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Most renters are not surprised to learn that New York City has the highest rents in the U.S. After all, the city is one of the biggest metropolises in the world. To find an apartment in New York, you usually have to recruit a broker, whom you will pay thousands of dollars once you sign your lease. In this post, we’ll give you expert tips from former New York City apartment brokers on how to find the best apartment possible in the toughest market in the country.
If you choose to use a broker, don’t use just one. You improve your chances of getting a better apartment and a better deal if you have multiple brokers working for you at once. Try to get several brokers from different companies if you can. Different brokerage firms have different apartment inventories, so you will get a wider selection of results. Best of all, you only have to pay the broker that find that apartment on which you sign a lease. You drastically increase your odds of finding a great place and with no extra cost.
When it comes to the features and amenities that you want, stick to your guns. Don’t let brokers talk you into settling for something less. Commonly, brokers will tell apartment hunters that what they want is either improbably or doesn’t exist. However, if you’re patient, some properties will eventually pop up that meet your needs. Be firm with your broker on the amenities you can’t live without.
Not many apartment hunters realize that many New York City buildings are co-ops. But, because of the consider obstacles to getting in, most renters and brokers pass them by even if they do know the option exists. On average, co-ops are 10%-40% cheaper than apartments, so the extra work is usually worthwhile. In addition, most co-op owners want to minimize tenant turnover to avoid the concomitant hassles, so they are especially enthusiastic about recruiting and keeping good tenant candidates.
If you decide to go with a co-op, you will need to do considerable planning ahead of time. Most co-ops only have meetings once a month during which they will consider prospective candidates. Also be prepared to fill out between 60-120 pages of paperwork. Finally, almost all co-ops require prospective tenants to use a broker, so make sure you have that relationship in place.
