Apartment Renters flocking back into New York City
Generation Z and Younger Millennials Take Advantage of Rental market
In an ironic twist of fate, the NYC rental market doesn’t seem as weak as it seems. With the opening of Phase 2 in New York City, rental leasing activity has increased sharply. The new saviors for the rental market: recent Generation Z graduates and younger, single millennials. With the demographic change comes changes in renter needs. Outdoor space, property location, privacy, Covid-19 health protocol, and apartment size are the new “must-haves” for renters.
Ironically, one of the newest rentals to feature all the must-haves is located in Elmhurst, Queens. The Elm West residences features 142-apartment rentals and was designed specifically to provide tenants the newest luxury living standards with the space of the suburbs. Opened in Summer 2020 by Pi Capital Partners, the new massive rental development features over 220,000 sf of large apartment living. The Elm West was upgraded in the months prior to opening to take into consideration the new social distancing and CDC health protocols. When you walk into the rental building, you are greeted by a large, spacious grand lobby. Face mask and social distancing signs are all around the lobby interior. Hand sanitizing stations are in the main lobby elevator banks. Pi Capital Partners took the opportunity to also enhance the fitness center with equipment spacing, complimentary wipes and plexiglass dividers in-between each workout station.
Perhaps the greatest advantages of living at the Elm West is its location. Elmhurst has turned into the newest shopping mecca in Queens, NY. Within three blocks, tenants can walk to retailers including Costco, Target, Best Buy, Apple Store, Starbucks and more. Elmhurst also benefits from its proximity to two of the largest parks in New York City: Flushing-Corona Park, Forest Park, and Alley Pond Park. The Elm West has on-site parking and complimentary bike racks for its tenant. This additional service allows tenants an opportunity to quickly head into the city or drive out to nature. The Elm West is located directly on top of the Grand Avenue-Newtown MTA Subway Station and has direct access to the Q53-SBS, Q58 and Q60 bus lines.
The Elm West feature Studio apartments starting at $1650/month, 1-Bedroom starting at $2150/month and 2-Bedrooms beginning at $2900/month. Each apartment features custom made cabinetry, white countertops, stainless steel appliances, dishwasher and hardwood floors. Most apartments themselves have outdoor balconies or terraces. The building features full-time security staff and fitness center.
ABOUT PI CAPITAL PARTNERS
Pi Capital Partners is a private real estate development company based in New York City focused on affordable housing, mixed-use living communities, and retail development projects. The family manages over 40 properties worth over $1 billion with the majority of assets in Manhattan and Queens NYC. Its core values are centered on social and economic improvement, community development, local collaboration, and exemplifying industry standards. Visit picapitalpartners.com.