Only now are rents coming down, even in bumpy economy
SoHo apartments. Photo courtesy of wheretolivenext.com.
One of the few advantages of the recession for renters in New York City was its repression of rents.
A year ago, the average rent for a Manhattan apartment was $3,084, very reasonable for the borough, and a quarter of rental deals included some kind of landlord concession, like a free month’s rent or payment of the broker’s fee as an incentive for people to sign leases.
Now? The landlords are back in charge. Concessions were included in just 7 percent of rental agreements in July of this year, according to CitiHabitats, a brokerage firm that tracks NYC rentals. The average July rent slipped slightly from June, but average rents are still up 9 percent from a year ago; the average two-bedroom rented for $3,754, the average three-bedroom for $5,052.
Even as the economy shows signs of quickly weakening — which may push rents back in tenants’ favor — vacancy rates remain below 1 percent, meaning landlords get to set the terms of the deal. Keep in mind we’re talking about averages. In trendy Manhattan neighborhoods, prices are as high and vacancy rates as low as ever. (One-bedrooms in SoHo/Tribeca, for example, are renting for $3,414. The vacancy rate is 0.47 percent.)
It can be frustrating for tenants to navigate rent fluctuations they can’t control. One thing they have some control over, though, is the quality and price of their renter’s insurance. That’s where Gotham Brokerage Co., Inc., can help.
If you’re looking for a renter’s insurance quote in Manhattan, your best bet is a local agency that knows the city. Gotham has served renter’s in the five boroughs for more than 50 years and knows how to adjust your coverage to fit the Manhattan neighborhood you live in. We also can help you with condo or co-op insurance quotes.
What’s more, choosing a company like Gotham, which represents multiple insurance companies, means more policy options and usually lower prices than you’d find in working with an agent representing a single insurance carrier. That holds true whether you are looking for renter’s insurance or coverage for a condo, co-op or weekend getaway.
Renter’s insurance is something you need if you live in New York City; why not work with a local agency that will find the best coverage at the most reasonable price? Give us a call or email us today, and we’ll work with you to find the best renter’s insurance quote for your Manhattan apartment.
