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    HowToRentInNYC.com, in partnership with RDNY.com, invites you to search and preview apartments for free!

    HowToRentInNYC.com, in partnership with RDNY.com, invites you to search and preview apartments for free!

     

    Welcome to the new and improved How To Rent In NYC blog!

    Find in here: Rental News, Scam Stories, Rental Q&A, HOT Deals!

    I am excited to make HowToRentInNYC.com more of a community experience for all! Thank you for making us your #1 rental resource. For full list of no-fee management companies, Q&A and news and sources, click links above.

     

    Thursday
    08Oct2009

    Manhattan Apartment Rents Drop as Employers Cut Jobs

    ORIGINAL LINK

     

    BY John Gittelsohn in New York at johngitt@bloomberg.net.

     

    Sept. 23 (Bloomberg) -- Manhattan apartment rents dropped an average of at least 8 percent in the year’s most active leasing season as Wall Street job cuts and the recession rippled through the economy, real estate broker Citi Habitats said today.

     

    Rents for studio apartments fell 11 percent to an average of $1,763, according to the broker’s data on deals in May through August compared with the same period a year earlier. The cost of a one-bedroom declined 8 percent to an average of $2,425. Two-bedrooms declined 11 percent to $3,421 and three- bedroom units fell 8 percent to $4,633.

     

    Rising unemployment drove rents lower, reversing a four- year streak of increases, New York-based Citi Habitats said. New York City’s jobless rate climbed to 10.3 percent in August from 5.9 percent a year earlier, the state Labor Department reported Sept. 17. About two-thirds of Manhattan’s 3 million residents live in rented homes, according to Census Bureau data.

     

    “We all knew rents had to adjust,” Citi Habitats President Gary Malin said in an interview. “But a lot of people who work in Manhattan have moved back.”

    The SoHo/TriBeCa neighborhood was the city’s most expensive, with studio apartments going for an average of $2,157 a month and three-bedrooms costing $7,286.

     

    The survey focused on the months when the most apartments change hands because of school graduations and job relocations. Rents reported are based on signed leases and don’t include discounts that tenants negotiate, such as reduced broker fees or a month’s free rent.

     

    Stable Market

    The overall market remains “very stable,” with less than 2 percent of apartments vacant, Malin said.

    About half of brokers’ fees were paid by landlords, up from 25 percent to 30 percent in 2008, he estimated. Renters usually pay the fee rather than building owners.

     

    Citi Habitats brokered about 5,700 transactions during the four-months surveyed, up from 4,600 in the same period of 2008. The company handled about 10,700 apartment leases in all of 2008, the most since its founding in 1994.

     

    To contact the reporter on this story: John Gittelsohn in New York at johngitt@bloomberg.net.

    For more info: Lorem ipsum dolor sit amet, consetetur sadipscing elitr, sed diam nonumy eirmod tempor invidunt ut labore et dolore magna aliquyam erat, sed diam voluptua.

     

     

    Thursday
    08Oct2009

    NY TIMES: Everything but the Bathroom Sink

     

    Published: September 18, 2009

    THROUGHOUT law school, Atossa Movahedi was unhappy with her living quarters. First came a share near frenetic Times Square. Then came a share in dormlike Stuyvesant Town.

    Ruby Washington/The New York Times

    A charming one-bedroom in Chelsea has high ceilings and big windows.

    But when she hunted downtown for a one-bedroom rental of her own, she had a tough time deciding. On the one hand, everything she saw was basically fine. On the other hand, everything had some kind of problem, even though she didn’t feel she was asking for much.

    Her monthly budget was around $1,600. Given her preference for a one-bedroom, not a studio, “I knew I was going to have to give up something,” she said. She just didn’t know what.

    Miss Movahedi, 27, comes from Newton, Mass., near Boston. She graduated from the University of Massachusetts, Amherst, and received a master’s degree in international politics from American University in Washington. When she enrolled in New York Law School four years ago, two friends living in the theater district needed a roommate. So she moved to the Ellington, a rental tower on West 52nd Street. Her share was $1,300 a month.

