Firstly, we just wanted to say that we hope you are all keeping safe and well during this time. Also, we hope that you are not worrying about your Paris property as, we’re pleased to say, we’ve got everything covered!
Furthermore, you will also be pleased to hear that the rental market has remained surprisingly buoyant during this time. At the start of all this, we didn’t know what the crisis would mean for new renters coming into Paris, but, if anything, we’ve actually been busier than normal. Indeed, there’s actually been a lot of activity – with a large number of new enquiries coming in.
In addition, we have also been coming up with creative solutions on the rental side to show apartments virtually, which has worked very successfully. We’ve even had tenants moving in during the lockdown – and, again, we have found ways to make this work while still complying 100% with all the regulations.
It’s true that in some cases – around 20% – tenants have had to ask for a delay in rental payments. This is something we have been as flexible with as possible, mindful of the fact that many of our tenants run their own businesses or work in the media and creative industries – which, in most cases, have had to come to a halt. But now that the lockdown restrictions are loosening, it is hoped that everyone will soon be back in gear again.
In terms of pricing, rental rates have, by necessity, become a little softer over the past few weeks. It’s too early to say what the effect will be long-term, and whether rental prices will return to normal levels, but we are certainly hoping and planning for that eventuality. It also depends, of course, on the situation in other countries as well – as our client base tends to comprise a highly-connected and mobile workforce – so a lot depends on how safe and easy it is to travel.
We are certainly hopeful of a return to relative normality, though, and will continue to keep you updated as time goes on. Thanks very much for joining us – and, for more information, check out our series of videos here.