'Going Nomad to Avoid Summer Rent Spikes' diff viewer (0/1)

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~~“Going Nomad” to Avoid Summer Rent Spikes~~	Going Nomad to Avoid Summer Rent Spikes
2017-08-04 10:05:06 UTC	2017-08-04 14:05:09 UTC (about 4 hours later)
Twenty-five years old, employed and engaged, Elana Rosman had not envisioned moving back to her childhood home in Great Neck, N.Y., on Long Island.	Twenty-five years old, employed and engaged, Elana Rosman had not envisioned moving back to her childhood home in Great Neck, N.Y., on Long Island.
She is not in a quarter-life crisis, seeking a safe haven to figure out her next step. It’s much simpler than that. To avoid taking on a new lease this summer, Ms. Rosman is “going nomad” and has moved home with her parents.	She is not in a quarter-life crisis, seeking a safe haven to figure out her next step. It’s much simpler than that. To avoid taking on a new lease this summer, Ms. Rosman is “going nomad” and has moved home with her parents.
The summer rental season is notorious for being the priciest time of year in New York, because demand shoots up as recent graduates flock to the city looking for a place to live, and prices naturally follow suit. As a result, some people do whatever they can to put off signing a lease until fall.	The summer rental season is notorious for being the priciest time of year in New York, because demand shoots up as recent graduates flock to the city looking for a place to live, and prices naturally follow suit. As a result, some people do whatever they can to put off signing a lease until fall.
Temporary strategies include couch-surfing, house-sitting, finding a short-term rental or a boardinghouse, or moving in with relatives — as Ms. Rosman did. She figures that by waiting out the summer’s high rental season, she may find rents as much as a few hundred dollars a month lower when she starts apartment-hunting in the fall.	Temporary strategies include couch-surfing, house-sitting, finding a short-term rental or a boardinghouse, or moving in with relatives — as Ms. Rosman did. She figures that by waiting out the summer’s high rental season, she may find rents as much as a few hundred dollars a month lower when she starts apartment-hunting in the fall.
Sharon Leonor, who just completed graduate school, and Max Scharf, who just graduated from law school, chose to delay their move to Manhattan until September, when Mr. Scharf starts a new job as a first-year associate in the city. Their nomadic solution: moving into an Airbnb basement apartment in a house in Paramus, N.J., for a month and a half.	Sharon Leonor, who just completed graduate school, and Max Scharf, who just graduated from law school, chose to delay their move to Manhattan until September, when Mr. Scharf starts a new job as a first-year associate in the city. Their nomadic solution: moving into an Airbnb basement apartment in a house in Paramus, N.J., for a month and a half.
Ms. Leonor and Mr. Scharf, both 25, started an apartment search in New York in May. “Almost everything was over $2,000 a month for places that didn’t have a good living space or even a complete kitchen,” Ms. Leonor said. “We knew it wouldn’t meet our needs.”	Ms. Leonor and Mr. Scharf, both 25, started an apartment search in New York in May. “Almost everything was over $2,000 a month for places that didn’t have a good living space or even a complete kitchen,” Ms. Leonor said. “We knew it wouldn’t meet our needs.”
With Ms. Leonor studying for her social worker licensing exam, and Mr. Scharf for the New York state bar exam, they needed an apartment with enough room for each of them to hit the books.	With Ms. Leonor studying for her social worker licensing exam, and Mr. Scharf for the New York state bar exam, they needed an apartment with enough room for each of them to hit the books.
Since finding a suitable rental seemed out of the question, the couple changed tactics and started looking for a short-term Airbnb rental. Their search in Manhattan was brief. Ms. Leonor realized “this is silly — we’re not even working and it feels like with rent and cost of living, we would just be throwing money away.”	Since finding a suitable rental seemed out of the question, the couple changed tactics and started looking for a short-term Airbnb rental. Their search in Manhattan was brief. Ms. Leonor realized “this is silly — we’re not even working and it feels like with rent and cost of living, we would just be throwing money away.”
They eventually found the Paramus Airbnb, which is just a few towns over from where her parents live in Teaneck. “We got more bang for our buck,” Ms. Leonor said.	They eventually found the Paramus Airbnb, which is just a few towns over from where her parents live in Teaneck. “We got more bang for our buck,” Ms. Leonor said.
