The Rye Residential Rental Market

– By Jim Byrne –

With quick and easy access to Manhattan, award-winning schools and close proximity to the beach, people have long been attracted to the Rye lifestyle.

Unfortunately, it's hard for most folks to deal with the property taxes that come hand-in-hand with being a homeowner in the Sound Shore community. However, there is another good option - renting. Twenty-four houses and apartments are currently available to rent in Rye. Renting, as opposed to buying, is generally a more affordable option, although there is nothing to show for the money that was invested once the lease comes to an end.

With that said, renting is the ideal option for the fresh-out-of-college set and those who have recently sold their home and are currently in limbo while looking for a new home to own. According to Jason Mehler of Prudential Rand, factors that affect the Rye rental market are affordability, interest rates and supply and demand. It is his feeling that the local rental market is on the rise, but on the other hand, George DeFilippo of John T. Henningsen believes the market is still as slow as it has been for the past year.

“It's been relatively soft in the past year or so,” said DeFilippo. “Compared to how it used to be - in my opinion - it's just not the same. There are rentals and some high-end ones, but they're not moving the way they used to.”

Of the 24 available rentals, four are priced under  $2,000 a month, 10 are between $2,000 and $5,000, three are between $5,000 and $10,000, seven are over $10,000 and three of those seven are over $20,000 a month.

Three of the four under $2,000 are located on Purchase Street, while the other is on Midland Avenue. Listed by Sotheby's, the least expensive on the list is a $1,450 per month Cape Cod-style, one-bedroom, 550-square foot apartment on Purchase Street. While that is a good deal for Rye, for only $50 more a month and $600 extra a year, there is a two-bedroom, 750-square foot apartment on Midland Avenue. Weichert is the listing agent on that apartment.

Each of the 10 listed between $2,000 and $5,000 per month are on different streets. At the higher end, there is a two-bedroom, 1,960-square foot apartment listed by Prudential Rand at Water's Edge for $4,600. At a shade below that, Sotheby's has a three-bedroom, 1,700-square foot property on Wappanocca Avenue for $4,500. If more rooms are what you are looking for, check out the four-bedroom, 1,520-square foot rental on Chestnut Street, priced at $3,200 a month.

The most expensive listing is a Houlihan Lawrence seven-bedroom, six-bathroom, 5,648-square foot house built in 1927 on South Park Drive that has a listing price of $35,000 per month with an option to buy for $5.4 million. While the house has a Rye postal address, it is located in the Harrison School District. For nearly half the price and more square footage, Sotheby's is listing an $18,000 per month, seven-bedroom, seven-bathroom, 6,000-square foot property on Johnson Place. The Johnson Place residence is located in the Rye Neck School District.

If there is one recommendation that Mehler would offer to a potential renter, it is this: “Read the lease thoroughly. A lease is a legally binding contract between you and the landlord, spelling out each of your rights and the rules you must abide by while living in the space. You should take it home to read through before you sign. If you don't understand something, put question marks next to the item and get an explanation.” It seems like common knowledge, but there are scores of people who find themselves in a poor contract that they cannot escape from.