Rental market rate increases by season
Started by lydiat
almost 15 years ago
Posts: 1
Member since: Oct 2010
Discussion about
We're looking at one-bedrooms in the W 70s and seeing some good prices now in the low $2ks - does anyone have any experience in how much they will increase by the end of May (when our lease ends)? Not looking for a broker, just knowledge.
I think July 1 to Sept 1 are the peak 3 months, and Dec 1 to Feb 1 are the bottom 3 months, and that there is around a 10% difference between these. The pricing right now is for April 1-ish starts, so I'd guess 5% or maybe a bit more.
January is a bit more up than you might think if you only look at the seasons. And February had some residual as inventory tried for a January bump and might not settle back fast enough.
But even this year is a bit different from the normal pattern in that many leases were pushed to be more than 12 months if in the past 2 years they began in the winter, bringing them closer to peak times. Also many peopke did move to take advantage of the prior winter lows, and get out of above market leases from years prior, and now there are fewer people with appetite to move (because prices are higher than last year, and because moving every year or two isn't palatable to all).
There were really some great deals for February 1 in the 70s in the low $2ks. I think that was the best time this year.
lydiat, Fairway, what size -square footagely speaking -are you seeing?