The CRAZY Manhattan summer rental market!
Why is the summer rental market so crazy in Manhattan?
Everyone knows the rental market in Manhattan can be intimidating. This makes sense once you realize that the rental vacancy rate in Manhattan usually hovers around 3%. But why do things get EXTRA crazy in the summer time?
Starting in the early summer, “22 somethings” descend on Manhattan, freshly graduated from school, and eager to start their new jobs. This puts additional pressure on an already “tight” Manhattan rental market. Generally speaking, the Manhattan rental market picks up in late spring and is strong until September.
Some good resources for available rentals will be www.streeteasy.com, as well as some of the real estate large brokerage firms web sites like www.citi-habitats.com, www.corcoran.com, and www.elliman.com. Also, another opportunity to find rentals would be to try to take over from tenants who are trying to break their lease. Please check out our web site at www.leasebreak.com for an additional resource to help you navigate and find a rental during the busy summer Manhattan rental season!