Rental market limited this fall
With fall knocking at the door, the rental real estate market will slow down, experts said, with the last big push of the season ending with early Septmeber's lease signings.
Apartment availability for renters will also slow down, renters said, as few New Yorkers put their digs on the market in the last year.
Gary Malin, president at CitiHabitats, said the rental market loses steam every year as New York heads toward its long winter, but the buying market picks up.
However, "The whole rental market in all segments has done extremely well because there's very limited inventory," Malin said.
He added that Manhattan won't cool off as recent grads flock here looking for jobs. But with the vacancy rate hovering near 1% coming out of the summer, they're going to have put their work in to find a place.
As for popular neighborhoods this fall, Malin said the highest demand in Manhattan lies in the West Village, SoHo and Tribeca -- or, "the hip, trendier, cool places where people spend night time as well."
According to stats provided by Google, the West Village is the top downtown neighborhood in real estate searches in the city in the last 12 months.
Outside Manhattan, Astoria is booming, Malin said, as well is the area near the newly developed Queens Plaza.
"They're building nicer product, it's a 25 to 30% discount from Manhattan, and the commuting is very simple," he explained.
Not surprisingly, Brooklyn is as hot as usual for renters, especially along the Williamsburg waterfront. Justin Schuss, founder and CEO of RentalEngine.com, added that luxury buildings in Midtown west, the Upper East Side and the Financial District will be high on people's lists this fall.
"A lot of people really want those nice amenities, but have something like $3,000 to $3,500 a month to spend on a one-bedroom," Schuss said of why those areas are popular.
One building that's catching a lot of attention, he said, is the Mercedes House at 550 West 54th St., recently developed by Two Trees Management, which developed much of DUMBO.
Schuss said the building is attractive because of its stunning architecture and extensive amenities. It also has the flagship Mercedes dealership on the first two floors.
"It's very far west, it's very far from the subways," he said, "but in return you really don't have to leave your building much other than going to work."
He added that one-bedrooms at the Mercedes House are going for $3,500 to $3,800 a month, compared to those in other luxury buildings which often rent for close to $4,500.
When it comes to upper Manhattan, the East Side tops, according to Google statistics.
In the last year, Upper East Side apartment searches were 14% more frequent than those on the Upper West Side.
Murray Hill, meanwhile, is the top midtown neighborhood in Google searches.
"The younger people that are making decent incomes are starting to look at Midtown west and the Financial District," Schuss said, naming Murray Hill doorman buildings such as Windsor Court at 155 East 31st St.