Things That You Should Know About Apartments and Shopping For an Apartment
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.
If you're using a broker the fees can anywhere from one month rent to 15% of your annual rent. If you're lucky, the building will pay the broker! This used to be more common when there was more inventory, but buildings don't need to pay brokers in order to rent their units as often.
It can get quite tricky when you're looking for a sublet/rental in a Co-Op or Condo. Co-Ops are stricter than Condo's and often require an interview. They want to know who is moving in! In both condos and Co-Ops, there are application fees, which maybe in addition to your broker's fee.
If you're looking to purchase an apartment instead of renting, this is a great time. It's a buyers market, which means prices have dropped. This is part of the reason why rentals are up. It's harder for people to purchase now. Either they don't have the money or they can't get a mortgage. So there are more renters.
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!
This author enjoys spending her free time writing about real estate and fashion. Her recent fashion post covers her favorite denim bag and her favorite denim tote bag.
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