Wednesday, June 03, 2009

My Favorite Time of Year!

This is my absolute favorite time of year. The weather has turned warm but not too warm (except for a random few days), the trees are lush and green, and being outside is just a pleasure. And, yes, we are heading into the busy season for movers.

Many people have asked me what I expect this summer to be like. Well, according to two well-known market observers - Citi Habitats and the Real Estate Group of New York, May 2009 was the first month in which New York's vacancy rate went down since early 2008. Does this mean we've turned the corner?

Once again, I have to say that I don't know. We're not going back to the days where apartments are on the market for an hour before garnering 4 applications. At the same time, I did rent an apartment last week that had been on the market a mere 2 days! So... the good ones out there don't last for long.

And while by and large renters are only answering ads that say "no-fee", a good majority of the apartments out there are still officially "fee" apartments, though the fees may be reduced or the landlords convinced to pay them. So, at least for the next couple weeks, landlords don't have the same vice grip on the necks of renters that they used to... but renters shouldn't wait for the market to dip, because the softness might have already rung out. Remember, you never truly know the market bottom until you've missed it!

Enjoy this gorgeous weather, and go see some apartments!