    The musical “Hairspray” was playing on her block, so she constantly pushed through lines of theatergoers. Honks and sirens awakened her at night. “I had anxiety that I never had before,” she said.

    After two years, she and one roommate moved to a Stuyvesant Town one-bedroom. She paid $1,560 for half of the living room, while her roommate paid $1,810 for the bedroom. The neighbors included plenty of noisy students.

    But she loved the location near the East Village, where “there were so many great, cheap restaurants that on any given night I couldn’t decide where to go,” she said.

    So that’s where Miss Movahedi — who is looking for work at a nonprofit organization, preferably in human rights or international law — decided to look for a place of her own.

    At $1,600, a one-bedroom on East 12th Street was so cheap that she would have taken it. But it rented quickly to someone else. Still, the street seemed seedy. In the East Village, “one street differs from the next,” she said, with some blocks feeling perfectly safe but adjacent blocks seeming eerily deserted.

    She soon realized she needed to increase her budget.

    Most places were decent if unexciting. “It became difficult to decide one over the other, because I never really loved any of them,” she said. “They were all completely acceptable. It was always, should I take this? Should I wait for something amazing or does that place not exist?”

    One early experience soured her on agents. After she told an agent she hoped to avoid paying a broker’s fee, he took her to a tiny, dark no-fee East Village studio.

    But he had another place to show her — this one with a one-month fee. Against her better judgment, she agreed to see it. “Obviously, this place was great,” she said. But she wavered, uncertain about the location overlooking Tompkins Square Park, which she disliked at night.

    She nearly fell victim to the bait-and-switch, reluctantly leaving a $500 deposit. “That is, like, everything I had in my checking account” she said.

    When she decided against the place, the agent told her the deposit was nonrefundable. “He kept saying: ‘Read your contract,’ ” she said. But she had read it when she signed it: The deposit was nonrefundable after she had been approved as a renter. And she wasn’t yet approved, because she hadn’t even provided all the required financial information.

    She was uneasy, too, because the price kept changing. First it was $1,700, then $1,650, then $1,800, then back to $1,700.

    “Lesson learned: no brokers,” she said. “I felt so duped. It all hit me later.”

    She did, however, get her deposit back.

    A friend mentioned HowToRentInNYC.com, where Miss Movahedi learned she could circumvent brokers and avoid a fee by dealing directly with management companies, “which I never even though of as an option,” she said. “It was kind of a relief.”

    The Web site included lists of management companies. She ventured farther north to check out a one-bedroom, for $1,850, on East 21st Street. “It was like police village over there, with a million cop cars,” she said, so she didn’t worry about security. (The New York City Police Academy is across the street.) The problem was the lack of a real kitchen — the apartment had just a kitchenette in the living room.

    Later that day, she visited a well-kept Chelsea walk-up building. Two old but charming one-bedrooms were available, each with high ceilings, big windows and an eat-in kitchen. They were, no question, nicer than anything else she had seen.

    Skip to next paragraph
    Ruby Washington/The New York Times

    A one-bedroom on East 21st Street, near the police academy, lacked a real kitchen.

    Ruby Washington/The New York Times

    An affordable one-bedroom on East 12th Street was rented to someone else.

    Miss Movahedi chose the one on a lower floor, but that was taken. Only when she returned to take measurements in the other did she realize there was no bathroom sink.

    “Could I deal without a bathroom sink?” she asked herself. She slept on it, badly, and decided she could. “Every place I saw had one thing that bothered me,” she said. But everything else about this place seemed fine.

    Besides, she knew of worse situations. “My hairdresser has no bathroom,” she said. “Just a water closet in the hallway.”

    Unlike the agents she had encountered, the management company was in no rush. Miss Movahedi called constantly to shepherd her application along, negotiated the monthly rent to $1,850 from $1,895, and arrived last month.

