We are now at the tail end of the seasonally busy summer months which, as expected, were the busiest months of ’09 to date. What can we say looking back? Most of the volume came from locals looking for better deals or tenants finding roommates and sharing apartments. There is much inventory that persists, not just from traditional landlords, but also from condo, co-op and new development rentals.
As several large landlords are testing increasing rents and crossing their fingers that the worst is behind them, it will be interesting to see what would justify such increases as we head into the fall. Tenants whose leases expire during this time would benefit from trying to first negotiate rents before starting their search full-on. A read of TREGNY’s latest rental market report would be worthwhile.
