According to Bloomberg News, the Manhattan rental market is making a comeback.
New Yorkers who may not be ready to purchase and looking to rent in the country’s largest and most complicated leasing market are now returning to the aggressive and competitive ways we used to find rentals.
With less available rentals on the market, the day of negotiating with the landlord to cut the monthly price or throw in a free month or two of rent is pretty much over.
After the financial crisis last year, landlords were offering all kinds of incentives to rent their apartments.
Rents, which plunged following the September 2008 collapse of Lehman Brothers, are stabilizing, aided by increased optimism about the national economy and new jobs.
An actress relocating to Manhattan told news sources "You wouldn't know that there was a recession if you were trying to get an apartment. If I see something and I like it, I have to take it."
One New Yorker saw a two-bedroom apartment in the West Village twice and decided to go back and rent it last weekend, only to find it had been rented for $7,500 a month.
Now more landlords are standing firm on their asking rents and offering few to zero freebies, with less paying broker’s fees.
Today, if you see an apartment you like, rent it.
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