We know there will be short-term affects when it comes to the real estate market and rental market in response to the Coronavirus pandemic. The question is how long that lasts. Will there still be issues 6 months from now? One year from now?

In places like New York City, the effects are significant. New rentals have plunged 71% in Manhattan. That’s a lot to unwind over the next 6 months to a year.

Will there be fewer office jobs in NYC as companies offer more remote work options? Will fewer people want to move to NYC until the virus is completely eradicated or we have a vaccine?

The psychological effects are real, and sometimes it can take years to get back to normal after a recession or event like an earthquake or hurricane. Effects from a pandemic may be even worse.