Every now and then a blogger comes to a point that I call "bloggers block". You have several ideas to write about, you write them, and then you are stuck. So, if any of you out there have a great idea for a story or have something that you want me to look into, by all means, say so. Audience participation is very welcome.
One thing that I was going to mention was the mischaracterization of the current rental market. Since we focus on sales, it has been very rare that I have taken out a rental client. I have been hearing and reading that it is suddenly a renter's market. Since my 2 best agents are out of town, I have taken on a couple of (rental) referrals. Now, I can tell you first hand, that a renter's market it is not.
First, there is no great glut of inventory in rentals. It seems that the amount of units available is around the same as usual for this time of year- more in fringe areas, less in prime areas. Most striking is the increase in prices. Looking back at my database, prices are on average 25% higher than 2 years ago. So, even if you shave $100 or $200 off the price, it's still much more. This would explain why there is little turnover and why I am hearing rental agents sing the blues. Tenants get a big price increase and head out determined to do better. They call a rental agent, run them around, and then come to the stark realization that prices are way up and they better stay put. With new jobs in NYC being pretty sparse, this trend may change over the coming months, but it sure hasn't quite yet.
So, I found one thing to blog on, but need more- send your ideas, and I am happy to get right on them!