“I’m finding the market is pretty segmented right now,” says Ben Jacobs, an agent with CORE. “Some neighborhoods are busier than others.”
The rental market is more sluggish in neighborhoods like Chelsea and Tribeca, Jacobs says, due to a boom in new development rentals and condos leading to oversupply. The Upper East Side, by contrast, has remained busy, thanks in part to the new Second Avenue subway line and its relative affordability when compared to downtown neighborhoods.
Overall, though, many landlords will need to go the extra mile this time of year.
“I’m seeing places stay on the market longer for rent and for sale, fewer contracts signed, and not as many deals,” Jacobs says.
Click here to read the full article on brickunderground.com.