How to Use the Renter’s Market to Your Advantage

If you’re in the center of a lease, your landlord may not be keen to budge. Either means, it’s at all times price checking your condo’s lease historical past. “The records might show that your apartment has been illegally deregulated, or that you’ve been overcharged,” Ms. Donoghue stated. “It helped one of my recent clients discover that his landlord owed him $9,000 .”

In New York City, you’ll be able to request lease data from the Division of Housing and Community Renewal. Other cities have totally different legal guidelines, however familiarizing your self along with your rights as a tenant will at all times work in your favor.

Certain forms of buildings are extra doubtless to be discounted than others. “Most of the people who have left New York City this year tend to be younger renters — more transient people in their early 20s and 30s who have older family members they can go live with, or jobs where they can work remotely,” Mr. Brown stated. “These people are more likely to live in big, no-fee rental buildings that are owned by commercial landlords, and those buildings haven’t been doing well since the pandemic hit.”

These buildings are additionally much less fascinating from an an infection standpoint, Ms. Wu added. “We’re not seeing as much demand for large luxury rentals where you’re sharing elevators with 500 neighbors, and where part of your rent includes amenities like a pool and a gym that’s been closed,” she stated. But in case you’re in search of a deal, that is the place you may discover it.

The identical goes for smaller residences; in case you’ve been wanting to ditch your roommates, now could be the time to pounce on a studio or a modest one- or two-bedroom. “Apartments with lower square footage have seen significantly more vacancy in New York City and many urban areas today, because the people who live in them tend to be more mobile,” Mr. Brown stated. “We haven’t seen as much turnover in apartments with three or four bedrooms, where you have families of four or five with schools and multiple jobs to anchor them.”

As for single-family properties? Good luck. “Most of the deals we’re seeing are for multifamily housing,” Ms. Young stated. “If you’re trying to rent a single-family home, that’s a much tighter market, which makes sense given that many people are working from home with kids who are doing remote school, and they need more space.”

Most giant business landlords simply need somebody to pay lease in full, on time. But some mom-and-pop landlords are keen to negotiate in the event that they such as you and assume you’ll be a dependable tenant. The key’s to get private.

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