Since the Great Recession hit, residential sales in New York City have been sluggish compared to the red-hot pre-bust bonanza. Sure, the top of the market’s doing fine, but the average agent might be struggling the close enough sales to stay afloat.
Though city-dwellers may not have the cash to buy, they still need a place to call home, and the rental market has rebounded accordingly. Certain areas of the city saw average rents increase by more than 10 percent over 2010 rates, and demand should remain strong in 2012 and beyond, analysts say. And that should be music to your ears.
It’s true that rentals don’t deliver big paydays, but they add up! Close a handful of renters a month and you might find yourself doing much more than just keeping the lights on.
But an even better way to look at it is this: With rents climbing steadily and mortgage rates remaining near all-time lows, the pendulum may swing back toward sales in the near future. What better way to recommend yourself to a host of potential future buyers than by providing them with a fantastic rental experience, and making yourself a little money, right now?