The housing market around the country has been booming for the last year, seemingly effortlessly. In New York, vacancy rates are the lowest they have been in 14 years – just 1.77%. There are costly bidding wars, unhappy tenants, and rent increases that top out at 70%. But what do landlords really think about this boom?
Rent Problems in New York City
When COVID-19 hit in 2020, landlords in New York City were deeply impacted. Tenants could not work, had to shelter in place, and many were unable to pay their rent. There was a mass exodus from the city, and the vacancy rates were nearly 12% in Manhattan. Landlords were doing anything they could to get tenants to stay – offering discounts, paying broker's fees, or even offering gifts to tenants who would sign.
But now, the winds have shifted, and prices have inflated for everything, including insurance and utilities. Apartments that once cost $3000 a month are now going for $5,100. Landlords are rejoicing in this change as it will help them recover some of their lost income at the beginning of COVID-19 and stay out of the foreclosure arena.
Landlords Are on Top
The reality is several landlords were unable to make ends meet during the height of COVID-19 and faced the possibility of losing their buildings. Some of these buildings have been managed by the same family for generations. It is their family business and their only means of making money to provide for their own families. Being forced to foreclose because tenants could not pay rent is not only unfair but terrifying to consider. Landlords finally feel like they have the upper hand again.
Hire a Real Estate Lawyer in New York
If you are facing foreclosure, whether you own a commercial or residential building, Attorney Melvin Monachan can help. Mr. Monachan is an experienced real estate attorney in New York who specializes in foreclosure defense. To learn how Mr. Monachan can help, call (347) 389-1682, or contact us online.