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It's not a price problem. It's a product problem.
I find that summer sparks conversations about securing a foothold in New York, particularly among visiting international clients and those finalizing their NYC work start dates or children's post-graduate commitments. I've had three variations of the same conversation with clients over the past month that start with, "Maybe we'll rent in New York," and end with, "I think we should buy."
Although some might prefer to keep $5–8 million invested in the markets, they're ultimately buying because renting can't deliver the New York lifestyle they're after.
They're looking for the caliber of home typically found in new developments or beautifully renovated prewar co-ops. That product is built to be sold, not rented. The economics simply don't justify investing in A+ finishes when the return comes from rental income rather than an eventual sale.
I've even had brokers calling to ask whether some of my sale listings might be available to rent—another reflection of how difficult it is to find quality product.
Clients with flexible budgets but exacting standards would rather own the right home than rent the wrong one.
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