Although Ms. Leonor and Mr. Scharf have enjoyed the perks of living in New Jersey for the summer (cheaper grocery stores and restaurants, more space), Mr. Scharf has not wavered on their plan to relocate to Manhattan come fall, especially as he anticipates some long workdays. “I lived in Teaneck and interned in Midtown last summer, and it takes at least an hour each way,” he said. “The Lincoln Tunnel during rush hour is the stuff of nightmares.”	Although Ms. Leonor and Mr. Scharf have enjoyed the perks of living in New Jersey for the summer (cheaper grocery stores and restaurants, more space), Mr. Scharf has not wavered on their plan to relocate to Manhattan come fall, especially as he anticipates some long workdays. “I lived in Teaneck and interned in Midtown last summer, and it takes at least an hour each way,” he said. “The Lincoln Tunnel during rush hour is the stuff of nightmares.”
Their time in the Airbnb ran out late last month and they have moved in temporarily with Ms. Leonor’s parents. They have started their online search for Sept. 1 rentals and estimate that the number available within their budget is almost double what they found previously.	Their time in the Airbnb ran out late last month and they have moved in temporarily with Ms. Leonor’s parents. They have started their online search for Sept. 1 rentals and estimate that the number available within their budget is almost double what they found previously.
Summer is the most common time of year to move for three reasons, according to Grant Long, the senior economist at StreetEasy: graduation, the weather and employment cycles.	Summer is the most common time of year to move for three reasons, according to Grant Long, the senior economist at StreetEasy: graduation, the weather and employment cycles.
“A big factor is school turnover,” he said. New graduates moving to the city for a job or college provide a steady flow of new residents through the summer.	“A big factor is school turnover,” he said. New graduates moving to the city for a job or college provide a steady flow of new residents through the summer.
People generally don’t want to move in the slushy, frigid New York winter weather, he said. Job turnover — specifically in the finance and insurance industries — is another factor. “Bonus season in finance comes from January to March, depending on the company,” Mr. Long said. “It’s typical for people to wait until they get their bonus, give it a couple of months, and then find a new job over the summer.”	People generally don’t want to move in the slushy, frigid New York winter weather, he said. Job turnover — specifically in the finance and insurance industries — is another factor. “Bonus season in finance comes from January to March, depending on the company,” Mr. Long said. “It’s typical for people to wait until they get their bonus, give it a couple of months, and then find a new job over the summer.”
But then begins the vicious cycle. A year or two later, those same people have decided to move when their leases run out and are once again on the hunt for a new place.	But then begins the vicious cycle. A year or two later, those same people have decided to move when their leases run out and are once again on the hunt for a new place.
Daniel Reisner, 25, and his two roommates were presented with a rent increase of several hundred dollars a month when the lease on their Upper West Side apartment expired this spring. Unable to take on more rent, Mr. Reisner, a third-year law student, decided to move into a two-month sublet with his girlfriend, a college senior, who was in New York for the summer.	Daniel Reisner, 25, and his two roommates were presented with a rent increase of several hundred dollars a month when the lease on their Upper West Side apartment expired this spring. Unable to take on more rent, Mr. Reisner, a third-year law student, decided to move into a two-month sublet with his girlfriend, a college senior, who was in New York for the summer.
“We found it on Craigslist,” Mr. Reisner said. “It was around the corner from my apartment. We needed a place to live for a few months and this was perfect.”	“We found it on Craigslist,” Mr. Reisner said. “It was around the corner from my apartment. We needed a place to live for a few months and this was perfect.”
Mr. Reisner’s next housing solution as he enters his final fall semester of law school will be a bunk under the parental roof in Merrick, N.Y., on Long Island. “I’m going back to sharing a room with my brother, who just graduated from college and moved home, which will be interesting.”	Mr. Reisner’s next housing solution as he enters his final fall semester of law school will be a bunk under the parental roof in Merrick, N.Y., on Long Island. “I’m going back to sharing a room with my brother, who just graduated from college and moved home, which will be interesting.”
Despite the extra burden of the commute to the Benjamin N. Cardozo School of Law in Greenwich Village and a hit to his social life, Mr. Reisner said the move home is a necessity. “I’ve had other people ask me to move into their apartments this summer, but it was too expensive.	Despite the extra burden of the commute to the Benjamin N. Cardozo School of Law in Greenwich Village and a hit to his social life, Mr. Reisner said the move home is a necessity. “I’ve had other people ask me to move into their apartments this summer, but it was too expensive.
“My plan is to move back into the city in January, when rent is a little bit lower,” he said.	“My plan is to move back into the city in January, when rent is a little bit lower,” he said.
