In a slower housing market, high end luxury living space can be tricky to sell, so many are turning to rental options in order to wait out the market. High end apartments for example, many people are leasing with options to buy, or even leasing with conditions on the lease, such as no early exit clause is moving after six months, or lease for a year and get the 13th month free. Options like these and more give the owners more income options as well as the tenants who can negotiate for a better bang for their buck.
- Realtors typically don’t focus on those who want to rent, but since service needs are changing, they have to accommodate.
- Many people are holding off on the purchases because they have no idea where the market is going right now.
- More and more millennial are deciding that they would rather rent, which is why realtors are having to conform to a different approach.
“Clients in the market for an apartment have been spotting sales listings that haven’t budged — and are looking to rent them instead, brokers said. This would have been a nonstarter not long ago, said CORE’s Elizabeth Kee, but more owners are now at least willing to have the conversation.”