Marty Saklad is the principal broker and co-owner of Samson Realty in Providence, which is centered on East Side rentals but which also is a full-service real estate company. He spoke to the Providence Business News about how COVID-19 has changed the rental market this year.
PBN: Normally this is a busy time for a real estate company that works with tenants in Providence. What has changed this year, if anything?
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SAKLAD: We’re working with our tenants, because we’re not showing occupied apartments, to ask them to make videos so we don’t put them in danger or put our agents in danger. It’s not required. We’re doing it as our own internal policy.
PBN: Do incoming tenants understand the need for that?
SAKLAD: So, most do understand that pretty well. If it’s empty, we try to show it. We really prefer to have a business model where we work with the tenants and meet them, and show them [the apartment]. But if it’s occupied, we’re doing the best we can with videos and pictures.
PBN: Brown University and Rhode Island School of Design and other schools and universities closed classes early and students left. Did that affect the East Side rental market, and if so how?
SAKLAD: Definitely. A lot of students will rent for June going through the year. Many of them do rent for the summer and don’t stay here, so a lot of that business is intact. But a lot of people are nervous that there’s a possibility the schools don’t open up again in the fall. Some of them are reluctant to get into a lease that would require a 12-month commitment. We do the best we can, and try to work with the parents, and work with the tenants, and make arrangements that they’re comfortable with. But we work with the owners of the property, so we do the best we can.
PBN: Do you have a lot of vacancy? Going into COVID-19 the rental market was really tight in Providence.
SAKLAD: The market is strong. It’s seasonally busy. I would say there is a lot of demand. But there are obstacles because of the fact that we can’t show places. We do have some of our tenants who are already in place doing things [such as] live chats and FaceTime when we have serious lookers. Our tenants have been great, in terms of helping us out.
PBN: Brown University recently announced three possibilities for reopening in the fall under various scenarios. Were you relieved to see that?
SAKLAD: Yes. I should disclose my wife works at Brown. But I think [Brown University President] Christina Paxson is taking a very favorable, positive position for Brown and for the community. She is a professor of economics. She understands the ramifications of not reopening, while sharing the concerns foremost for safety. I think she’s done an excellent job putting forward a very reasonable plan.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
