If you’ve ever looked for an apartment in NYC, you know it’s not very easy. It can be done without a broker, but it sure is more work than one would expect. It used to be an easier process, but since inventory as real low it’s become quite a challenge.
During the summer months, renting an apartment is even harder. It’s the circle of life and this is when many students begin their careers in NYC. The most leases begin and end in the summer, causing everyone to move during the summer months.
Besides the many youngsters moving in, the rental market has been booming for other reasons. One of the reasons is due to a low supply of rental apartments. As someone who has searched many times, I always suggest jumping on a place when you find it.
Most brokers do not get paid by the owner or the building, so there are fees for using a broker. However, a good broker will save you a ton of time and stress. Plus the resources brokers have can make your search extremely simple.
Broker’s fees usually range from 1 months rent to 15% of the annual rent. Besides rental buildings, many home owners do rent out their apartments. Usually a broker has an exclusive on this, in which they either get paid by the owner or by the tenant. If another broker brings the client, they’ll split the fee (co-broke).
In a Co-Op or condo building there are always larger application fees. It’s typical for the management company to charge a $500 application fee. There may also be some sublet fees for the owner, but this is usually in Co-Op instead of a condo.
If you’re looking to purchase an apartment in NYC, it’s not as competitive right now. However, it’s definitely harder to get a mortgage than in the past. Prices are still low for buyers, since there aren’t as many buyers out there. For this reason, it’s caused rentals to increase.
NYC will keep building up as they’re running out of room to build in other places. However, there are still some undeveloped areas that builders are developing. Keep an eye on the financial district, north Chelsea and midtown west. These areas are on the rise!
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