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My new employers are flying us over to NYC next week to find an apartment for January. From reading various posts, I have had an image in my mind of turning up at a viewing with people pushing through the door, waving their documents in the air and shouting that they were there first and that they want the apartment!!
At the other extreme, I have been sent listings of apartments that match our criteria from a real estate agent who my employer knows well and the information provided shows how long each apartment has been on the market. Some have for months, others maybe 2-3 weeks. Some have even been reduced in price. These are all properties on the UWS.
So, what is the state of the rental market at the moment?? I was under the impression that it was hard to find an apartment and that because people aren't buying at the moment, more people are renting and so prices are going up if anything.
I'm just getting my head round the fact that we will have to pay a broker's fee in NYC to find an apartment, whilst back here in London, it's the other way round and we are having to pay a fee to the real estate agent to find someone to rent our house!
There was a story on the local tv news a few days ago that it has become a renter's market in many ways. That doesn't mean it's now cheap to rent an apartment in Manhattan, but it does mean that rents have dropped and that some landlords are offering incentives such as a month's free rent or paying the broker's fee. It's a bit of luck that now is the time you're looking.
My apartment search was several months ago and already it was starting to feel like a renters market. I was seeing a lot of listings that had cut their prices at least once over the ensuing months. The last monthly housing report I looked at for Manhattan showed that rents had dropped 1% to 5% in almost every neighborhood in Manhattan.
I would say that the great apartments at great prices are still going to go quick, so you should have all your paperwork in order, but that you shouldn't rush into something just because you think it will be your only chance. For the first time in a long time, I'd also say that rents, broker's fees, lease terms (like writing in that the lease can be vacated at any time at the tenant's option) are all negotiable. I managed to get the sentence written in about being able to break my lease without penalty, but I probably could have gotten the rent down $100 or so if I just had known to do that.
Nothing's changed here - yet. I doubt it will. NYC steams along no matter what.
After my post, I looked up a rental market report (Manhattan Rental Market Report | The Real Estate Group New York | TREGNY). According to the report, vacancies are up 17% since September and rents are down several percentage points from this time last year for several neighborhoods. As the report lags a couple months, I'd imagine things have only gotten worse (better for the consumer) since the time period that the report covered.
New York's not immune to a global financial meltdown. I'd bet the rental market is just going to get softer over the next year, which is good news for everyone who's not renting out a place or trying to break a lease.
So, what is the state of the rental market at the moment?? I was under the impression that it was hard to find an apartment and that because people aren't buying at the moment, more people are renting and so prices are going up if anything.
That is precisely my observation for certain neighborhoods. Perhaps as layoffs increase and the job market gets worse rents will go down across the board - but for the reasons in your quote, I see increased and not downward moving rents.
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