Rent increase in summer (Greenwich: apartments, lease, brokers)

[snazia89]

Right now a nice 1bdr no-fee in Greenwich Village costs approx. $2.2k/month. How much will this rise by mid-July?

(I understand there will be a flood of new grads, but apt. supply will also increase as people move out for school, etc. Trying to estimate the cost of waiting until mid-July to sign on an apt for August move-in.)

[ACinNY]

Rent prices don't swing greatly anywhere since you usually have to sign a year long lease. If you are looking for a sublet, prices might go down in the summer as that is when most people leave town for a few months and need someone to take over their lease temporarily.

I would think you are safe - it all depends on the place and the neighborhood. But great fluctuates in prices don't happen in a few months time.

[Chichappens]

But Summer is also the Height of the tourist season and new grads coming to NYC for jobs and it can also go up/

[bluedog2]

In Manhattan, Rents Are Creeping Back Up - NYTimes.com

[Chichappens]

I know Rent Control and Rent Stabilized apts are going to get a increase this summer and will go into effect I think in Sept/Oct.

[snazia89]

thanks for all the pointers. I'm trying to determine specifically, will rents increase significantly between now and July?

[adambos]

As a rule of thumb, the best deals in manhattan are usually in the winter. The summer time, rents go up, as more people are moving, students are leaving in the spring, and new students arrive in the fall. This pushes demand up, and therefore prices. It is true that rents came way down in the past 2 years, however rents are on the rise and brokers are beginning to demand, and get, the 15-20% fees yet again. I would advise snatching up any deals if you can. In one year from now, rents will be higher overall. From now to July, however, I don;t anticipate prices going too much further north, however competition will increase, and any listings you see now will be long gone. good luck. moving in manhattan can be very stressful.

[SKooT1027]

I can tell you fees are starting to come back, and pretty fast. I'm looking at apartments now (actually just got accepted but potentially trying to push for slightly better terms) and where a month ago almost everything I saw was nofee, now it's like 50/50. I also thought the 2.2k (more like up to 2.5k) for a 1br wasnt terrible for the village, but I wasn't impressed by what I saw at those prices a couple weeks ago. I decided to change locations rather than increase my budget.