,000 apartments are currently vacant and rents have fallen by 30 percent. New York is one of the most expensive real estate markets in the world; prices have skyrocketed for almost a decade. The pandemic has now put a damper on the real estate market.
Unclear future
Robinson has been exploring the city for the past few months. It has become very quiet where rich people live. “They either moved away or are temporarily living elsewhere. As a result, there isn’t much going on in the restaurants and shops either. It’s unclear what these neighborhoods will look like in the future, ”said Robinson.
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