Updated: Aug 26, 2021
By David Bibian, Brown Harris Stevens Agent - East Side
It is no secret that the New York City rental market has been exciting, somewhat frustrating, rapidly changing, and very well-discussed in recent years. The last year, however, has been particularly dynamic.
As a professional realtor who deals with a broad range of rentals, from investment properties to rental buildings, I was truly amazed at the amount of concessions, flexibility, and negotiability I experienced at the height of the pandemic. Landlords were doing everything possible to attract and appeal to renters, from giving away months of free rent to price reductions and signing bonuses.
One year later, and the rental market has done a complete 180. While many newcomers still believe that landlords will negotiate and welcome low offers, that is simply not the case anymore.
With most city offices likely to reopen this fall, as well as the return of live entertainment, suddenly we are seeing a level of activity we haven’t seen since 2013. Inventory is flying off the shelves, renters are signing leases without even seeing apartments beforehand (often paying the full 15% broker’s fee themselves), and gone are the discounts and concessions of last year.
Every day, I receive requests from clients to keep them posted on new properties and ensure they have first access, with many requesting to see apartments that are still under construction. Will the market stay this way for long? It’s hard to predict, but my advice is that if you do find something you like, move forward on it as soon as possible.