Greenwich, Cos Cob, Riverside and Old Greenwich RENTALS
By Scott Elwell - 8.7.11 - Comments Off
I’m not sure I have ever seen the rental market as hot as it is right now. If the house/unit is well priced, it is not rare to see a rental go in days, if not hours. Many rentals are actually going for above ask – some thousands… My gut reaction to this demand is that we have lots of families that have been on the fence about buying a house and didn’t find what they wanted (or couldn’t close on it) and need to rent to get in for the school year. I’ve had this conversation with other realtors who don’t agree and feel that this demand has little to do with the school year. We will see come September. Regardless for the reason, demand is through the roof for rentals. If you are interested in getting something please act fast. If you are just kicking the tires that’s fine, though don’t go out unable to sign a lease and hope that something you see now will be available in the weeks to come.In the past month there were 94 leases signed in Greenwich. About half of those went within a month and about a quarter went within days. When compared to previous months (though this market is cyclical) this is a very fast moving pace. We are also seeing some large ($15k+ a month) rentals that have been sitting start to move.