No Fee? No More?

The end of the no fee season is back upon us. There has been a major shift in the rental market here. With rents rising once again, owners and managements paying a month's rent towards the broker's fee are few and far between. Properties with solid location are in short supply and the demand is high. If you are looking for a "no fee" apartment in this city over the next two months, you may as well go and take the course for your real estate license. At least then, you will have access to the proper databases to search efficiently. Properly priced apartments are renting within a day of hitting the market, if they even make it to the market right now!

The one month "OP" (owner paid) commission rate is going to be a last resort for properties that are not renovated, in fringe areas or are sitting on the market for too long for various other reasons. The best priced, good quality, spacious and prime location properties will be offered and able to be secured through a broker in this market. I have seen this trend for the past five years with the rental market here. Usually this happens earlier in the year around the spring rush. The fact that it is happening so late in the rental season this year, indicates that this may be a cold winter for renters. Traditionally, this is the time of year where the "OP's" begin to appear. To see them disappearing is a sign that the "no fee" market may be crashing for a long period.

Rents are rising in Manhattan again!

I have watched the markets around the country plummet and not yet recover over the past six years. Here in Manhattan, that is just simply not the case. There is such an unbalanced set of supply and demand here that you can not imagine until you have lived here.

There are more people than there are apartments to rent. I got a client this weekend who called me on a three bedroom uptown. Upon talking to her I realized that she was actually trying to find enough space for FIVE people to share for under $3000! There are serious gaps in peoples perceptions of the market here.

Take a look at these statistics.
http://www.cityrealty.com/new-york-city-real-estate/carters-view/

The link above is great if you are thinking of moving into an apartment in Manhattan. I am quite sure many people feel that they can try to do it on their own without a broker. Do realize that it is possible, but you will have a long winding road. Even with a broker it is tough if he or she has no relationships or even worse, a bad one with the managing agents or landlords. There is very little time for the good apartments to be viewed and secured in this current market state. You must be pro-active and not reactive when trying to find a place during this time of year. There is only going to be less to choose from with each day and many young agents don't realize the cycle of turnaround.

I hope that these facts are helpful in your securing a new home. If you need any help, I am here to guide you home!