With two to four weeks remaining in what real estate agents call “the rental season”, It’s instructive to note a few of my personal observations on the market. I’m mainly focused on Manhattan no fee apartment rentals, but I’ll also touch on Brooklyn no fee apartment rentals and just briefly on Queens and Bronx no fee apartment rentals.
1. Our available Manhattan rental apartments are definitely more expensive than they were six months ago or a year ago. Up at least 15% year over year. Landlord incentives have all but disappeared in Manhattan, except in a handful of new buildings aimed at the luxury market.
2. Our available no fee Manhattan rental apartment inventory is still considerably higher at this time than in “normal” years (not counting the past three summers). True, we work with more landlords and managing agents now than in past years, but the supply of available apartments is surprisingly large.
3. Renters are now open to neighborhoods that were not appealing in prior years, particularly in looking for family sized apartments. Upper Manhattan neighborhoods such as Manhattanville, Hamilton Height, and especially Inwood Park are the new happy hunting grounds in Manhattan.
4. Brooklyn has not cooled off. It has been hot for the past five years at least and shows staying power. For the first time, we are seeing renters coming from out of state asking for several Brooklyn neighborhoods as their #1 choice of location. That never used to happen. As a result, the inventory of available apartments in Brooklyn is under pressure. More renovation of old buildings is definitely needed in Brooklyn.
5. Queens remains the favored borough for many of the ethnic minorities coming to New York in high numbers. It is truly the “World’s Fair” borough from a housing perspective. Queens is still the place to look for “bread and butter” housing – the kind families need every day.
6. The Bronx Renaissance is still slowly and steadily gathering steam. New construction and new renovations are fueling that market. While the lowest rental prices in NYC are to be found in the Bronx, it is also “normalizing” in many areas compared to other boroughs. The Bronx is becoming a family area once again, and our inventory of no fee apartments apartments in the Bronx continues to grow.