Though double dip concerns are not yet extinct from the sales market, or the economy for that matter, they seem to have no place in the luxury rental market. Headlines touting that we’re in a landlord’s market appear to be grounded in reality, as inventory continues to be thin and concessions minimal. Even though we’re heading into the tail end of September, summer dynamics for this market segment are in full effect, with demand outstripping supply thus far.
That said, more “vanilla” properties (read: $2000 studios, $3000 1-bedrooms, etc.) abound in residentially concentrated neighborhoods such as Murray Hill and the Upper East Side, with landlords refusing to provide much in terms of concessions. Oddly enough, it seems that the higher the price-point, the faster such properties seem to move. If you’re in the market for a luxury or a 3-4 bedroom rental property, don’t sit on your laurels, as a slowdown is not currently in sight.
