Tag: findinganapartmentinnyc

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Occupied vs Vacant: why the timeline for renting has changed

So many things you need to know for renting an apartment are pretty consistent.

One thing has really changed this year.

How apartments are shown and how far in advance you should start looking for a straight rental. (Renting a co-op or condo is different.)

Back in 2019 I used to beg people to wait until about 3 and a half weeks before they moved, and not a day sooner.

We were primarily visiting VACANT apartments, and landlords want vacant apartments rented ASAP. People who looked to early found few options for their move date. Showing empty apartments is easier.

BUT. Few apartments are vacant these days. It also used to be by waiting until 2 weeks before your lease start you could gobble up some concessions. The short time line was power.

So now there are are two options. If you are looking at occupies exclusive listings, in hot neighborhoods, you may be looking at things that are coming vacant in 5,6, weeks or more. 3 weeks used to be an ideal time table, now its cutting it a little close.

CONVERSELY, if you are looking at a VACANT apartment, that landlord expects someone to start paying rent in the next 2 weeks. If you are working with an agent representing you, make that clear. Nothing is more frustrating than taking someone to the right apartment but having it slip away because they want to wait too long to start a lease. I really do think the key to this market is being flexible on move dates.

Again if you are renting a co-op or condo the time table is much more driven by that buildings approval process. Again a different sort of flexibility is key. Happy hunting! Suzanne

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NYC Rental Real Estate Agent: Why Pressuring People is Dumb

Always be closing!

You have heard that motto. The most important part of a sale is making sure it happens.

But I think in real estate pressure doesn’t work. I see people do it, I kind of admire the moxy, but it is not for me.

If you are looking for an apartment right now you are under enough pressure. Apartments are renting crazy fast. Often it only takes one hour of showing. If you have not looked in a while or are new to NYC, buildings that don’ have elevators or dishwashers may be a shock to your system.

When you pressure people, deals fall apart. I truly want people to only apply for the places they want with the terms they are willing to close the deal with.

Somewhere out there is an article saying you should negotiate after you put in your application. IGNORE THAT ADVICE. That is the surest way to lose an apartment you want. You should ask for any concessions, special requests, and a specific move date when you apply, not after.

I keep this blog going in the hopes that apartment seekers will be better informed.

I look for people who are confident the apartment is right for them and are want to close the deal.

If you are unsure about your roomate, or your guarantor isn’t sure they want to be responsible or you need a corporate guarantor like Insurent, or you are not sure you really want to move, figure out those things before you start making appointments and applying.

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NYC 2022: Rental Season Strategies

So “rental season”started early this year. After a winter of low supply/high demand now at least there is inventory. But I would say traffic is a month ahead of 2019. I feel like we are at the end of April not March.

If you are relocating to NYC my number 1 tip.

BE PREPARED BEFORE YOU HUNT

If you are working with a tenants’ agent they may have sent you a list of what most landlords ask for. The best thing you can do is look at the required paperwork, income, and check your credit. Landlords can be choosy, so you want to make your side as polished as possible. If you are representing yourself have everything ready to go. This means guarantors too. Your parents in Peoria, or Plains, or Portland may be surprised at the level of documentation renting an apartment in NYC requires. It’s that not far off from qualifying for a loan.

HAVE YOUR TEAM READY TO GO

So 2 years ago we were doing tons of remote deals. And if you are working with a luxury building, it may be just fine to work remotely with an agent. If you are looking at walkups, or your budget is tight it really pays to have all the tenants at the showing, making a good impression, and being able to decide together. I have had listing agents tell me that a clients physical absence cost them the apartment. Again if you are looking at 5K 1 bedrooms in FiDi it’s probably not that big a deal. But a 2300 1br, the listing agent will probably go with someone they met. Be watered up, wear comfy shoes, get some sleep, don’t be hungover. AND make a nice impression on the listing agent. Say hi, introduce yourself, show you are a pleasant easy person to work with. If you love the apartment ask if they have applications and what will win the lease. Offering a bit over may make sense if you think the apartment is a deal.

BE KIND

It may seem like we have all the power, but trust me, having 100 people request to see an apartment has its own challenges. At an open house I always notice how someone treats the other people there. That kindness and consideration stands out. Also at this point most apartments on the market are OCCUPIED. This means you are in someone’s home. They may only want to show it at certain times. This can be tough when you want to visit a lot of places. Show respect for the tenant and their belongings. Backpacks are the devil if you are a vase.

BE FLEXIBLE

Move dates are a big deal when everything is so busy. It may make things a lot easier to have an overlap between the move out and start dates, or a mover who uses storage. Also if the first of the month falls on a weekend you may have to wait until a weekday to move in. If an apartment is vacant, that landlord wants a lease that starts asap, not a month out. You may need to be less rigid on location, or having a dishwasher, or something. If you are searching online and there is only one apartment that fits your criteria, you are not in good shape. You need to have search parameters that give you multiple options. Don’t get fixated on one listing!

DON’T BE SHY

If you love an apartment let the person showing it know it’s at the top of your list. Let them know why. If you have a pet or pets make sure the building policy is a good fit.

