Start Earlier, Be Prepared For New York City Rentals
Start Earlier, Be Prepared For New York City Rentals avatar

RentedMany renters seem surprised by the tight inventory and higher prices that have occurred in the New York rental market recently. Clients are seeking assistance to find a new home with only a couple of weeks and sometimes days left on their current leases after becoming frustrated by searching on their own.

LANDLORDS in New York City can afford to be picky. With a vacancy rate in Manhattan of under 1 percent, apartments sometimes rent in hours, not days or weeks

Concessions that only a couple of years ago were the norm are now a rarity. In fact, a recent NY Times article stated, “LANDLORDS in New York City can afford to be picky. With a vacancy rate in Manhattan of under 1 percent, apartments sometimes rent in hours, not days or weeks. Good tenants are not that hard to find.”

Due to this environment, I am advising clients to have their financial requirements together before we begin the search so that we can move fast when we find an apartment that they like. I am also advising them to start their search a little earlier than they might normally. This makes the hunt for a new apartment less stressful for the tenant and also makes it more likely that they will be accepted once we find a potential apartment. It can be very disappointing for a client to find a great apartment only to lose it due to being too slow with the required paperwork.

The full article of the NY Times article, “You Say You’re A Dream Renter, Prove It” is here. TOWN also has an excellent renter guide that you can refer to to help with questions.

Please feel free to contact me if I can be of any assistance.

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