Looking for a NYC rental this season?
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It has been a not-too-cold-but-nevertheless-too-long winter in NY and we are all ready for some sunshine! For those of us living in the city during the summer, NY transforms itself into this outdoor garden filled with al fresco activities, park movie nights, pop up stores and peculiar smells.
However for many it’s a time to change, a time move, start a new job, renew a lease or commence school. Summer is relocation time and this means finding a new apartment. Home to universities starting programs in the fall and new jobs opportunities opening up, summer is the season to move.
It has been known that financially speaking, winter is the best time to find a rental in NY.
There are less people moving, less inventory and that translates into more negotiating power. This also means that the NYC real estate market is cyclical, with standard falls in the winter and peaks in the summer. During the low points of rent prices in the winter, most landlords compensate for the decrease in demand by offering incentives that are not usually available in the summer. However this is history and no longer the case.
The New York Times recently published an article calling 2017 the year of the renters.
With renters unwilling, or unable, to pay even higher sums, rents have largely flat lined; it seems we have come to the year of the renter’s market. Currently the New York rental market has more inventory than demand. New York City landlords are under immense pressure to keep their buildings full in the face of increasing vacancy rates.
So what does this mean for tenants? It’s time to NEGOTIATE!
Landlord concessions are hitting record highs. Concessions can mean anything from getting 1 or 2 months free rent, no brokers fees, new appliances, reduced security deposits and honestly any other creative benefit you can think of. Experts are calling these concessions “the new normal”. Luxury buildings in Manhattan are even offering gift cards to renters who sign a lease in their newly built buildings. Even though this will not reduce your monthly fees, psychologically it’s an incentive to help you pull the trigger while getting some perks and saving some initial cash. This does not mean renters have beaten the system; accepting concessions allows landlords to keep their asking prices high. But a victory is a victory and you should take your savings in whatever shape and size they come!
Remember this when you’re negotiating your new place: don’t take no for an answer.
Be assertive and share some facts and data with your landlord/broker. At NestApple we operate under current market trends and therefore give you money back when you sign a lease with us!
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Georges Benoliel
Georges has been working in Wall Street for the last 16 years trading derivatives with hedge funds. He has been an active real estate investor for over a decade. Georges graduated from HEC Business School in Paris and holds a master in Finance from ESADE Barcelona.
