He expects interest in pre-leasing to pick up in June when students look to secure August leases. However, he says pre-leasing is happening in Long Island City at recently launched new developments, where there are hundreds of units released at the same time. “Typically, this policy is encouraged by landlords only if a unit is currently occupied, as they wouldn’t want to hold a vacant unit offline for several weeks, especially in today’s marketplace where has returned to pre-pandemic levels and vacancy is dropping along with concession s,” says David Maundrell III, executive vice president of new development at The Corcoran Group. The last thing they need is people coming through to look at the apartment.”Ī developer sees this happening at both occupied and new rentals. Tenants are home, doing school and working from home. You don’t know if everyone is vaccinated. More than ever before, he says, “It’s hard to show occupied apartments. Pre-leasing is happening in new rental buildings, where Wagner says it’s a better fit. He’s getting pre-leasing requests from people who left NYC and want to return and has done some deals recently where renters won’t move in until 45 to 50 days from signing the lease. The concessions that are available now are not as generous, he says. “The discounts we saw in January and February, like three months on the first year and two months on the second” have disappeared, says Douglas Wagner, director of brokerage service at BOND New York. Still, brokers say you can expect even fewer concessions to be offered in the future. While that may be the case anecdotally, it’s not showing up in the data just yet-April rentals actually showed a spike in concessions. That’s because brokers are saying owners are starting to pull back on the concessions they are offering. “It creates certainty for owners and for renters, it locks in value,” giving renters the opportunity to get larger concessions like multiple free months. “A renter can get a May discount with an August move-in date,” she says. Plus, timing is not the only advantage of leasing an apartment ahead of time. Brody points out renewal notices go out 90 to 120 days in advance so “we have the opportunity to know what is coming to market,” she says. Tracking availability is something that large landlords do as a matter of course. “People are getting nervous about not finding an apartment,” she says. Companies are making plans to bring employees back into the office as the city prepares for a July 1st reopening and New York City public schools appear on track to opening in person in the fall. That’s when DMT began receiving a flurry of inquiries from renters for September move ins. Increased interest in delayed move ins started as leasing activity began to heat up in NYC over the past few weeks, Brody says. Another apartment, a two bedroom, will soon be released with an August move in. DMT has done five such deals there in recent weeks.Ĭurrently at One Union Square, two apartments are available for July 10th and July 15th-just over 50 days out-a longer lead time than usual for a NYC rental apartment. Signing a lease 50 to even 90 days outīroker Alyssa Brody and digital marketing guru Erica Sachse, founders of Development Marketing Team, are working with select units at One Union Square South and 2 Cooper Square, where some renters put down deposits on apartments 60 or 90 days in advance of a move in. It’s a concession you should know about when looking for rentals in the current market cycle- which favors renters. Brokers say they are getting more requests for delayed move-ins-and landlords are agreeing to them. In fact, “pre-leasing” is something that is being is offering as a perk for some units at two Manhattan buildings. However, because there’s a glut of vacant NYC apartments, way more than what appears on the market (the so-called “shadow inventory”), signing a lease now and moving in later than the usual few weeks is becoming more acceptable. Wouldn’t it be ideal if you could hunt for an apartment and have the flexibility to move in a couple of months later-so you could time a move for after graduation, or when you start a new job, or after another major milestone? On rare occasions, landlords will agree to give you that extra time-for example, when an apartment needs work before it can be occupied again, but it’s not standard procedure. It can be a stressful experience, one that doesn’t always fit your timeline. Landlords want to turn over apartments quickly, so after you see the place and sign a lease, you have to be prepared to move in just a few weeks later. The rental process in New York City typically happens very fast.
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