Contrary to market tradition, in this winter season prices on rental apartments in new York dropped to their annual lows, and Vice versa — sometimes even increased.
Rent hikes mean a conundrum for New Yorkers: Stay and pay more, or try to save money by moving? https://t.co/hXNhEAD1x8 pic.twitter.com/t4bNGZQEiE
— StreetEasy (@streeteasy) November 29, 2018
Usually fall, and especially winter, pleases all who are in search of rental housing, lower prices. A difference of 100-200 dollars a month, compared with spring and summer prices in the annual budget looks significantly, and those who want to save money, get the opportunity in the cold period. But not this time. Rent for housing in new York, according to the StreetEasy report, only to grow the fall of this year, compared to last fall, they increased by a few per cent, reaching historical highs in some areas.
So, Manhattan grew by a record 2.1%, the index here was 3220. Brooklyn rose 1.6% with the index 2599 — but this is the average. The growth of the North-Western Brooklyn is even ahead of Manhattan — 2.6% and the index was 3051.
Unprecedented expensive to rent a house in Queens. The index reached 2165, rising over the year by 1.2%. A small exception — the North-Western Queens, where the rental price is a bit diminished. Also, due to the planned cessation of operation metro, the cheaper part of North Brooklyn.
Properties are lingering on the market in these areas — which means buyers may find leverage there. https://t.co/5t3jnZqMnF pic.twitter.com/FToOArOY4m
— StreetEasy (@streeteasy) November 27, 2018
In an attempt to find out the reasons of a rise in price rent USA.one turned to the expert of real estate in new York Dmitry Stasyuk Association Evans Real Estate. The broker explained that a possible cause was the gradual increase in interest rates and changes in tax legislation which has led to the fact that many refused to buy housing and decided to continue to rent an apartment. This has raised the demand for rentals and hence the prices.
Dmitry Stasyuk
Real Estate Broker Associate at Evans Real Estate » As reported by www.usa.one
StreetEasy analysts, however, believe that soon the market prices of real estate sales will reach its minimum acceptable buyers. The situation is balanced, and then the price of rent will go down — thus, you can expect lower prices in the winter.
Dmytro Stasiuk doubts this: «Prices had to go down in the fall. But this did not happen. Not the fact that prices fall and winter. Rent stop or go down when rates will fall further. Although in the winter, at low rental season, of course, may fall». For those who still want to save money, the expert offers to work hard and to look good, as acceptable alternatives are always available. For example, declining prices in Williamsburg. This decline is temporarily associated with the repair of the bridge — but now you can rent a house here for a long time at a low price. Generally long term rental allows you to bargain: «Despite the high rents, many owners still offer one or two free months rent. If you are planning to rent for a period a year or two, this is another good way to save».
