On December 10th of 2016, the  AM New York  newspaper cover story suggested that 2016 may be the best year for Manhattan renters since 2009. But what does that really mean?  

There are several factors that go into a positive renter’s market, but the one highlighted by this article was that vacancy rates continue to increase. Quoting data from Citi Habitats, the overall vacancy rates across Manhattan are 2.02%, which is the highest seen in years. This means that more spaces are available and looking to attract tenants. This is also good news in terms of selection, depending on the neighborhood.

However, before declaring that this is the “best” market in recent history, it’s important to note why so many spaces are available. Rent prices continue to increase in Manhattan, forcing many to leave for neighboring boroughs of Brooklyn or Queens. In fact, the average rent in Manhattan is 4% higher than this time last year.

  When asked about this trend,  Oxford Co-Founder Adam Mahfouda  responded that, “The market in New York is still very strong. You’re seeing landlords holding out for higher rates and there has to be a certain amount of vacancies before it starts pulling prices down.”  

However, it’s important to try and look forward when thinking about your next move, not backward. Rent prices have almost always trended upward, and there is little sign of that changing. But that doesn’t mean now isn’t a good time to start looking, “rentals work on an annual cycle. If you can, you should always try to move early in the year – February, March, or April,” said Mahfouda. “More leases come up for renewal in the summer months. People move more for work or school then and so the demand on the market is at a premium.” He added that the winter and early spring were also good times to find deals with moving companies who also experience a cyclical slow-down in business.

  With the higher vacancy rates, it can be easier to find a property that meets your wants and needs and an experienced  real estate agent  can help you negotiate the best rates. The New York renter’s market is always fast paced, but with few people looking and more spaces available, this may be a good time to get started in finding your new home.