We’re at that time of year when the rental market takes a turn, and usually for the better (at least from a landlord’s standpoint). It’s worth repeating that approximately 75% of leases turn over between May and September. This generally translates into greater selection, higher prices, fewer concessions and a much faster turnover (i.e. soon-to-be-tenants need to be more decisive and move quicker on properties they like, and have their paperwork ready to go.) The reason behind this change: the seasonal uptick in those coming into the city, whether for school or jobs. So when you read headlines that the rental market is improving, keep in mind that we see this phenomenon each and every year.
Where do we stand right now? Prices have already begun edging up with concessions on the decline, as landlords are gearing up for their busy season.
- Year-on-year, prices are down about 1.5% with a .62% increase in rents from last month.
- With doorman buildings having been some of the hardest hit on the way down, they seem to be leading the way on the rebound thus far, showing a 1.3% increase from last month, alone.
- Notably, Chelsea non-doorman studios have hit their lowest rents in years, reaching $1,772 average rents.
- Those renters looking for a deal without the neighborhood compromise may wish to look in Gramercy Park, where non-doorman two-bedroom units are down to only $3,299. This represents a 17% drop from last year … now that’s value.