UPTOWNflavor

According to a report from Marcus & Millichap, the Real Deal reports the rental apartment vacancy rate will be 4.7% next year, “topping the previous record of 4 percent in the fourth quarter of 2003,” thanks to “mounting job losses driv[ing] renters from the city.” Which may mean more bargaining power for renters—if they want to go where there excess supply is expected, like Long Island City, Midtown West, the Financial District and southeastern Harlem. Further, homeowners who can’t sell their homes may opt to rent them out, creating extra inventory. Some other data: The vacancy rate was 2.1% in 2007 and 3.4% in 2008. via Gothamist

While excess real estate is not really great news for landlords, it can be wonderful news for Harlem renters wanting to upgrade their current living situation. Perhaps you’ve been looking for a better place or simply need more space?  Now would be the time to take advantage of the excess supply.  At the very least it is worth a look to see what else is out there.

I’ve found that using a variety of sources garner the best results. While you can find a place on your own using the Internet and word of mouth, many people wind up with great results when they work with a licensed broker. I recently stumbled upon an uptown company that does just that with no fees in some cases.  Liveuptown.com has a lot of great information on Harlem businesses, real estate, and more. Good luck with your search!