The rental cycle is deliberate, said Gary Malin, the president of Citi Habitats. “Owners can try to stagger leases to have them expire during the May and June months, knowing full well it’s the highest demand for apartments.” Savvy renters try to negotiate a summertime lease beyond the typical 12 months to push their tenancy into the fall, when demand and prices drop.	The rental cycle is deliberate, said Gary Malin, the president of Citi Habitats. “Owners can try to stagger leases to have them expire during the May and June months, knowing full well it’s the highest demand for apartments.” Savvy renters try to negotiate a summertime lease beyond the typical 12 months to push their tenancy into the fall, when demand and prices drop.
Even “D.I.Y. landlords,” who rent and manage, at most, a few properties, often try to maximize their rental income when demand is high, said Ryan Coon, the chief executive of Rentalutions, an online property management platform.	Even “D.I.Y. landlords,” who rent and manage, at most, a few properties, often try to maximize their rental income when demand is high, said Ryan Coon, the chief executive of Rentalutions, an online property management platform.
“As a D.I.Y. landlord myself, I’ve experienced that first hand,” said Mr. Coon, who is based in Chicago. “If I have units that are being rented during the summer, I am able to charge 10 to 20 percent more in rent. So in big cities like New York, Chicago, San Francisco, 10 to 20 percent is a very meaningful dollar amount.”	“As a D.I.Y. landlord myself, I’ve experienced that first hand,” said Mr. Coon, who is based in Chicago. “If I have units that are being rented during the summer, I am able to charge 10 to 20 percent more in rent. So in big cities like New York, Chicago, San Francisco, 10 to 20 percent is a very meaningful dollar amount.”
Daniel Gallant, 41, has considerable experience in short stays. Over the years, “there have been several times when I was nomadic,” he said. In the summer of 2000, Mr. Gallant and his two roommates were preparing to re-sign the lease for their Turtle Bay apartment, only to learn that the rent had doubled.	Daniel Gallant, 41, has considerable experience in short stays. Over the years, “there have been several times when I was nomadic,” he said. In the summer of 2000, Mr. Gallant and his two roommates were preparing to re-sign the lease for their Turtle Bay apartment, only to learn that the rent had doubled.
At the time, Mr. Gallant, now the executive director of Nuyorican Poets Cafe, was directing a play with daily rehearsals in Midtown. With the help of friends, Mr. Gallant found a series of short-term sublets. “I don’t think I stayed anywhere for a full week,” he said. “Remember — this was a time before Airbnb.”	At the time, Mr. Gallant, now the executive director of Nuyorican Poets Cafe, was directing a play with daily rehearsals in Midtown. With the help of friends, Mr. Gallant found a series of short-term sublets. “I don’t think I stayed anywhere for a full week,” he said. “Remember — this was a time before Airbnb.”
He had a college buddy who let him stay at his place while he was out of town. And when he ran out of places to crash, Mr. Gallant convinced New Dramatists, a playwrights organization where he had once interned, to let him sleep in rooms reserved for members — when they were empty, of course. He also spent some time at Penington Friends House near Union Square, a Quaker boardinghouse, and at Menno House, a Mennonite boardinghouse also near Union Square. He is neither Quaker nor Mennonite.	He had a college buddy who let him stay at his place while he was out of town. And when he ran out of places to crash, Mr. Gallant convinced New Dramatists, a playwrights organization where he had once interned, to let him sleep in rooms reserved for members — when they were empty, of course. He also spent some time at Penington Friends House near Union Square, a Quaker boardinghouse, and at Menno House, a Mennonite boardinghouse also near Union Square. He is neither Quaker nor Mennonite.
“There are a lot of places like this, but each has its own rules,” Mr. Gallant said. “There’s a yoga place in the West Village that was a combo yoga studio and a residence. These places were not incredibly luxurious, but they are all clean and safe places to stay.”	“There are a lot of places like this, but each has its own rules,” Mr. Gallant said. “There’s a yoga place in the West Village that was a combo yoga studio and a residence. These places were not incredibly luxurious, but they are all clean and safe places to stay.”
For Mr. Gallant, this uncertain lifestyle was thrilling at times. “I was constantly trying to figure out the next place that I would be staying, he said. “It was exciting, it was nomadic, it was a little bit frightening. But I had the luxury of knowing I was in this situation by choice.” He was comforted by the thought that “if I didn’t need to keep pursuing this directing project, I could have gone home to my family” in Maryland.	For Mr. Gallant, this uncertain lifestyle was thrilling at times. “I was constantly trying to figure out the next place that I would be staying, he said. “It was exciting, it was nomadic, it was a little bit frightening. But I had the luxury of knowing I was in this situation by choice.” He was comforted by the thought that “if I didn’t need to keep pursuing this directing project, I could have gone home to my family” in Maryland.
