Winter is in full swing and it has reflected in the rental market here in Manhattan; however, this shift is not simply a seasonal one, it is also an economic one. Across the board, there has been less demand and more supply in rentals. It is clearly more of a “tenant’s market” this winter than we have seen in years.
“December marked a record number of leases signed with landlord concessions, 26.4 percent. That’s double the amount from the same time last year, which saw 13.1 percent of leases with concessions,” according to Curbed.com. One thing to note, the biggest impact has been seen in the luxury market. Rule of thumb is the higher the price point, the softer the market.
If you are thinking about moving in the next year, now may be a good time to think more seriously about exploring your options. Depending on what you are looking for, you may be able to negotiate a great price and terms, or even get the landlord to pay part of or all your broker’s commission.
If you have any questions about the changes in the market, feel free to reach out!
