Apartment rentals New York with Winter Rental Market

Spring Is Officially Here As Manhattan Rentals Hold Steady

Spring came early for luxury rentals in Manhattan in 2012When is a plateau not a plateau? Well, when a market dips at the same time every year for years on end, and then all of sudden it doesn’t, that even keel isn’t mundane at all. Quite the opposite: the absence of winter’s usual decline in rental market activity for luxury rentals in Manhattan couldn’t be more noteworthy. A recent market report showed that rents for Manhattan apartments have been essentially unchanged since October, which means that the usual winter season never materialized. We skipped right over it. Looking back to this time last year, rents are up across the board, especially for two-bedrooms, which is the most distinctive shift. Whereas rent increases in studios apartments in Manhattan led the way in March 2010 and 2011, large apartments are now taking the lead.

Warm February Weather Creates an Even Warmer Market

Warm temps bolsterd the Manhattan rental apartment marketFebruary is traditionally the slowest month of the year in Manhattan real estate, a month known for giving renters a chance to find deals. In Februaries past, landlords offered more concessions in order to stimulate demand. This year, the opposite happened. Even given the context of low inventory, few new apartments coming on the market, and high demand, February still exceeded expectations for apartments in every Manhattan neighborhood. Landlords cut back on concessions and raised rents, and the high temperatures brought out far more renters than expected; the high volume of activity far surpassed traditional winter levels. If this is any indication, rents for apartments in Manhattan will keep rising in the spring, the busiest season of the year.

December Market Report: the Market Goes Home For Christmas

The MNS rental market report for December 2012 is out, and with it come the kinds of numbers we expect to see in the winter months. You may remember from last month that prices hadn’t fallen in November nearly as far as real estate insiders generally expect them to. Part of the reason for this was extremely low inventory, which MNS, in addition to several key real estate industry forecasters, predicts will not change in 2012. But movement did slow down in December as people hunkered in for the holidays, and the numbers show a slight decline.  Throughout Manhattan, average prices for all luxury apartments for rent went down 1% from November rates. Certain Manhattan neighborhoods saw relatively large declines, while others showed very little. Still more neighborhoods saw increases in price, but by lower average numbers than the declines were. That said, prices in December 2011 are on average 8.4% higher than they were in December 2010, suggesting that the rental market overall is stronger than it was a year ago.

MiMa Abandons Sales, Puts All Condos Up for Rent

MiMa tower in Midtown West now offers condos as luxury rentalsIn an unexpected twist, Related Cos. elected to switch the luxury condos in MiMa, their 63-story glass high-rise on 42nd Street and 10th Avenue in Midtown West, to luxury rentals. Related planned for over 3 years to sell the 151 units as luxury condos, all located above the 50th floor of MiMa. The 663 luxury rentals on the lower stories were always been designated as rentals, but this sudden reversal to an all-rental building rather than a mixed sales and rentals building is more telling than it appears, though not in the way we might initially assume. This is not a case of desperate landlords panicking and using the luxury rental market as a safety net. Rather, this is a calculated decision based on the strengths and weaknesses of the rental and sales markets. If Related is making a smart decision, and it certainly appears that way, then MiMa's move to rental bodes well for the luxury rental market in Manhattan.

Winter Market Warmer than the Weather

Manhattan New York City Winter Rental MarketThe climate in New York City this year has been erratic to say the least. From hurricane-turned-tropical-storm Irene to the existentially questionable warm autumn, the question that has been on every New Yorker’s mind is, “So, what's winter going to be like?” A careful look at the November 2011 rental market report would suggest that the only thing warmer than the weather we had are Manhattan luxury rentals. Contrary to the slump that has occurred in the winters past, the Manhattan winter rental market is looking particularly strong, if not stronger than ever this year.

Rental Market Warming Up for Winter

That wonderful layer of leaves piled on the sidewalks is so charming that it's easy to forget what comes next. We might not want to think about it, but after the leaves fall, so do renter’s moving ambitions--it seems that nothing could possibly be worse than packing a U-Haul in the snow. But for NYC dwellers, there are some strong reasons to go searching during the winter months of November to February, when the Manhattan real-estate market slows down and is on the cusp of change. From couples to discretionary movers to higher-earning business professionals, now is the opportunity for Manhattanites to shop for NYC rentals.