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Living in New York City — the city of skyscrapers — is likely to be on everyone’s bucket list. While living here is undoubtedly a memorable experience considering the type of lifestyle it offers, finding a property, be it a furnished short-term NYC rental or luxurious condo, is challenging. Even after touring all available properties in the best of neighborhoods, you may end up having no budget-friendly property in hand — all thanks to the extremely competitive rental market of NYC. Besides, you will find no shortage of scams, trying to extract money from you in the name of providing affordable housing in the most famous neighborhoods.
But with a little help from a reliable real estate agent in NYC, you can get things done as you wanted. Read on to know how you can crack the best possible when renting an apartment in NYC:
Your leasing agent isn’t your friend
If you plan to deal directly with an on-site leasing agent covering a high-rise building, realize that even if 10 or 20 rentals are available, they won’t tell you about all of them. Instead, they will only inform you about two or four properties to secure their negotiation leverage. Besides, if you find a deal, they would not leak information about any available concessions, which are generally provided instead of lowering an apartment’s rent. You need to ask about it. Possible concessions may include a free month’s rent, access to building amenities such as gym, pool, club, and others. In some cases, the owner of the property will pay the broker’s fee as a concession.
Find the right broker
While not all brokers try to dig money out of your pocket, some may try to lure you in by showcasing furnished apartments in NYC that are too good to be true without actually having them on the listing. Steer clear of brokers and websites that advertise properties in a glorifying manner. The best course of action to find a reliable real estate agent is to get personal recommendations by a friend or someone you know. Another way is to get help from APT212, which is NYC’s biggest marketplace for the finest properties. Also, when working with an agent, make sure to get a written agreement stating that the real estate broker will disclose any amount paid by the owner and cut your fee by that amount.
Advertised rent and actual rent aren’t the same
When a landlord offers a free month or two as a concession, many people fail to realize that they may be paying every month a higher “gross rent” than the net effective rent. The net effective rent is calculated by dividing the amount of concession offered by the term of the lease and then offsetting that amount from the advertised rent. For example, if you find a short-term lease in NYC for $3,600 for 12 months, and the owner is offering a free month as a concession, then the net effective rent is $3,300. But what you will be paying each month is the higher “gross rent” rather than the net effective rent. If you find trouble doing the math, consider getting assistance from a reliable broker in NYC.
Don’t disclose your expectations about music and pet
With NYC’s rental market turning highly competitive, landlords now have an upper hand. Many property owners refrain from renting their properties to those who they think will make a lot of noise or break the community rules. So, you may not want to mention your love for loud music or hobby of playing musical instruments at odd hours. The same goes for pets. Even if your furnished short-term NYC rental is advertised as pet-friendly, certain pets may not be allowed to enter inside the building. You need to be cautious about everything during your meeting with the landlord or listing agent.
Consider renting a condo or co-op
No doubt that the application process is a bit slower and costlier but renting out a co-op or condo can save you a lot of money besides giving you higher-quality apartment finishes. Most co-op apartments in NYC are cheaper than the regular NYC furnished apartments. That said, most co-op buildings do not allow the owners to rent out their properties for more than two years. So, if you are looking for a permanent housing solution in NYC, the best bet is to rent out regular rentals in any of the neighborhoods.
Renting out a dream apartment in NYC can be daunting, especially if you are new to NYC. However, with the right guidance and help of real estate brokers, you can make your NYC dream home come true.