In the past couple of years, the time-honored practice of the NY apartment rental season has been in suspension. In normal times, the rental business is slow throughout the winter, picks up steam in the Spring, and bounces back to life throughout the Summer, with a crescendo of rental active just prior to September. This pattern has held true for most of the 30 years I’ve been in the rental business.
2009 and 2010 were the exceptions. With businesses not hiring, the thousands of recent graduates that flock to the city every summer in pursuit of jobs, careers and a new apartment never materialized.
The early signs of 2011 show a distinct turn-around. The time-honored pattern of people flocking to move to New York City shows evidence of returning. Both January and February of 2011 have been surprisingly strong for rentals.
What this means is that summer will once again be brisk. Rental inventory will start to shrink soon. My best advice to renters; get an early start on your search for the right apartment!