The specific numbers are different from quarter to quarter, of course, but for the most part the last few rounds of NYC rental stats all point to the same conclusion -- the market for Manhattan rental apartments is strong, and growing stronger with each passing month. Which sounds great, of course, but has been less than great in practice for Manhattan rental apartment hunters. With vacancy rates back under one percent and rents rising slowly but steadily, all the things that made the less-than-strong NYC rental market of old so appealing for renters have become harder and harder to find. Regular readers of the Luxury Rentals Manhattan blog have probably noticed that posts like this have become something of a regular presence in this space. Gone, we note in tones of deep regret, are Manhattan rental apartments offering concessions, gone are the free months of rent and gym memberships and suchlike. Gone are the no-fee... oh wait, what's that? Some high-end new construction rental buildings are actually still offering up appealing concessions? And no-fee NYC rental listings are on the rise even though the rental market is strong and getting stronger? Must be getting cold outside. (Yes, that actually is how it works)
Real estate in Manhattan is seasonal, and -- unsurprisingly, if you think about when most people move -- the NYC rental market is at its hottest when the weather is at its warmest. As we slip inexorably (and rather refreshingly, weather-wise) into Autumn, landlords inevitably find themselves facing down some leftover rental inventory. Not a lot, of course -- as we noted above, the vacancy rate on Manhattan rental apartments is still below one percent, and the market is plenty tight. But even at high-end Manhattan apartment listings, landlords are forced to acknowledge, as the weather and market cool, that some compromises need to be made to get people into apartments. While concessions are still difficult to come by, the number of no-fee Manhattan apartment listings here at Luxury Rentals Manhattan have been on a steady climb throughout October, with impressive luxury rental buildings such as River Place in Clinton, Echelon Chelsea in Chelsea, Barclay Tower in Tribeca and 2 Gold Street in the Financial District opting to go the no-fee rental route in recent months. Even in the rental market's hottest hot spots -- by The High Line in Chelsea, for instance, or in Tribeca -- no fee rental listings are out there, while nary a concession can be found.
Is it surprising? Kind of, given the high caliber of rental buildings opting to offer no fee rentals. But in the broad scheme of things, and given the season, it's not that surprising. But it is, belatedly and blessedly, some inarguable good news for NYC apartment hunters -- and another reason to watch this space for new no-fee rental listings.