In the property management industry, we know that the period between April and September is the peak season for rentals in NYC. This is the time when renters, home owners and first-time home shoppers decide to make the transition to their next home. It’s is estimated that between roughly 78% of all moves happen during this period with the highest number of moves in June, July and August.
In that same period of time, roughly 30% of individuals decided to forego renewing their lease and look to new housing. With so many people moving during this period it become critical that property managers in NYC become aggressive in advocating on behalf of your landlords and look for the best tenants available. Property managers should focus on turnover during this peak season in order to get the best quality tenants and increase rents if the market allows in your neighborhood.
During the peak rental season the market is at its highest point with respect to prospects looking for a new place to call home. This means you can ask for a slightly higher rent amount than you would in the off season. In addition to setting a higher standard for tenants, you can also set the rent slightly higher and still have a plethora of prospects who are willing to pay a bit more for their ideal home. Even in New York City’s feverish market, we can push rents a little further during this peak period.
As a seasoned real estate practitioner, property manager or landlord in New York City, you want your property to come available for rent April through September. The best way to ensure that this happens is to negotiate with your tenants for the lease to end during the peak rental period. It can be advantageous on your end to sign a longer lease or shorter depending on when you are signing in order to gain the peak season for renters.
At Blue Harbour Property Management, we have helped many landlords maximize their rental revenues by using techniques such as using the peak season for the signing of leases. This has become more important as rents have vacillated in Brooklyn, Manhattan and Queens for the last 18 months.
If you need assistance with the management with your property in the NYC region or would like additional information on what services we provide you can contact us at anytime at 718-843-1185. We are a leader of small and medium sized properties in the New York City region.