I own a condo in Manhattan that I rent out. I rent a condo(don't ask). My family owns a three family mixed use in Bed-Stuy Brooklyn. The Manhattan rental market has softened. I would say it will take a year or two to rebound. But, I don't see it being back to pre pandemic levels for a while. I think for most young professionals that are starting out their careers, you still want to be in the office to move up. For some people like me, who have been in my day job for a while, I don't need to be in the office. And also, NYC has to be NYC again, people will come back for all the things that people like about NYC: restaurants, shows, museums, etc. Now, what is interesting is where our family's property is, it has gentrified at a faster rate since the pandemic started. I am getting pretty good applicants. They aren't like the Manhattan ones of course but better than before. The other factor here are the potential tax code changes and who is the next mayor of NYC. So, I think NYC needs to mend but hopefully, once the vaccinations are up and people feel safe again, it starts returning to normal.
