By Benyamin Davidsons
The Covid-19 pandemic changed prevalent trends for New Yorkers looking for homes in 2020. As reported by Crain’s NY, real estate website StreetEasy found that people looking at apartment listings were increasingly tempted by places with Pelotons, with home offices and/or outdoor space.
From March to September, StreetEasy revealed a 170% increase in apartment listings that mentioned Peloton, the popular home exercise program. The shuttering of gyms during the pandemic sent Peloton’s products and services soaring this year. The fitness equipment and media company, founded in 2012, saw its stock price surge from roughly $40 in May, up to new highs of about $164 in December. Interestingly, the real estate website also found a 220% increase in rental listings that mentioned baking, a hobby that gained popularity during the pandemic. With people spending more time at home, they started making more use of their kitchens.
The stay-at-home orders also made it more common for people to work from home. Thereby rental listings that mentioned a home office jumped 363% from March to September, as per the site. An eagerness to have personal outdoor space was also evident, as StreetEasy found that listings for apartments with outdoor space were up 249% during the time frame. The top amenity sought after throughout 2020 remained: a washer/dryer. At least some things never change.
This year, StreetEasy launched a feature for Video tours of its listings. It became more convenient to search for apartments virtually, and so 3-D and video tours are now being used to enhance that experience. This has remained a trend even after the shutdown, as the site said the preference for 3-D and video tours has continued to rise, up another 22 percent since May.
Apartment hunters in 2020 are finding more inventory available, lower prices and better perks. Crain’s reported, the net effective median rent for a Manhattan apartment fell to $2,743 in November, marking the most drastic year-to-year drop in over nine years, as per the most recent Douglas Elliman rental report. In Brooklyn, the net effective median rent dropped to $2,619, and in northwest Queens it fell to $2,275 last month, as per the report.
In November, Manhattan’s rental market demonstrated a first sign of recovery. The number of vacant units available decreased month over month for the first time since the pandemic began. Regardless, experts said they anticipate rents to stay low moving into 2021.
