The Feeding Frenzy Begins

Rental season here in NYC is a crazy time of year. There are always more people than there are apartments to rent. People come here during this time, expecting some super deal that rarely exists during the slow seasons. There is a virtual turning back the clock to that move Gangs of New York. The entire island of Manhattan becomes the five points and it’s survival of the fittest. Those who are prepared, both in having REALISTIC expectations and also in having all documentation readily available, have the “luck”. Those who are ill prepared, are unlucky.

We have found that the people who stretch a bit beyond their means and get help from elsewhere, are the ones who come here, secure a place in the target area, do the job assignment and then move on. They have clear cut goals and will make whatever adjustments as needed to achieve them. There are few if any “deals” in the solid areas like Gramercy and the West Village. These areas are the most in demand and as a result, they are some of the higher rents in the city. Should you find one below market rate place, making a swift decision is crucial. There is always great competition for them.

This is a yearly trend even in the past two “down” years. The rental market in Manhattan is an aberration to the housing market nationwide. Even four years ago, we were encountering the same issues we have here now. This is a city with a ton of disposable income. People come here to live more, which in turn makes them spend more, but the whole point is that by living here, you MAKE more. As a direct result, this year there are higher end luxury offerings. Contact us for a viewing as the higher the rent, the more likely the landlord will pay us directly for you!

If you factor in the average rental of $2,000 and the qualification of 40-50 times the monthly in annual income, we are talking about a city where the average person has to earn $80,000-$100,000 per year just to sign a lease without a guarantor. For places under $2000 below midtown, there will often be multiple brokers with clients racing to see the same place. Then the race for paperwork begins. If you see a crowd at an apartment it is likely a good deal and people are already conferring about what decision to make.

The time of year is a mad dash for suitable housing. Actually, it’s a all out war with collateral damage in the form of sacrificing in the size of space, quality or location, if not the budget. The market will make that decision for you and we will never push you in that direction. We will take time to educate you on the market realities in the swiftest time period possible due to advanced product knowledge.

Come prepared and be ready to make a gut decision. If you can SEE yourself living there, you should go for it before the person who saw it an hour before you does. When it’s meant to be it just feels right!

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• U.S. apartment vacancies fall in Q1, rents edge up (reuters.com)