Since at least early April, market-watchers have been calling the end of the renters' market as rents head upward, and a few landlords seem to be taking those numbers to heart. The Wall Street Journal rounds up three big Manhattan landlords who've said they're about to stop paying broker fees on some of their rental properties. Let's have these confident landlords step right up! They are Ogden CAP Properties, which will stop paying fees at the UES's Normandie Court and the UWS's One Lincoln Plaza; Pan Am Equities, which will stop paying fees June 1, and Related Companies, which will stop sending those broker fee checks May 31. Related's vacancy rate is less than 1 percent, lower than the Manhattan-wide rate of 1.23 percent. So, renters, this week looks like a good time to sign that new lease, no?
· Renters to Pay Fees Again [WSJ]
· April Vacancy Rate Drops in Manhattan [WSJ]
· Rental Market Report coverage [Curbed]