Good time to Rent - July or September - in UWS/Union Sq
Started by perceptive
over 16 years ago
Posts: 5
Member since: Jun 2009
Discussion about
Currently rent in Lincoln Sq and plan to rent large 1 bdr in UWS or Union Square for a year. Please share thoughts if I should rent in July or Sep (can extend current lease by 2 months)
your best bet for price would be in september. all the silly brokers are expecting the regular seasonal summer rental spree to absorb some of the rental supply. when this demand comes in lesser than expected, and some of these unemployeed wall street analysts and assosciates move out of the city and go back home to mum and pup, the excess supply will lead to the second downward movement in nyc rental prices. just a matter of time...
What he said.
Thanks for your comments. Anyone else?
There is usually a huge influx of recent law school, b-school and well-off college grads who enter the market toward the end of the summer (huge compared to the limited number of apartments generally available).
That demand will be greatly reduced this year, and many people also have leases expiring around that time for the same reason, who will want or need to give up their apartments, so it may very well be a perfect storm of availability.
Thanks aboutready. Will push it out and look in Sep.
A good time to rent is in March but a good time to buy is October
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i put the wrong cell number in the above posting correct number is 917-887-4139
"That demand will be greatly reduced this year, and many people also have leases expiring around that time for the same reason, who will want or need to give up their apartments, so it may very well be a perfect storm of availability."
Agreed.
You not only usually have peak lease signings, but you also have peak lease endings. The college stats show waaaaaaaaaaay fewer new grad jobs.... and I've seen soooooo many folks this year relative to last looking to sublet the last few months of their leases (so they clearly won't be resigning).