Bubble Wrap
Entry
Slow season yields shorter rental terms
27 East looks at this rental season and the new trend of partial season rentals emerging from landlords who won’t lower their prices and potential tenants looking for vast discounts. Although the rental season got off to a slow start, brokers now claim activity is picking up.
Jay Flagg, managing broker at Prudential Douglas Elliman, said that thanks to the hectic May, his office has already booked more rental agreements in 2009 than it did in 2008, which was widely regarded as a strong rental season. But, like Mr. Manger, he said that the trend toward partial-season rentals means that far less money is actually changing hands in the transactions.
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posted about 6 months ago