    She is gradually adjusting to life in an old building. “The thing that is strange for me is the imperfections I’m not used to,” she said. She must fit her furniture around random obstacles, like a heating pipe in the corner. A radiator precludes a full-size couch, so she bought a short one.

    The long, narrow entrance hallway “serves no purpose,” Miss Movahedi said, so she added coat hooks on the wall. She’s grateful, at least, to have a living room closet. Some of her friends don’t.

    She noticed that most of her neighbors kept their trash in the hallway. She soon realized that her own trash turns smelly faster than ever before. She can’t figure out why, but empties it often.

    “It’s crazy what people put up with in New York,” she said.

    When she announced that she was considering taking a place with no bathroom sink, one friend from Washington said: “Don’t sign! You are not living without a bathroom sink!” And she replied, “You don’t understand.”

    The missing sink, however, doesn’t really bother her. Out of everything she could have given up, it’s not so bad.

    “It forces me to do my dishes right away,” she said. “I make sure the kitchen is really clean.”

    For more info: info@howtorentinnyc.com, www.HowToRentInNYC.com

     

     

    Monday
    17Aug2009

    Rental Q&A: How do I find an apartment without a broker?

    I have received this question a record 7 times in the last five days! Ask and you shall receive...

    Q I have a basic question I think. I don’t want to pay a brokers fee. How do I find an apt on my own? My friend ended up renting an apartment she could have gotten on her own through a broker and is furious. I don’t want to make the same mistake.

    A I believe this question causes the most confusion for people who are new to New York City. What is the point of a broker? If you have read through HowToRentInNYC.com, I take a neutral stance of employing a broker. There is great value in hiring someone who knows the city, the landlords and the process inside and out. If you are on a time crunch or have been looking and can’t find the apartment of your dreams on your own, chances are a good broker will be able to help you immensely. If you plan on moving to a place for at least two years then a broker’s fee becomes even more valuable. Yes, brokers will show you apartments you could have gotten on your own and they will show you apartments that you would never have access too. Their job is to show you everything that your criteria matches and sometimes that means showing you apartments that with a little research you could have rented without them. In the end the questions becomes what is the service worth? It’s a business. You are a customer. Know what you are paying for before you buy it.

    Now, if you have the time and energy, then yes, you can find an apartment in New York without a broker. Here are my tips on finding an apartment on your own.

    1. No Fee Websites

    There are many no fee websites for management companies where you can see their listings. These sites explain their rental process and usually allow you to make an appointment to view the units directly. HowToRentInNYC.com has a large list of management companies that you can either call directly or visit their website listed here: http://www.howtorentinnyc.com/review.php. There are also “search engine” websites such as Craigslist.com and Backpages.com that offer good leads. When browsing on any of these, look for “owner” listings and not those of a broker. Brokers use these sites to generate business, and again, you’re trying to avoid that fee.

    2. Walk Around the Area You Want to Live In

    Look inside buildings for the management company’s phone number. Call the company directly, but make certain that you are prepared to hear the words “we only talk directly with brokers.” Nevertheless, be positive and persistent because inevitably some companies will deal directly with you, even if they don’t list.

    3. EMAIL/Twitter/Facebook/Myspace/Call All Your Contacts

    Make certain to contact anyone and everyone you know who lives in the city. There is always someone trying to find a roommate or to sublet an apartment. This can mean no fee for you.

    4. Random Roommates (Most People Are Normal)

    Building off number 3, check out craigslist.com, backpages.com and other sites to find people you don’t know who are looking for roommates. It is a scary thought living with someone you don’t know anything about, but this is becoming the norm in New York due to high prices and low inventory. TIP- it is ok to ask the potential roommate about their history and ask for referrals for them.

    5. Doormen Are Your Friends

    Finally, remember to talk to NYC’s most knowledgeable people: building doormen. Most of the doormen are aware of the availabilities in the building that they work at, and sometimes they can put you in direct contact with the management company or the owner. Be polite, kind and gracious when you approach, because if things go well, you’ll be seeing a lot of your new doorman or doorwoman.