The New York City rental market this summer is seeing a trend of renters who are looking for new homes up to 90 days before their current lease expires. Normally, renters would only begin shopping the market four to five weeks before they needed move. However, as a result of media reports about the softening rental market, renters are looking for homes earlier with no pressure or intention of locking down the apartment.
Mirador's agent, Jessica Milton, explains to Real Estate Weekly that increased landlord incentives such as one month free is the biggest cause of this new trend. "This [increased incentive] has fueled higher renters looking at amenity buildings to start looking 60 to 90 days out," she says. "If they aren't paying the first month, and it can mean a leisurely move, if they find something they like, why not look early?"
Read more expert insight on this trend here.
