Many 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.

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.