Will rents go down in NYC?

I don’t have a crystal ball.

Not really.

But there was a moment today where I seemed like a fortune teller.

A very nice client said to me right now my moving plans are a bit flexible.

Which I answered means: July 15.

She said, “Yep.”

July 1 and 15 seem to be very popular move dates, and with the uncertainty about everything people are starting early.

Landlords don’t want to hear it. To them time is money.

So will rents go down in NYC.

Probably, a bit.

Remember NYC real estate is actually a bunch of separate marketplaces. I do a lot of downtown 2 bedrooms. I have seen concessions here and there, and as always a mover with good qualifications who is going soon has power. But while there are some perks and discounts, nobody is giving away the store.

There are a lot of apartments on the market for 6/1 and we are running out of May. All those July movers may get some of those listings. We should start seeing 6/7 come on the market in the next few weeks.

September 1. We will see what happens with NYU, the New School, Cooper Union, and Columbia University housing. Will dorms become less popular? Will people want to live in smaller buildings. Will the September wave fizzle? Stay tuned.

Need a kind, honest, and hardworking real estate agent? Email Suzanne! suzfindsnycapts@gmail.com.

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