The Insurent Lease Guaranty Program was created to assist landlords, condo/co-op owners, renters and brokers in closing residential leases. Insurent Lease Guaranty says to look early and often for apartments – a smart strategy for renters in this summer’s toughest ever rental market.
“Within the last month the reports released by brokerage firms revealed that vacancies have approached record lows again at a little over 1%. At the same time, median rents in Manhattan rose over 3% to around $3,300 in May. Moreover, the use of concessions by landlord’s like a free month’s rent or payment of a broker’s fee have become increasingly rare and dropped substantially over the last 5 weeks,” says Charles Schoenau, Managing Director of Insurent Lease Guaranty.
“In addition, we have noticed that many of our renters have signed leases 6-10 weeks in advance of their occupancy date as they recognized that many owners are listing apartments very far in advance of occupancy dates, and there is an opportunity to get the apartment that you want 6-10 weeks in advance of your actual move in date. Some aggressive renters succeeded in being able to lock up their apartment well in advance and avoided being caught in the terrible position of not having any good options (apartments you prefer) with only a couple of weeks to move. There is of course lots of turnover of apartments in the summer months, and not every apartment is listed 6-10 weeks in advance, but at the same time there are vast numbers of relocating renters who are starting new jobs or university at the same time, and they are looking increasingly earlier with success.
From our perspective, those renters, who have an opportunity to look very early and often and be fully qualified when looking, do have an opportunity to solidify their living plans in a relaxed way at a time well in advance of moving in and can avoid the tidal of wave of renters trying to search and move in the short time span of 1 to 3 weeks.”