Iam a Broker with over 35 years in the Real Estate Experience and the firms quoted in this article do not remotely know what is going on in the rental market in NYC as they are not active brokers. The truth is there is a recession going on in NYC which has been here for about six months and owners and brokers are struggling mightily to fill the "hole" of tenants who are either losing their jobs or not being able to afford Manhattan rents now. The expenses have gone up so much for Owners in the last ten years leaving them with little choice to try to push the envelope with tenants. Unfortunately the tenants cant afford to pay what the owners need to make money and this is leaving us with a very soft/flat rental market at a time when rents should be rising. The "rental season" is from May to September 30th. each and every year and this year there are too many vacant apartments and so far with a flat hiring season not enough qualified tenants looking to rent in NYC.
Iam a Broker with over 35 years in the Real Estate Experience and the firms quoted in this article do not remotely know what is going on in the rental market in NYC as they are not active brokers. The truth is there is a recession going on in NYC which has been here for about six months and owners and brokers are struggling mightily to fill the "hole" of tenants who are either losing their jobs or not being able to afford Manhattan rents now. The expenses have gone up so much for Owners in the last ten years leaving them with little choice to try to push the envelope with tenants. Unfortunately the tenants cant afford to pay what the owners need to make money and this is leaving us with a very soft/flat rental market at a time when rents should be rising. The "rental season" is from May to September 30th. each and every year and this year there are too many vacant apartments and so far with a flat hiring season not enough qualified tenants looking to rent in NYC.