Curious about the answer to the question, “what is the average rent in Manhattan?” The answer, unfortunately, are those annoying two words, “it depends.” To demonstrate, we’ve compiled numbers from two leading brokerages in NYC.  See for yourself just how much the answer “depends”: [Read more →]

Image via flickr user lotyloty

So you found an apartment that you’re in love with and now you’re ready to apply. This is where all the fun begins. Gathering all of your paperwork prior to your search is the difference between getting the apartment and losing out.
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Care of dolocalsearch

When renting an apartment in New York City there are a ton of things you need to spend money on. Furniture that’s small enough to not take over your space, window treatment to cover the hideous plastic blinds your apartment came with, and the occasional roach repellent to make sure you don’t end up with unwanted visitors. However, there’s one more thing every New York renter should add to his or her list of expenses but often doesn’t: renter’s insurance. We know it doesn’t sound very appealing and it’s the last thing you want to spend money on, but it’s easier and less expensive than most people realize and totally worth it. We’ve all heard news reports of apartment buildings going up in flames, right? Or of someone’s apartment having water damage because the neighbor upstairs had a leaky pipe. What you may not realize is that every time something like this happens, there’s an unfortunate New Yorker who loses his or her furniture, clothes, television, and much more. Without renter’s insurance, that person will need to scrape up some serious cash and start replacing lost items …in addition to finding a new apartment. [Read more →]

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A great broker will make finding an apartment easy and delightful, while a terrible broker will be a disaster and provide frustration.

Brokers have tons  listings of apartments for rent in New York City that will take him or her 15-30 minutes to tally up a selection that fits your criteria.  Brokers that have been in the real estate business in for a long time have a dynamic perspective on the market and there is a lot of knowledge you can gain from their expertise.  What takes a broker a couple minutes to research, will probably take you days to research.  Plus, brokers know a lot about the ins and out of all NYC neighborhoods, and can help you understand where the best places are for you to rent. Brokers have relationships with landlords where they can push your deals through that you probably wouldn’t be able to do on your own.

When using a broker, try not to use more than one broker.  Brokers all generally have the same listings.  If you decide to use more than one Broker use a broker with listings throughout Manhattan and one that has listings in a specific area.  There are some by owner apartments listings that Brokers do not have access to, but all in all there is a nice selection of apartments available when you use a broker.

When looking for a good broker to work with ask for a friend if they or someone they know had a great experience with a broker or google search to see where and who the best brokers are.  Don’t judge individual brokers in an organization due to the overall rating of the Brokerage.  There are good brokers in bad companies and bad brokers in good companies.  Brokerage websites generally list the name of their top producing agents. [Read more →]

Photo courtesy of Aturkus on Flickr

Some of us jump through hoops looking for an apartment to rent in New York, only to find out we need to break our lease.  Unless you’re moving out early because you’re being deployed by the military, chances are you’ll be faced with paying for the months left on your lease.  This means you’re left wondering whether there’s a way to break your lease without paying through the nose.  Unfortunately you have few options, but if you play your cards right it can work out.  It’s important to remember that your lease is a binding contract the breaking of which may cause you to incur a penalty.  Most New Yorkers rent apartments based on a 1-year lease.  The 1-year lease is a fixed term, meaning you agree to pay rent for that specified period.

Moving out of your apartment early means you’re still responsible for any remaining months in the fixed term.  But if you find yourself absolutely having to move out keep in mind that landlords are required to mitigate damages by making reasonable attempts to rent the apartment you’re moving out of.  If you know ahead of time that you’re moving out, get on your landlord’s good side by having a willing renter ready to take over.  The trick is to give your landlord as much notice as possible and make the transition as easy as you can.  Remember, the key is to make the transition smooth and painless for your landlord!  Don’t give them reason to turn down the tenant you’re suggesting take over the lease.  If for whatever reason you simply can’t find someone to take over, giving your landlord plenty of notice allows him/her to find a suitable replacement without making you pay for months you’re not there.  Another reason early notice is important is that some landlords may prefer to leave the unit empty in order make repairs to the unit.  You may even find out breaking your lease doesn’t bother you landlord after all.  Still, general rule of thumb here is: (1) give notice early, and (2) try to have a willing renter ready to take over as a substitute tenant.

If it turns out that your landlord wants to rent the unit but is having a hard time renting the apartment or loses any rent during the remainder of your lease term, you may still be responsible for the difference.  This means you will have to pay for the months left on your lease.  If this is the case but you simply must move out you may want to consider having someone sublet the unit for the remaining months.  Just keep in mind that subletting is an option so long as it’s not prohibited by your lease.  Take a look at your lease and then get yourself a suitable person to sublet the apartment.  In the end, to avoid paying for rent after breaking your lease, do your homework!  Study your lease to see what are your options, ask friends and family to see if anyone wants to take over your lease, and post the apartment online to see if someone would be willing to sublet the apartment for the remainder of your lease.

Here are some helpful sites:

http://www.housingnyc.com/html/resources/faq/leases.html

http://www.housingnyc.com/html/resources/attygenguide.html#7