If you need to move in New York City but you’re hesitant to sign a traditional one- or two-year lease, you may be in luck because more landlords are offering short-term leases these days.
Right now, you can find short-term leases citywide, but Manhattan appears to have the most buildings offering flexible leases, especially in large luxury developments that have a lot of inventory to fill.
It’s an unusual trend for traditional landlords—typically they want to lock you in for a full year. But the shutdown effectively delayed the spring rental market, making landlords more open to short-term leases that fill apartments now and then end prior to the next spring cycle. And with the vacancy rate reaching 5 percent in Manhattan, and the number of new lease signings dropping nearly 24 percent—you’ll find landlords are increasingly amenable to shorter leases.
Molly Franklin, a broker at Corcoran, says that there has been an uptick in requests for more flexible leases, including short-term leases. Buyers who are returning to New York City to take advantage of a drop in sales prices and historically low interest rates often seek short-term rentals “to test-drive neighborhoods or buildings to see if they are a long-term fit.” Co-living and subletting are also options for short-term rentals if you need a place to stay that’s furnished.
Short-term rentals are typically hard to come by in NYC, but the winter months usually offer more inventory, so now you can find short-term leases in a variety of buildings, Franklin says.
There are also currently over 1,200 entire apartments available with a short-term lease on Leasebreak, a NYC and New Jersey short-term rental site. Pay attention to whether they are furnished or unfurnished, and how long they’re available for. You can also look for room share options if you don’t need an entire apartment. Also keep in mind that some apartments are listed with net rent, which is not actually what you’ll pay.
Kelsey Martin, a broker at Compass, says that many New York City rental buildings offered short-term leases even before Covid’s impact on the city’s rental market, but at “substantially higher monthly rates than on a standard 12-month lease.”
While rents are lower these days, short-term lease signers usually miss out on the deals landlords are offering. Lower rents and concessions are generally available for leases of a year or longer.
To make the process a bit easier, here are eight rental buildings that are offering apartments with short-term leases.
63 Wall St., FiDi
63 Wall St. has newly renovated, luxury, no-fee apartments ranging from studios to two bedrooms. There are currently eight apartments available with a short-term lease as an option. Some have a six-month minimum like this studio, while others like this one bedroom, are available for one or more months.
The Lanthian, Kips Bay
The Lanthian, managed by Greystar, is offering three to 13 month leases for all of their current listings, which are all no fee. Your rent depends on the length of your lease. This one bedroom, one bath, is $4,000 a month if you rent for three months or $3,220 if you sign a 13-month lease.
VIA 57 West, Hell’s Kitchen
VIA 57 West, managed by Durst, is offering short-term leases for some of their apartments like this no-fee one bedroom, one bath, but terms and conditions do apply, which you can reach out to their leasing office for. If you sign a 12-month lease, you get two months free.
EOS, also managed by Durst, is offering short-term leases for some of their apartments like this one bedroom, one bath. Leases are available for six to 15 months, but your rent varies by lease term. You can get one and a half months free on leases that are nine to 11 months and two months free on leases that are 12 to 15 months.
85 East 10th St., East Village
85 East 10th St. currently has six no-fee studios and one bedrooms available with the option of a short term lease. You can reach out to their leasing company for details on a short-term lease.
Two WorldWide Plaza, Hell’s Kitchen
WorldWide Plaza has several studios, one bedrooms, and two bedrooms available, and some of them are listed as available for short term rentals on StreetEasy. This studio is available for short-term rentals, with a minimum of three months. You can also get one month free if you sign a two-year lease.
The Colonnade, Hell’s Kitchen
The Cole, Upper East Side
The Cole, managed by GreyStar, is offering leases from three to 13 months. Listings here have a sliding scale so you can see what your rent would be depending on the length of your lease. This one bedroom, one bath is asking $3,520 for a five-month lease or $3,605 for a 12-month lease.
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