Going nomad is an attempt at beating a system that can seem to peg the renter as the loser.	Going nomad is an attempt at beating a system that can seem to peg the renter as the loser.
Lisa Feierman, 25, an associate producer at MSNBC of “The Last Word With Lawrence O’Donnell,” kept an eye on rentals for months before moving to a new place last fall with Daniel Feinberg, 26. They both lived with a roommate when their search for a home of their own began.	Lisa Feierman, 25, an associate producer at MSNBC of “The Last Word With Lawrence O’Donnell,” kept an eye on rentals for months before moving to a new place last fall with Daniel Feinberg, 26. They both lived with a roommate when their search for a home of their own began.
“The fact that we really got a look at the market and what was out there was really helpful,” Ms. Feierman said. “I was on the summer cycle, having moved here after graduation, but my boyfriend, Dan, was on a different cycle.”	“The fact that we really got a look at the market and what was out there was really helpful,” Ms. Feierman said. “I was on the summer cycle, having moved here after graduation, but my boyfriend, Dan, was on a different cycle.”
Even though she had just re-upped on her lease, it quickly became clear to Ms. Feierman that they should go with Mr. Feinberg’s cycle because his lease would expire in the fall. Hunting for a Nov. 1 vacancy, “we found out a lot more was out there,” she said. “Maybe there was not as much inventory, but the apartments were more affordable.”	Even though she had just re-upped on her lease, it quickly became clear to Ms. Feierman that they should go with Mr. Feinberg’s cycle because his lease would expire in the fall. Hunting for a Nov. 1 vacancy, “we found out a lot more was out there,” she said. “Maybe there was not as much inventory, but the apartments were more affordable.”
When the couple found a reasonably priced one-bedroom in Chelsea in mid-September last year with a Nov. 1 lease, she moved out of her apartment early, having found someone to take her place there. She and Mr. Feinberg now have high ceilings, exposed brick, a nice bathroom and a renovated kitchen with a dishwasher and washer/dryer.	When the couple found a reasonably priced one-bedroom in Chelsea in mid-September last year with a Nov. 1 lease, she moved out of her apartment early, having found someone to take her place there. She and Mr. Feinberg now have high ceilings, exposed brick, a nice bathroom and a renovated kitchen with a dishwasher and washer/dryer.
“We kind of thought we would give up on those amenities,” Ms. Feierman said.	“We kind of thought we would give up on those amenities,” Ms. Feierman said.
Searching during the fall and winter months can be to a renter’s advantage, especially in bigger, luxury buildings that offer concessions.	Searching during the fall and winter months can be to a renter’s advantage, especially in bigger, luxury buildings that offer concessions.
Mr. Long said listings lately include anywhere from one to three months of free rent. “I’ve seen a Netflix subscription, Amazon Prime subscription, or Uber credits and other crazy things they offer,” he said. “As far as the concessions go overall, we did see a peak over the winter.”	Mr. Long said listings lately include anywhere from one to three months of free rent. “I’ve seen a Netflix subscription, Amazon Prime subscription, or Uber credits and other crazy things they offer,” he said. “As far as the concessions go overall, we did see a peak over the winter.”
Real estate brokers warn, though, that trying to outfox the system doesn’t always work out. “Just because you want to wait out the market doesn’t necessarily mean you will win,” said Mr. Malin of Citi Habitats. “It’s a trade-off — there’s a risk and reward on both ends,” he said.	Real estate brokers warn, though, that trying to outfox the system doesn’t always work out. “Just because you want to wait out the market doesn’t necessarily mean you will win,” said Mr. Malin of Citi Habitats. “It’s a trade-off — there’s a risk and reward on both ends,” he said.
A renter who puts off a hunt in hopes of cheaper apartments in a few months could miss out on an ideal place. “Sometimes the reality is when you go see something you love and want, and if you can afford it, it’s hard to turn it away,” Mr. Malin said. The strategy could also backfire if the market shifts and rents go up across the board, even when the weather cools.	A renter who puts off a hunt in hopes of cheaper apartments in a few months could miss out on an ideal place. “Sometimes the reality is when you go see something you love and want, and if you can afford it, it’s hard to turn it away,” Mr. Malin said. The strategy could also backfire if the market shifts and rents go up across the board, even when the weather cools.