A new report showing an increase in Manhattan apartment vacancies has prompted some landlords to wonder whether they’ve begun yanking renter concessions from the table too soon. The report, from Citi Habitats, pegged vacancies at 1.1 percent at the end of August, well below the 2.46 percent registered in February 2009, but up 0.88 percent from July. It was the first month-over-month increase of 2010, and according to Crain’s, the data took many in the industry by surprise at a time when renter incentives are on the decline. Century 21 NY Metro said just one-third of its rental listings have incentives today, compared with 75 percent one year ago, while 20 percent of Citi Habitats listings come with incentives, down from 60 percent in December 2009, according to the brokerage. Brokers warn that the traditionally slow fall season could be worsened if landlords pull back concessions too soon, which could ultimately force them to cut rents as well. [Crain's]

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Marcus & Millichap’s Adelaide Polsinelli is out working today in the snow

“Snowicane” or not, New York City real estate brokers are hard at work. Unlike teachers or other professionals who can stay home when the weather gets bad, brokers must be prepared to show properties to eager home-seeking clients, rain or shine. “Real estate is like the post office: neither sleet nor rain nor dark of night will keep us indoors,” said Paul Purcell, co-founder of Manhattan’s Charles Rutenberg Realty, who made sure the firm’s office on East 56th Street was open today. (To see a list of today’s real estate office openings and closings, click here.) “We work seven days a week and 24 hours a day,” said Leonard Steinberg, an executive vice president at Prudential Douglas Elliman, who was on his way to show a $14 million listing and had competed two showings this morning. On snow days, “the only difference is that I wear very different shoes,” said Steinberg, who donned heavy-duty waterproof boots to help navigate piles of slush. On days like this, he sometimes hires a four-wheel drive vehicle from a car service to ferry clients from one listing to another. [more]

Brokers predict that the New York City rental market’s peak season from May to September, which is driven by recent college graduates and new hires, will be slower this year. “We don’t expect to see a normal summer, where rents are driven up by people bidding up,” said Marc Lewis, president of Century 21 NY Metro. “A lot of college kids are not finding jobs, and landlords are competing for a smaller pool,” Lewis said. Danni Tyson, an agent at Halstead Property, said recent graduates have started turning up, but aren’t coming with the same kind of money they had last year, when Wall Street gave salaries of some $60,000 a year and $10,000 in moving fees. Brokers say graduates with limited funds may benefit from the current weakness in finance as rents fall and landlords offer concessions like paying broker fees and months of free rent.

[NYT]

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Brokers predict that the New York City rental market’s peak season from
May to September, which is driven by recent college graduates and new
hires, will be slower this year. “We don’t expect to see a normal
summer, where rents are driven up by people bidding up,” said Marc
Lewis, president of Century 21 NY Metro. “A lot of college kids are not
finding jobs, and landlords are competing for a smaller pool,” Lewis
said. Danni Tyson, an agent at Halstead Property, said recent graduates
have started turning up, but aren’t coming with the same kind of money
they had last year, when Wall Street gave salaries of some $60,000 a
year and $10,000 in moving fees. Brokers say graduates with limited
funds may benefit from the current weakness in finance as rents fall
and landlords offer concessions like paying broker fees and months of
free rent. [more]