I Love It When I'm Right, Which Is Often

Back in January, I wrote a piece for The Huffington Post about how, from my perch in the trenches on Manhattan real estate, it seemed as if the rental market was changing -- rents were higher, there were fewer incentives for tenants, etc. Most of my clients this past winter were relocating to the city with well-paid jobs. Many were frustrated by the lack of no-fee apartments, or that the owner wouldn't throw in a free month of rent.

Is A Warming Rental Market A Sign Of A Better Economy

Today, the New York Post had a piece about how, in fact, according to real numbers, there is less inventory and rent is higher.

The Rent's High? Too Damn Bad

And the Wall Street Journal, last week.

Manhattan Rents on the Rise

Manhattan Rental Prices: 2008 Vs. 2009

People always ask me how much rents have gone down since last year, and most of the time I shrug and say, "Eh. Not by all that much." Every time I take out a repeat client, they're always a little surprised to see that their money isn't taking them as far as they thought it would.

Here are some charts that compare rents from last summer to this summer. Summer, by the way, is peak rental season in Manhattan, when prices are the highest. Want to save money? Move in the dead of winter.

Units are just a few hundred dollars off, not the bargain basement prices that The New York Times would have you believe. (P.S. Don't believe anything you read in their Real Estate section. They are wrong 95% of the time.)

Average Rentals: Summer 2008


Average Rentals: Summer 2009


As for vacancies, at any given time in Manhattan there is roughly a 1 - 2% vacancy rate. No warehouses of empty apartments waiting to be given away, as the media would have you believe.

Vacancies: Summer 2008


Vacancies: Summer 2009

When Am I Going Back To Work? Who Said I Ever Left?

I barely had Andre a month ago and people are already asking when I'm headed back to work. Truth is, I feel like I never left, since I've been fielding phone calls and e-mails since back in June. In fact, while I was in Labor & Delivery and waiting for the Pitocin to kick in, I got emails from several people, including a past client who just wanted to tell me how much she loved the apartment I found for her.

Today I dropped off keys for an exclusive that I have down on Sullivan Street that I need to rent by August 1. That said, if you or someone you know needs a one bedroom on Sullivan and Bleeker, let me know. It's $2795 and no fee. It's perfect for a young professional or a student. Elevator and laundry in the building. Great closets.

The bottom line is that it's summer, and it kills me to be out of the game. I do, however, realize that I have a kid, so I'm most likely limited to taking clients out on weekends. Serious clients, of course. No one who just wants to look to see what's out there. Sales clients are ideal, but summer is the season of rentals, and I can rock a rental like it's no one's business.

Unrelated: Apparently if I'd named my boy Ivan, like I initially wanted to, he would have become a common criminal. Boo.

New York City Rental Summary -- November 2008

Here are average rents in New York City. Enjoy! And call me when you need to move. There are deals a-plenty out there right now. And by deals, I really mean fire sales.