If you’re finding it difficult to rent an apartment in New York now it could be because there is little inventory and rents are expected to rise.
Last year landlords offered a free month of rent, paid broker’s fees and did whatever it took to rent their apartments. Those days are over. The apartment vacancy rate in New York fell in the first quarter, dropping to just 2.8%.
Last year the median rent for a Manhattan apartment with landlord concessions $2,808, up 7.4%. Renters grabbed the apartments as soon as they saw them. On average, units stayed on the market for 40 days, down from 86 a year ago. Listings fell 25.6% from last year to 3,874 apartments.
Manhattan's rental market is rebounding faster than its sales market. While lower unemployment has boosted demand for rentals. Today if a renter sees an apartment they love, there’s no time to think about it. Take it or lose it because the market is definitely tightening.
Leases are being signed in several of the pricey new rental buildings where studios start at $2,700.
With less apartments vacant and new reports showing that the rental market is hot, renters can expect competition and prices to start heating up again very soon.
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Interesting insight on the changes in apartment listings in NYC. We were already aware that vacancy rates were dropping, however, it's nice to know that the time apartments spend on the market has been cut in half. All-in-all, this spells out financial improvement for the city.
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