We’ve been surprised, considering the time of year, how quickly some apartments are getting swooped up by hungry renters. Typically, February and March are ho-hum months in the rental world, a sort of calm before the storm that starts in late April and continues until September. Not so this year. Particularly in the doorman yet non-luxury rental space, we are seeing would-be tenants having to make 2-3 parallel offers to insure that they get one of their top three picks.
To what can we attribute this trend? Our theory is that veteran NYC renters have wised up and are trying to squeeze the juice out of their next rental deal by finding their apartments before the Summer season begins. At this time, rents appear to continue their slow descent, at least. So long as availabilities exist, renters are willing to sign a bit on the early side, particularly if their next move is a long-term one.
Most leases require a 30 to 60-day notice prior to the end of the lease on whether the tenant will renew or not. With the lease start dates we’re seeing today going out as far as April 15, this means renters’ current leases expire anywhere from April 1 to May 15, lending credence to our theory of trying to get in a bit early.
If you are one such renter in the market right now, have your paperwork ready to go, money in the bank for those cashier’s checks, and be ready to move on apartments that suit your needs.
{ 3 comments… read them below or add one }
u should make your font bigger (Arial 13pt looks great w/ the Georgia Headlines in Thesis) tough to read this..
Really? I changed it to Arial (it was Times before) … Let me know what you think. My personal preference was to the way it felt before.
Any other readers currently online? Preferences? (After all, we want this content to be legible *smile*)
It’s not the font type or size that is important, what matters is the high quality information you put on your blog. You could write it in crayon and send it out through the USPS, and I would still want it and would read it all.