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It's Not Just About Listings

New York City Apartments: Availablilty

Although the apartment rental market in New York City has softened in the last year some of the old games still persist--especially for those really good deals. The competition for rental apartments can still be fierce in New York and the independant apartment hunter is at a competitive disadvantage with the professionals.

There are quite a few New York Apartment Brokers out there who are on the ball. These brokers know about upcoming rental apartments even before they are vacated. Leases are signed before the previous tenant moves out! That's good news for the client who is paying the broker to get him an apartment, but bad news for the intrepid "no fee" apartment hunter.

New York City Apartments: Access

Even though an apartment is "available", you may never get to see it. You must gain access. Access to available apartments can be a challenge even for the professionals. Getting into an apartment means getting past the doorman or connecting with the Super. These keepers of the keys are often in the pockets of someone or other and rarely allow for an even playing field. This is one of the reasons why some brokers in New York charge such high fees (up to 20% of the annual rent!).

New York City Apartments: The Application

At first glance, the application process would seem rather straightforward. Applying for an apartment in other cities is fairly simple. But when applying for a rental apartment in New York City, as with so much of life here, things are never as easy as they would seem. Not only is the application process complicated and delicate, it is probably the single most important aspect of getting an apartment. Make one mistake and you might miss out. This is where a good broker can really offer a service. Getting the right paperwork to the right person at the right time will make the difference between getting the keys and getting the bum's rush.

New York City Apartment Rentals: How To Apply

A good renters' broker will assess your situation (employment, earnings, credit report, etc.) and will know how best to present you to the landlord. He will not waste your time applying for apartments that you have a slim chance of getting. He will advise you as to when a guarantor is appropriate or when paying extra security deposit is required. A broker will also help you to negotiate favorable lease terms, ie. a reduction in rent, repairs and improvements, a later or earlier move in date, etc. Another important consideration is the relationship established between the broker and the landlord.

A landlord will give priority to an application presented by a known broker who will not waste the landlord's time with poor applicants, incomplete or incorrect paperwork or false information. A broker with friends in high places can argue the case for his client. Sometimes it could make the difference between moving in and moving on...onto more apartment hunting.

Some New York City Apartment Landlords Do Not Work
Directly With The Public...

There are landlords in New York City who do not deal directly with the public. These landlords would rather rent their apartments in Manhattan through Real Estate Rental Brokers. A landlord of this type will work with a short list of selected brokers. Their apartments tend to be good deals because these landlords have opted for dropping their rental prices rather than offer incentives such as paying the broker commission or granting rent concessions. Therefore, the broker will charge a commission. But in the long run, it could less expensive than a NO FEE rental apartment.