NYC Rent Prices
Will NYC rent continue to fall? When would be the best time to pick up a lease? Historically Feb is the cheapest month. But with covid, by feb people might see a light at the end of the tunnel and come flocking back to nyc in droves. Basically February might be expensive because it is close to a possibly covid free spring idk.
Also what are the cheapest places to lives in Manhattan rn. Yorkville is looking like a steal. I define Manhattan as anything below 90th street.
No one really knows how low it can go but at least in the short term (1-2 months) don’t really see a catalyst for it to go back up though don’t think anything to make it go any lower.
As for neighborhoods, lower east side (china town or lower) upper east (70th+ higher) will generally have the lowest rent since generally they’re the furthest from all the main places in manhattan.
Yorkville is suspicious as fuck. I only go to that area once a year when waiting for the bus to take me to Randall's Island for Ezoo, and each year I see a bunch of crazy dudes walking around the area that ruin my buzz. Would not live there for free..
Naked apartments and street easy are your friend. DO NOT PAY FOR A BROKER"S FEE IN THIS ENVIRONMENT
How would I not pay a fee realistically? The vacant apartments only contact info are the brokers on street easy. I can see asking for a reduced fee but idk about dodging it entirely.
Naked Apartments or street easy, set search to no fee.
I've also been seeing tons of ads all over the city for vacant apartments. Call management and set the terms that you aren't interested in paying a brokers fee. Be aggressive with your terms in this environment.
This thread sent me down a rabbit hole of looking at apartments.
Thx for that
I scored a sweet 1BDR in Williamsburg waterfront area and knocked off 1/3 from the monthly rent. Now is the best time to start looking IMO. New York is opening up far quicker and more effectively than most people are realizing IMO.
Unless you find a rent stabilized unit, your landlord can readjust to whatever they want, ie the going market rate (or not even offer you a lease renewal at all), one year down the road. All they need to do is provide 60 days’ notice if they’re going to bump your rent by more than 5%, even if that bump is in the magnitude of 100%.
So once everyone is summoned back to the office, rents will probably readjust to to slightly below 2019 rates. Imo, that $3k-$4k studio/1br market will rebound the most since that crowd was the most likely to have fled - high earners who left for the time being because they had the means and the freedom to do so, and they will want their apartments back (and will be able and willing to pay)
I’m aiming to sign a 2 year lease for exactly this reason.
You may view Manhattan as below 90th street, but the real estate world used 96th Street.
UES should be seeing some prices drop.
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