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Renting now at lower price. What after COVID?

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Renting now at lower price. What after COVID?

Postby lozpop » Fri Mar 19, 2021 3:28 pm

Hi everyone, I live in the San Francisco Bay Area and I'm moving to New York in the next couple of months.

Of course I see many apartments that are now $500-$800 less than what they were before the pandemic (based on Zillow rent price history for example).

If I sign a 1-year lease now, I'd assume that the landlord will go back pretty quickly to a much higher rent in 2022 if the market goes back to normal. From what I've read, in New York there is no regulation that limits the percentage of a rent increase, so I would expect that if in 2022-2023 the market will go back to 2019 levels, landlords would obviously increase the rent a lot in a short period of time.

I'm trying to be careful and take this into consideration when setting my price range, but I would love to know your opinion on this, because I also don't want to be too conservative and miss some good opportunities.

Thank you in advance
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Re: Renting now at lower price. What after COVID?

Postby TenantNet » Fri Mar 19, 2021 4:08 pm

Your information is wrong -- in NYC, rent regulation is alive and increases are limited based on the yearly order of the Rent Guidelines Board (RGB). Of course not all units are rent stab. There are no real limits for non-RS units ... the only one is that the LL must wait until the current lease expires.

No one can accurately speculate what the market (and future leases) will be like. Sites like Zillow are not known for accuracy.
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Re: Renting now at lower price. What after COVID?

Postby lozpop » Fri Mar 19, 2021 5:54 pm

Thank you for the quick reply! Really helpful, I will do more research :)
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