Real Estate

5 Things to Know about Renting an Apartment in New York

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Most leases would be up by the end of June, and people would be out hunting for apartments in the city of New York. Since the time is so good for apartments NYC, the rents skyrocket this time of the year, and it’s impossible to find the right place. Not only is it busy but the race to get the perfect apartment to live can be quite competitive. It’s a daunting task, which can be achieved by a little planning and foresight.

Following are a few tips that apartment hunters would find quite useful as they search for the apartment of their choice in New York:

1. Is Price a Concern? Wait Till The Winter – There is a marked difference in the prices between June and November. This is because it is a known fact that the demand for apartments is a lot and because of a few selected choices of good places, the rents are high. However, when these same apartments are checked out in the winters, the rent has been slashed down by almost as much as 10%. So, if price is a concern, it might be prudent to wait out until the winters.

2. Hire a Broker and Stick to Them – All brokers have access to same information and only one should be hired. Not only does that save time, money, and efforts, but it would also foster a sense of trust with the brokers. They would prefer the loyal client when they find a good deal.

3. Take A Look At New Rentals – In this mad rush to get an apartment, many people forget to check out the new rental developments. These new rentals would save a lot of money for the people approaching them because even though the time is busy, they offer many discounts. Sometimes, a month’s rent is given off as a concession by these rentals. However, when the year is up and it’s time for lease renewals, people should expect a definite hike in rent. The concession of one month cannot be spread over the lease period, so decisions will have to be made during the renewal time.

4. Don’t Waste Time Deciding – It cannot be stressed enough how busy the renting market for New York City apartments is during this time. Thus, if you manage to find the right apartment, be quick in your decision making and don’t waste too much time deciding. The apartment would not stay on the market forever. At the most, a good deal stays for 2 days, and then, it’s gone.

5. Ask for More Time Instead of Less Money – Property owners want their balance sheets to reflect high rent and if you ask for lower rents, they will not budge. Instead, you can ask for free rents for 15 days when the lease ends. But be careful to not negotiate too much as the deal might fall through. Be reasonable and keep the busy market in mind.

Following the above tips would give great results. The city is brilliant, and the only thing to make your stay even better is finding the best apartment of your choice.

Image Credit: TobiasMik · WhatWeDo

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