By now, chances are, you’ve heard plenty of stories about New Yorkers fleeing the city to Connecticut, The Hamptons, New Jersey, and surrounding areas. When the pandemic first hit New York City, many residents were eager to leave, seeking more space, and fewer crowds. For anyone who has considered moving to the city, you may be wondering, is moving to NYC still “a good idea”? As a local moving company with 50 years of service in NYC, Brownstone Brothers has the inside scoop. If you are on the fence about moving to NYC, here a few factors we recommend you take into consideration before you decide whether to take the plunge.
Rental Prices Are The Lowest They’ve Been in Years
At the height of the pandemic, many New Yorkers fled the city, and vacancy rates skyrocketed. As a result, rental prices have plummeted. “Rent prices sunk to lows in the third quarter of 2020 not seen since 2011,” writes Natalie Campisi for Forbes.com. For the first time in nine years, the median asking rent in 2020 was less than $3,000. We haven’t seen rentals this low in almost a decade.
Real Estate Is More Affordable
Not only is it a great time to rent in NYC, it’s also a great time to buy. Real estate prices have fallen more than 50% in some areas of the city! For those who are in the market, this drastic reduction in housing prices has been one bright spot during the pandemic. For anyone who has fantasized owning a NYC apartment only to be deterred by exorbitantly high real estate prices, this is your chance! No one can predict how long this price drop will last—real estate prices were 10% to 20% lower between March and May, but since businesses have reopened, listing discounts are closer to 8% to 12% (Forbes.com). So, don’t wait long to make your move!
Suburban Real Estate is More Expensive than Ever
For suburban property-owners considering a switch from suburban to urban, you may be aware that this is a golden opportunity for you. While prices in the city have dropped, prices in the suburbs have climbed 25% or more over the last year. According to The Harris Residential Team, this is the perfect time to “sell high and buy low”.
Space in places like the Hamptons, Greenwich, CT, and Westchester was already limited before the pandemic. Now, it’s even harder to come by, and real estate prices have skyrocketed. So, take advantage of this opportunity, and everything NYC has to offer!
New Yorkers Are Resilient
The strain of the pandemic has been particularly evident in densely populated areas like New York City. But New Yorkers are no strangers to crisis. We saw New York’s resiliency back in 2001. After the attacks on September 11th, many businesses and residents joined together, survived and came out stronger than ever. Despite hurricanes, blackouts, and floods, we’ll be here long after the pandemic is over.
Contact us today about your New York City move!
Phone: (718) 665-5000
Email: info@brownstonebros.com