If you are going this month to rent an apartment in one of the boroughs of new York, now is the time to do it. Real estate professionals have noted a sharp drop in prices on rentals throughout the Big Apple. This is due, primarily, with an increase in the number of proposals in the primary market, which discourage customers from landlords. But they respond with lower prices.
«For the tenant it is now the most convenient time in terms of entering into transactions on favorable terms, but the owners of the now-busy period», — commented the Executive Manager of Douglas Elliman Real Estate , Hal, Gauze.
Brooklyn
Over the last month in 48% of cases, at the conclusion of the leases, the owners living space was on assignment to clients. This record, which at this level was previously recorded in 2011. However, at that time the price decline was caused by the economic crisis, it is now a large number of new apartments. For example, in March last year, only 17% of transactions with concessions of this kind.
Rental prices decreased on the average by 6.3 percent to $2,629. The decline was observed in the last four months. Most significantly, this figure decreased in the area of DUMBO (about 9.6 percent). In the end, the price for apartments was $4,700.
Manhattan
In one of the most expensive boroughs of new York there has been a significant reduction in the number of concluded lease agreements. Compared to March of 2017, their number has decreased by 27%. Net rents decreased on average by 3.8 per cent, reaching $3,168. This is the most significant drop in prices since October 2011.
In 42% of cases the landlords were forced to make concessions to customers by offering such bonuses as deferred payment or payment for the services of a real estate agent. The highest decrease in prices in areas of SOHO and Tribeca — on 12%, which ultimately led to an average price of $5,300.
Queens
Here, the number of deals concluded over the last month, with a bonus offers from home owners has grown to 63%. Most of these lease agreements were concluded in long island city, Woodside, Sunnyside and Astoria. The average rent price in Queens fell by 6.4 percent, which corresponds to the figure of $2,559. And landlords are often willing to offer a bonus of 2 months for a nominal fee.
Real estate professionals warn that you should not delay in anticipation of further price declines. As soon as the new residential area will be sold and their number will be reduced, the rent will dramatically crawl up.
