How COVID-19 Will Affect Your Rental Search

March 20, 2020 by Paul Begich

Things are pretty crazy right now throughout the world due to COVID-19. We’re entering an unprecedented time where there’s a lot of uncertainty in all aspects of the economy. I wanted to take a minute to talk about how this virus will specifically affect the rental market here in Minneapolis, and what renters should expect in the coming weeks and months.

Here are the three biggest pivots I see in the market over the coming weeks:

Apartments Going Virtual

Nearly every apartment complex in the city of Minneapolis has stopped doing in-person showings. For renters looking for an apartment with a move date within the next three months, I would forecast that getting into apartment complexes for in-person showings will nearly impossible. Most properties (both apartments and condos) have also closed their communal amenity spaces.

If you HAVE to make a move because your current rental isn’t suitable or you’re coming in from out of town, expect to receive only floor plans, photos, iPhone video walk-throughs, and Matterport virtual tours for the next few months.

Condos Taking Precautionary Measures

Condo rentals are owned by one person and operate differently than apartment complexes that are owned and operated by large property management companies. Condo rentals are still doing in-person showing. But rest assured, DRG is taking extraordinary measures to ensure the safety of the occupying tenants, our agents, and prospective tenants walking through these condos. (Inside my car looks like the cleaning aisle at Target!)

Using a Professional

“I guide overwhelmed buyers and renters into their dream condo or apartment!” That’s the tagline for my business and I think it’s more relevant now than ever. Not being able to walk through HALF the units right now puts renters in a challenging position. How are you going to know if you like a space and it checks all the boxes without being able to walk the property? You talk to me, that’s how. I know every apartment and condo in the Minneapolis market. Need a south-facing unit in the North Loop with excellent closet space and two underground, heated parking stalls? I know the perfect property. Now more than ever is the time to lean on professionals in the industry to help with your move.

I hope this helps shed some light on the temporary changes to the rental market as we all deal with the effects of COVID-19. Thanks for reading and, as always, feel free to reach out with any questions or real estate needs.

Paul Begich

Paul@DRGmpls.com

952-847-3406

@penthousepaul

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