The Round-up Volume 7: Don't Just Rebuild. Reimagine.
What if instead of returning to the familiar and traditional economic and social institutions, like homeownership, renting, and savings, we reinvent them entirely?
May 21, 2020
It feels like a lifetime ago that we first took action to flatten the curve and stem the spread of the coronavirus. Now that we’re starting to reopen the economy and return to work, it feels like we’ve emerged into a whole new world. We’re not just referring to the clichés about the “new normal” or how “unprecedented” it is to wear protective masks and socially distance in public areas. We’re referring to the glaring need for change which this pandemic has exposed.
Let’s face it, the economic system in this country didn’t break because of the pandemic. It’s been broken for a long time. Look no further than the 30 million unemployment claims filed over the last few weeks, the thousands of people who missed their rent and mortgage payments last month, and the likelihood that in spite of this economic downturn the rich are going to get richer.
We don’t just need to recover from this and return to the status quo, we need to reinvent our economy. We need to 'think different', to borrow a phrase from Steve Jobs. What if instead of returning to the familiar and traditional economic and social institutions, like homeownership, renting, and savings, we reinvent them entirely?
Is there a better time to rethink the old guard? We think not. Let's dive in.
What to Read
Millennials are going through their second 'once-in-a-lifetime' economic downturn during the early and mid-stages of their careers. The long-term adverse effects of this experience can't be understated. The NYT explores the impact of the pandemic on younger generations.
Manhattan Rentals ⬇️
One of the country’s most competitive rental markets is feeling the pain. The number of new apartment leases in Manhattan plunged by 71% in April. It's no secret that NYC has been hit particularly hard by the coronavirus.
Missed Payments 🏠
Many Americans missed housing payments in April, and the problem worsened in May. NMHC found that just 69% of respondents paid their rents or mortgages in full during the first week of May, compared to 76% in April.
Opportunity to Rethink 💡
It’s not all doom and gloom. As the Columbus Dispatch notes, the coronavirus is providing an opportunity to rethink how we live. It's no secret that we tend to agree.
Who’s Vulnerable? 🛠️
The most vulnerable to job losses are, well, society’s most vulnerable. Low-wage, part-time, and minority workers are most in danger of their position being eliminated. McKinsey found that 75% of those workers earn less than $40,000 a year.
How about a quick housing-themed pop culture quiz? See if you can get ‘em all.
1. In which New York Neighborhood is the apartment from Friends located?
2. The house from Home Alone was sold. For how much?
3. Where is the house from A Christmas Story located?
We’ve seen a lot of crystal balls emerge over the last month, with predictions ranging from the end of the corporate office, to the need for an urban exodus. One thing is for sure––and we don’t need a crystal ball to tell you this––life certainly will change as we reopen. New challenges and problems have presented themselves, and, such as many forces in life, undoubtedly new ideas and world-class companies will emerge to answer the call.
It’s during these times of uncertainty that we have the greatest opportunity to rebuild in ways that better meet our needs. Ways that pave the way for solutions that simply couldn’t emerge in times of calm and the status quo. Let's sieze this opportunity to expand access and opportunity for everyone to participate in the value of real estate.
Enter, Rentership. For too long, the average person has been denied real estate ownership due to outdated economic models. This barrier to entry led to a massive $60 billion wealth transfer from Main Street to Wall Street during the recovery from the 2008 recession. We can’t allow this to happen again.
Don’t just rebuild, reimagine.
Don't Just Rent. Rhove.
Be more than a renter with Rentership (RNT). Own a stake in your apartment when you buy RNT. For the first time ever, get access to the financial upside of your apartment appreciating in value. Rentership, it's better than homeownership.
Reserve your spot in line for RNT to be first to know when RNT is available in an apartment near you.
Quote of the Week
“Some birds are not meant to be caged, that’s all. Their feathers are too bright, their songs too sweet and wild.” - Stephen King
1. Greenwich Village (specifically 90 Bedford St.)
2. $1.585 million
3.Tremont neighborhood of Cleveland (specifically 3159 W. 11th St.)