Featuring real estate articles and information to help real estate buyers and sellers. The Nest features writings from Georges Benoliel and other real estate professionals. Georges is the Co-Founder of NestApple and has been working as an active real estate investor for over a decade.
NestApple is here to guide you in searching for your NYC apartment rental. As part of the best apartment rental sites in nyc, we do recommend Streeteasy and NestApple. We can help or both standard monthly apartment rentals in NYC and short-term apartment rentals in NYC.
It has been a not-too-cold-but-nevertheless-too-long winter in NY, and we are all ready for some sunshine! For those living in the city during the summer, NY transforms itself into this outdoor garden filled with alfresco activities, park movie nights, pop up stores, and peculiar smells.
However, it’s a time to change for many, a timely 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 job opportunities opening up, summer is the season to move.
Fewer people are 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 summer peaks. During the low points of rent prices in the winter, most NYC 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.
With renters unwilling, or unable, to pay 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.
Landlord care hitting record highs. Concessions can mean anything from getting 1 or 2 months free rent, no broker fees, new appliances, reduced security deposits, and honestly, any other creative benefit you can think of. Not bad for your NYC apartment rental! Experts are calling these concessions “the new normal.” Those are investment properties for landlords, and the most important for them is to get a good tenant through the door who starts paying rent. Luxury buildings in Manhattan are even offering gift cards to renters who sign a lease in new constructions. 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!
Be assertive and share some facts and data with your landlord/broker. At NestApple, we operate under current market trends and give you money back when you sign a lease with us! There are many sites out there to find a place. We can recommend you a few of the best apartment rental sites in NYC for both monthly apartment rentals in NYC and short-term apartment rentals in NYC.