We've been writing about the renter's market in Manhattan rentals here at Luxury Rentals Manhattan for months now, but much of what we've been writing about the renter's market has been about its imminent end. Is it here yet? How about now? Maybe while we were at lunch? The answer to those (incessant) questions remains more or less the same: the market for rental apartments in Manhattan is still tilted towards renters, but it appears to be in the midst of a return to the mean. Which in turn means, as the New York Post reports today, that it's increasingly tough for NYC dwellers to get the sort of concessions on Manhattan rentals that they routinely received during the heyday of the renter's market. Using Clinton luxury rental success story 505 West 37th as a test case, the Post's Katherine Dykstra reports that while concessions are down, the market is not totally back to its boom-era levels.
The buzz among rental brokers and developers is that after two years of shaky rents, the market is finally recovering. Rents are rising! Activity is up!" Dykstra writes. "So, do we take all this to mean that the brief, shining moment when the scales were tipped in the renter’s favor is over? Not exactly. Yes, rents might be edging up, and landlords are seeing faster lease-ups than last year, but we’re nowhere near pre-bust levels of activity."
Which, in short, means a couple of things -- the long, slow comedown from the renter's market of the past year or so is happening, but it hasn't quite happened yet. For those looking for rental apartments in NYC, that's good news... if obviously not quite as good as the news we were broadcasting six months ago.
