Should I sell my NYC apartment or rent it out right now?

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Should I sell my NYC apartment or rent it out right now?

Vik C.
Investor · New York City, NY · Member since 2014 · 39 posts · 10 votes

Large sunny studio in good Kips Bay location, can probably get $2200 on rental market (after coop rental fees - $2600 gross) and can maybe sell for $500k if lucky.

I figure prices might bounce back after vaccine in 2021, but then again, maybe not. 

How would you proceed? Wait it out and rent it in meantime or just sell straightaway?

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Brandon CohenPro Member
Real Estate Agent · New York, NY · Member since 2014 · 160 posts · 45 votes
6y

tenants are looking for a wild amount of concessions, so not sure if you're taking that into account with the rent you're looking for.  That, plus no tenant will ever treat your home like you do, so the value may be impacted...plus a tenant in a coop will likely have to go through the arduous approval process.  I faced the same dilemma, put my apartment on the market and was in contract in a month.  If you have an attractive apartment and price it well, buyers are there.  

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  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    6y

    @Vik C.

    Its a co-op with likely maintenance and an additional fee to rent it out.

    This will likely not make a good investment.

    You are likely also eligible for the 121 exclusion if you live and owned the house for 2 out of the last 5 years.

    [email protected]917-280-8544
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  • Taylor L.
    Rental Property Investor · RVA · Member since 2016 · 5k+ posts · 4k+ votes
    6y

    I would sell and buy in a more business-friendly market. You haven't said whether the 500k would be a gain or loss, but if it's a gain I would cash in and go to a lower risk area.

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  • Vincent M.
    Investor · Westchester Co., NY · Member since 2016 · 68 posts · 11 votes
    6y

    School enrollments in the top perform schools in Greenwich village zip codes are off 30+%. This is swinging from a wait-list pre COVID-19.  I heard this directly from a landlord in the Hudson st. / Christopher St. neighborhoods. Depends on your target tenant, but wealthy families are moving out in droves.  

    Its Manhattan, people will move back in time, but IMO, it's a mess right now with COVID-19 and the social unrest that the current city leadership supports. 

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  • Brandon CohenPro Member
    Real Estate Agent · New York, NY · Member since 2014 · 160 posts · 45 votes
    6y

    tenants are looking for a wild amount of concessions, so not sure if you're taking that into account with the rent you're looking for.  That, plus no tenant will ever treat your home like you do, so the value may be impacted...plus a tenant in a coop will likely have to go through the arduous approval process.  I faced the same dilemma, put my apartment on the market and was in contract in a month.  If you have an attractive apartment and price it well, buyers are there.  

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  • Lewis Tse
    Real Estate Agent · New York City, NY · Member since 2018 · 16 posts · 11 votes
    5y

    Hi @Vik C.,

    Hold out on renting the co-op if you can avoid that option. As @Brandon Cohen said, the number of concessions are ridiculous heavily in favor of tenants at the moment. 
    What's your timeline looking like? If you need the cash now, selling is an option. There are certainly buyers right now. According to Urban Digs, Supply has been going down and Pending Sales are going up so make of that what you will.

    @Brandon Cohen

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