Oouch! What happened to the usual winter lull? The time when inventory swells and rents go down? Not this year! The mild weather makes searching for an apartment this winter reasonable if not quite enjoyable.
The winter inventory swell is quickly disappearing, which probably means that the Spring/early summer rental season is going to be frantic. Better get a quick start on your apartment search this year.
Last month, the average rent in Manhattan hit $3,352 a month, up 5% from the same time a year ago, according to residential brokerage Citi Habitats. That monthly average figure was also up $41 from December, as apartments of all sizes recorded an uptick.
And what about all the usual apartment buyer who rented in the past year or two? They seem to be renewing their leases for another year. It time to start building more apartments!