The Short-Term Trend

Short-term rentals are growing in demand, and that is prompting more landlords to consider offering flexible leases. Renters who are perceiving uncertain economic futures due to the COVID-19 pandemic may be in search of more flexible arrangements with their leases. The trend is particularly evident in New York City, which has seen a surge in coronavirus cases since the outbreak began in the U.S. Furnished rentals have also increased. Some landlords are weighing termination riders.

These can be attached to a lease and contain terms for ending the lease for residents who may be uneasy with the current unemployment or economic picture. “This helps residents feel more comfortable to move to or remain in a building when our management firm is listening to their concerns,” said Teresa Chavin, the leasing manager at 525 West 52nd Street, a luxury building in Manhattan. Landlords are offering some tenants the option to go month to month or arranging for new leases for three to six months. “Landlords would rather have a paying tenant in place than risk units being vacant and having to find another paying tenant,” indicated Jared Antin, director of sales at Elegran, a New York City brokerage.

Source: Forbes.com