We’ve previously mentioned the co-op and condo rental sub-segments that compete on rents with traditional rental landlords. We are expecting these apartments to grow as a proportion of available inventory over the coming months. Owners discouraged by low offers and anticipating decreased buyer activity during traditionally slow summer months will likely look to capitalize on the peak of the rental season to lock-in one year’s worth of cash flow and offset some of their carrying costs.
Remember, negotiation leverage tends to increase individual owners rather than larger, more established landlords, as each owner’s circumstance is different. If you have the cushion of a few weeks’ time, don’t neglect the condo or co-op rental markets where many deals can be had.
