Posts tagged rental market update
September Market Update
Sep 1st
September 2010 Manhattan Rental Market Update
The vacancy rate in Manhattan is low…. less than 1%, as it was a couple of years ago. Apartments are moving very fast. September is a busy month and there will not be a huge selection, so be prepared to jump on an apartment once you like it. Having your paperwork ready is the most important thing.
state of the rental market 6/1
Jun 1st
What is going on? I’ll tell you…. LOW VACANCY!
The rental market in Manhattan is back to where we were a few years ago, except the prices are still a bit lower. Everything I predicted this would happen, but what I did not predict is how few apartments would be popping up at the beginning of the month. I expected to get some more new inventory, but we aren’t! Just a few new apartments popping up at higher prices and with no incentives. Again, the prices are still lower than they were back when the vacancy was less than 1% a few years ago. It will take a little while before they creep back up. But they are higher than they were a couple of months ago… even just last month.
“No Fee” and “Free Rent” are two incentives that are disappearing. Many of the big landlords and management companies have stopped paying broker fees because they simply don’t have to. So be prepared to pay a broker fee… unless you want a big cookie-cutter highrise building that still pays the fee or an apartment that the landlord is having trouble getting rid of. Keep in mind that on Craigslist (or “fantasy world”) the weak brokers who do not think their phone will ring unless the ad reads “no fee,” are all going to be advertising the same 5 apartments that will pay their fee. Do not use Craigslist to gauge the market! Craigslist is like those camera/electronics stores in midtown that have 5 million products in the front window. There are much better sources, like my company where the listings are actually real-time and coincide with our database –> www.markdavidny.com
My assumptive reasoning is that everyone got such a great deal last year, either in a new apartment or renegotiating their rent and these people are staying right where they are. Now the people who need to move are having to take whatever is left! So the serious people relocating or in a situation where they need to be out are the ones grabbing everything right now. People who are casually looking are just spinning their wheels. If you don’t NEED to move, it’s probably not a good idea to just shop around.
This is the type of violent market where apartments pop up and rent SAME DAY! So have all of your paperwork ready and be prepared to JUMP on an apartment, if you like it and can see yourself living there. If you need advice, feel free to give me a call. I’m used to this type of market, so it’s a quick adjustment for me!
Scott 212.775.6127 
Major Rental Market Update!!! Must Watch!!!
May 21st
Vacancy Rate is Very Low, Prices are going up, Incentives are disappearing, the market is very different than it was only a few weeks ago. Watch the video for more or call Scott at 212.775.6127 to discuss 
rental prediction: prices should go up
Apr 19th
Apartments are disappearing and so are incentives, such as free rent an owners paying the broker fees. It seems things are tightening up. As the vacancy rate is getting lower, prices should go up.
rental market getting very busy
Apr 13th
It’s that time where it starts to feel like summer and we are getting the rush a bit early again, like last year. Lots of students are leaving their over-priced dorm rooms and moving into studios or finding larger apartments to share. Many NYU students need to be out by May 15th and they are aware prices will be higher in a month and are looking now. So there are a lot of people in the same situation, looking for the same type of apartments. It’s also new-hire season and we are starting to see more corporate relocation clients as well.
Side Note: I keep talking to people moving from D.C. or San Francisco! What’s up with that?
If you do need to move now, I highly recommend speaking to a real estate agent. Make sure it’s a good one, because I know all to well that there aren’t too many in my business! Especially rental agents! You know what… Just call ME! The first thing I’ll tell you is to get your paperwork ready, so if you find the apartment of your dreams, you will be ready to jump on it immediately. A good agent can help you narrow down the apartments in your price range all in one shot, so you don’t have to waste time running around, unsure if you are seeing all the options and getting the best deal.
Last Point… the market is getting tighter. Landlords are starting to take away incentives. For expample; I received an email from a management company stating that they are no longer paying the broker fee for their apartments. There are definitely less “No Fee” options and less “Free Rent” options. Keep in mind, that depends on the location the apartment is in. You can get 2 months free rent and the owner paying the fee in the financial district, but in the west village there won’t be anything like that at all. Prices are still low compared to recent years and I don’t expect them to shoot back up anytime soon. But they will gradually increase over the next few summer months.
Call me if you are planning on moving at 212.775.6127
Scott