Last Updated on November 23, 2023 by Asfa Rasheed
M. Patrick Carroll founded the investment firm CARROLL in 2004 and has weathered numerous industry changes in the past 17 years. Even so, nothing could have prepared the industry leader for the sudden upheaval of the COVID-19 pandemic last spring. Like most other business owners, M Patrick Carroll Carroll had to transition his employees from working in his New York City office to working at home. He saw his most important role at the time as being a positive, encouraging leader to his employees during this significant upheaval in their lives.
Approximately one year ago, Carroll met with three other well-known industry leaders to discuss how to respond to the pandemic-related changes and move forward. All came to the consensus that having multiple ways to communicate is critical, especially in future long-term emergencies. This came after recognizing their own company’s vulnerabilities when they suddenly had to communicate with a virtual workforce and arrange online instead of in-person meetings with clients.
The Pandemic May Have Changed the Multifamily Rental Property Industry Forever
The biggest way that Carroll sees the pandemic having a lasting effect on the real estate industry is that it has allowed millions of American workers to be more flexible with where they live. Working from home was already a growing trend before the pandemic, although many companies held off due to concerns about not being able to monitor worker productivity. However, not having any choice in having employees work from home caused some employers to see for the first time that both parties could benefit from the arrangement.
The freedom of working from home also brings the freedom to move to a different home. Real estate expert M Patrick Carroll has already seen this trend develop in areas of the country with high rental rates, such as California and New York. He predicts that rental markets in Arizona, Idaho, and Utah will see a large influx of work-from-home employees moving to the area due to the lower cost of living in those states.
Not only are people looking for less expensive places to live, but today’s working generation seems to be embracing a minimalist lifestyle rather than the collector lifestyle of their parents. Living in the country is becoming more popular to coincide with this trend.
M. Patrick Carroll on the Future of the New York City Rental Market
As someone who lives in New York City himself, Carroll understands that not everyone will agree with him on future trends in the country’s largest city. The city is one of the most expensive places in the world to live, yet it still draws thousands of people from other states and countries every year who have long dreamed of living there.
Despite many people fleeing New York City during the pandemic, M Patrick Carroll sees opportunity in renovating older houses and turning them into rental properties. He states that numerous properties in the city have not undergone renovation in three or four decades. True to his optimistic nature, Carroll sees opportunity not decline for those willing to work hard to flip or manage the properti