Manhattan’s rents reached a high record in February – and thus have war offers for rental units

Winter in New York City often enjoys a cooler real estate market, but not this year.

The tenants in Manhattan met for high record lease in February, with an average rent of $ 4500-6.4% raised from the same time last year. The prices also increased in Brooklyn and Queens as the vacancies were strengthened, a new report from Douglas Elliman revealed.

Everyone, from tenants to agents, are feeling heat.

“The fact is that there is not much room to negotiate,” the post of Douglas Wagner, New York Bondi director told the brokerage services.

The early bird no longer takes the worm when it comes to applications.

It is all about what it can offer most, according to Laurel Ferrera, an agent in Keller Williams NYC. Units are advertising at low prices to delete interest, Ferrera said in an email, and then receiving as many applications as possible.

“A place on the upper side of the west that originally traded at $ 3,700 for a bed. A bath ended up renting for $ 800 above asking,” Ferrera wrote. “The agent said to me: ‘The people who took their apartment [are] ready to go above if necessary.

A quarter of Manhattan’s agreements in February aroused bidding wars, the Elujan report revealed, also scoring a high record. Experts blame the increased competition, in part, in an uncertain economy, home -house builders and sound mandates.

Ferrera’s latest client, Alex K. – who did not reveal her full name for privacy – thought that starting her search in apartments in February would give her the upper hand. It was quickly discussed for that theory.

“I’ve always heard that winter is very easy to find places,” she told the post. “But everyone just seems to want to return to the city now.”

Alex, who is moving from California to New York for work, said she and Ferrara look like more than a dozen apartments throughout Brooklyn and Manhattan. In this process, it ended in four separate bids.

One of the bid units-sopon was a bedroom with a cobble bedroom that, said Alex, someone else ended up paying $ 800 over the price required away.

“I’m sure some people have double income, but I’m just me, and I can’t compete with it,” Alex said.

The Elliman report revealed that Brooklyn’s February lists had even tougher competition than Manhattan, with 35% of arrangements resulting in war offers.

Compared to Manhattan and Brooklyn, housing inventory in northwestern Queens without generous growth. 103% of lifting In February available lists may have contributed to a higher rate of Borough owners ready to make omissions, eager to attack the selected tenants. However, the war offers were documented in one fifth of all agreements in Queens.

ELIMAN Analysis also documented a faster increase in the average lease of non-doorman buildings than Doorman buildings. Wagner said he noticed tenants aspiring for more equipped, up -to -date apartments, and he said they were willing to give up a comfort, like a doorman, to get those feelings.

“If the non-doorman apartment is well equipped, and has a washer dryer in the apartment, and the rooms are not small, it makes another different,” Wagner said. “People will probably give up on the idea of ​​a Doorman and a health club to save a little money if they get something better than the light mature kitchen.”

If an apartment today is well equipped and valued well, Wagner said, there will be a line from the door.

Wagner predicts an even hotter wine for the market, with pricines remaining high and units to stay competitive. He advised those seeking better value to consider looking outside the main countries of the city, as Southern brooklyn or eastern Queens.

After fighting their way through the bid wars, Alex K. and its mediator Ferrera eventually found the perfect place in Gramercy. To capture it, Alex K. offered the owners $ 400 for its required price, deducting its right to its maximum budget of $ 4,000.

“I saw it in Streeeteasy, I was like,” I feel like it’s my place, “she said.

Her bid won over nine other offers, earning her a two-year rent in the Co-op, which comes with a direct garden and a community.

“I have a great place. It is a good place for my first two years in New York, “she said.” And I love the place, I love the owner. So I really had luck.