The Moinian Group Sees Unexpected Rental Demand at an Unlikely Time – Commercial

But The Moinian Group, one of the largest privately-held real estate groups in the U.S., has seen a surprisingly strong uptick in rental activity while people have been hunkering down at home. In fact, one of The Moinian Group’s Manhattan luxury rental buildings saw as much as a new lease a day throughout the month of May.

While certainly pleased with the level of activity, The Moinian Group had not anticipated such a strong leasing environment given the unprecedented nature of the pandemic.

“Honestly, we didn’t think there was going to be much rental activity, at least in the near term,” said Jacob Entel, Director of Residential Properties for The Moinian Group. “During New York City’s stay-at-home order, we assumed that most renters would either renew or extend leases in their current apartments, or leave the city because of work-from-home mandates. While a priority even up until just a few months ago, commuting to their offices was no longer necessary. Our expectations regarding leasing activity were low.” 

But as New York City emerged from the April peak in covid-19 transmissions, The Moinian Group adjusted its approach to reaching new and existing tenants. They launched a new website, and increased their longtime use of 3D space tours, virtual staging, and cloud-based CRM and management tools.

This combination of techniques enabled renters — seeking roomier accommodations with upgraded amenities — to get a complete sense of prospective apartments from the comfort and safety of their homes.

“We’re always looking to implement new technology that improves both our renters’ and agents’ experience. When real-world conditions forced all leasing efforts to be handled remotely we did not have to scramble in order to continue renting apartments,” Entel said.

The Moinian Group’s new website, which rolled out early this year, was custom built for the best possible user experience. Renters looking for apartments can browse The Moinian Group’s entire portfolio in real time and filter listings based on specific criteria. Once a renter finds a unit they are interested in, they are then able to take a 3D tour, request virtual showing, and even apply online.”

Virtual staging augments photos of an empty rental unit with virtual furniture that looks indistinguishable from a furnished residence. This tech-based system helps renters understand a sense of scale, which is difficult to appreciate from the photograph of an empty apartment. Making the approach even more appealing is the 3D functionality, which allows renters to take an immersive apartment tour —getting a complete and visceral sense of the apartment’s look, feel, and depth — without having to visit the unit.

“Virtual tours are shot with a 3D camera, and walk clients through…