Now more than ever, renewing a lease on a New York City apartment is a fraught decision. Maybe you toughed it out during the shutdown, but don’t know if you want to commit to another year. How do you get some flexibility while you plan your next step? Or maybe it’s not up just yet but it will be soon, and you’re ready to move—like yesterday.
The rental market has shifted considerably in the months since NYC was the epicenter. The vacancy rate is ticking up, rents are falling, and as a result, landlords who have tenants want to keep them, rather than spend time (and money) on enticing a new tenant with concessions. They’re more likely to work with you to encourage you to stay. Some may even lower the rent.
Read Full Article on Brick Underground: https://www.brickunderground.com/rent/what-happens-if-your-lease-is-up-during-the-coronavirus-pandemic-nyc