Two of the best rentals in town: 6 Roger Sherman Place and 23 Holly Lane
ON THE HOME FRONT
Renting, the New Real Estate Trend
With real estate open houses cancelled and an abundance of city dwellers anxious to move out to appealing suburbs like ours, demand for rentals is on the rise. To learn more, we contacted Linda Darer, an agent with Julia B. Fee Sotheby’s, who was happy to share the highlights of a recent virtual conference of top agents in the Rye office.
Among those interested in renting are those who haven’t been able to purchase a home due to low inventory, in their price range, and the fact that they want to want to step into a home more than virtually before they make an offer; and those who want to “test” life in the suburbs before they choose a community. Many of the sellers fortunate enough to have signed contracts before the coronavirus put life on hold have also been looking to rent before buying.
“We have many clients looking for short-term rentals, especially through the summer,” noted Darer. “We are all getting calls on our properties — especially vacant homes — asking if the owners would consider short term rentals. What we need is more inventory. We are renting homes that are not currently on for rent.”
At a time when most people are risk-averse, renting may be the best plan, especially as we await news on when and if businesses, schools, and recreational facilities will reopen.
Among the savings on a rental are no need for a down payment, having the use of the equity in the house just sold, flexibility, and often being able to live in a house they might not have considered buying. “It’s always fun to live in something out of the box,” said Darer.
The home rental market has come a long way: there are furniture rental companies that offer packages to furnish entire houses, with extras for kitchen, bedding, and bathroom packages. The terms are as short as a month.
Short–term, furnished rentals are more expensive than year leases, and Sotheby’s has helped with several high–priced rentals recently.
Although agents are not able to physically show a home, whether for rent or sale, every listing comes with excellent photography. “We are also recommending adding a clause to leases giving tenants a 5–day window to report anything missing, broken or damaged, given pre-signing inspections have not been done before occupancy,” said Darer.
With so many aspects of life upside-down, renting is a prudent choice, but interest rates are at historic lows and home sale prices have softened, so buyers and sellers have a lot to consider before they leap.
< In addition to Linda Darer, the other agents at the Zoom conference were Pati Holmes, Joni Alexopoulos, Julie Bieber, Liz Bradley, Sandy Chittenden, Laura DeVita, Gail Feeney, Jenny Holmes, Fran Klingenstein, Micheline Madorsky, Susan McDonnell, Christy Murphy, Ann Pike, Loretta Rapisardi, Ellen Stern, and Joe Stilo.>