Browsing: Real Estate

Real Estate
How to Use the Renter's Market to Your Advantage

There’s nothing like being stuck inside for months on end to make you notice your home’s shortcomings, and stew about how much you’re paying for each and every one of them. Especially in places like New York and San Francisco — where rents reached record highs in 2019 — it’s now hard to justify top-dollar leases when you could be doing your job (and overseeing your kids’ remote schooling) anywhere. This, no doubt, explains the boom in suburban home sales since the pandemic began, and the corresponding exodus from expensive cities.You might expect that this Covid-sparked urban flight would also drive down rents, and in some cases you’d be right. But that also depends on where you’re looking, explained Cheryl Young, an economist at Zillow, an online real-estate marketplace. “Rents have cooled significantly, but national average prices are still growing compared to last year,” she said, noting that as of August, national rent growth was 0.7 percent, compared with 3.5 percent in 2019. “So it’s slowing, but it’s only negative in places that typically have large rental populations, like New York, the Bay Area, Boston and Washington, D.C.”So, how should renters seize this moment? “If you’re looking to get a

Real Estate
How to Negotiate With Your Landlord

Devin Daly-Huerta has lived in New York for a decade, and until this summer, his rent only went in one direction — up.But this was no ordinary summer. Moving trucks have become a regular sight outside his building at West 37th Street and 10th Avenue, with tenants moving at a pace he’s never seen in the five years he’s lived there. Some are moving in, but a lot are moving out. Friends living in other buildings have gotten rent reductions. One shaved $200 a month off her rent, he said. Another got a 10 percent cut.With the lease on his two-bedroom up for renewal in August, Mr. Daly-Huerta, 34, a publicist, decided in May that he and his roommate should be paying less than $2,640 a month. He had alternatives. He could live with his parents in California. Or, untethered from an office, maybe “do something I normally wouldn’t be able to do,” he said, and live abroad.So Mr. Daly-Huerta asked for a 30 percent rent cut, hoping his landlord would agree to 10 percent. “I went in fully confident that I was deserving of this and that there was precedent,” he said. Management was receptive, and Mr. Daly-Huerta suspected