I wish I had a magic wand. I love making people happy. I HATE having to tell people no. I had a dad call me up SCREAMING because his daughter lost out on a place, and I really liked her too. It broke my heart. Yes you may have to adjust your expectations, but I promise if you are qualified and put in the work it will turn out ok.

Happy Hunting!

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How will the Coronavirus crisis impact renting an apartment in NYC?

So this is a question I get a lot and of course I have no crystal ball.

Renting an apartment in Manhattan is VERY seasonal.

Busy season typically starts around Easter as students move out of dorms due to graduation or a desire to live off campus. The prices increase, concessions increase as we move through the summer. In August all hell breaks loose, as people start looking for places for September 1, the start of school and new jobs. The first few weeks of September are busy too. Then in October prices drop, concessions are added, by November we start to see deals. December is a mixed bag, low inventory, good discounts, January is similar.

So already we have missed that first wave of students leaving dorms. The short term market is on fire with thousands of health care people looking for temporary housing which is always tricky. There are good deals out there if you are comfortable renting remotely.

I think if NYU and Columbia and the New School start classes on time, we will see the market return to normal in August. I am guessing we will actually see a bump in professionals looking for places when work restrictions end.

There is one thing you can do it is start getting smart about finding and apartment in NYC. Go ahead and start learning about qualifying for an apartment, what documents you will need, what the costs are, whether you will need a guarantor, what fees you are comfortable with, and so forth. Adrianna Darling and I are always happy to help you start planning.

Stay safe and good luck! We are here to serve.

To work with NYC real estate agent Suzanne Goldklang email sgoldklang@corcoran.com.

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Understanding Manhattan Apartment Listings: Open vs Exclusive

So you are coming to NYC to look for an apartment, you may have looked on line, or spoken with me on the phone. If you want to make the process less stressful and confusing, it’s great to know that there are different types of listings, and the application process may feel very different based upon that.

EXCLUSIVE LISTINGS

In most of the country when you want to sell a house you find a realtor.

That listing agent lists the house. Posts ads, puts signs in the yard, hosts open houses.

Most buyers chose to work with a buyer’s agent, who will help them find places, and get them to showings.

Many EXCLUSIVE NYC rental transactions mirror this system.

We sometimes will call the broker on the other side of the deal a co-broker. There is a listing agent and a tenant’s agent, the main difference is we are negotiating a lease not a sales contract.

As a tenant’s agent, I set up your appointments, talk to you about options, help with an application, and do any negotiation on concessions with the listing agent. I like working with listing agents, and that has sort of become my specialty. That listing agent controls the application process, and getting them on your side is a key to getting an apartment lots of people are interested in.

For people who are relocating, it is a big help to have a tenant’s agent. It can be overwhelming to plan 2 days of appointments with listing agents and it is a good idea to see a mix of exclusives and open listings. It also makes the most of your time. I had one client see 12 buildings in a day. I think that is a lot, but we did it.

OPEN LISTINGS

Some landlords chose not to have an exclusive listing agent, and simply allow any agent or perhaps a select group of agents to bring renters to the table.

Other times the landlord will hire a leasing agent who is an employee, and represents the landlords interests.

Those listings are called open listings.

Many, but not all open listings allow agents to advertise their properties, and bring them clients.

My listing page on Corcoran.com features open listings, as does my page on Renthop which is one of the few public platforms to advertise open listings.

Applying for an open listing is a bit different, especially if we are working with a landlord. We don’t always know how many other agents might have someone looking at an apartment, so if you like an open listing, have your application documents ready to go quickly.

So why should you care?

What part of town you choose to live in makes a difference. There are relatively few open listings on the Lower East Side. Open listings exist but do not dominate in the East Village, West Village, or Greenwich Village. On the other hand move uptown to Midtown East or the Upper East Side and there are many appealing open listings.

Almost all condo and co-ops that go up for rent are exclusives, large buildings with lots of rental apartments are generally open listings.

Becoming familiar with open listings and marketing them is an important part of being a NYC rental agent.

Of course I love working as a listing agent too. You get to meet other brokers and a wide variety of clients who sometimes decide to have me help them find a place.

Want someone to break it down in person? Hire a trustworthy agent who has experience with all types of listings! Work with Suzanne by calling 929-429-0240 or email sgoldklang@corcoran.com.

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Secret Manhattan Apartment Bargains

So location is paramount to most folks moving to Manhattan, and I tend to specialize in some of the most expensive areas.

But there are good values, hiding in plain sight, in convenient locations most newcomers overlook.

I will just keep to one neighborhood per post, but there are a number.

MID-TOWN EAST!

Turtle Bay, Beekman, Sutton Place, Tudor City offer some of the best deals in NYC. Thse areas are within walking distance of the United Nations, but for some reason people moving to Manhattan overlook the excellent value.

If you are looking for a no fee apartment, or a doorman is a priority, or you like post war buildings with amenities, you owe it to yourself to consider this area.

While the main avenues may not feel especially residential, the side streets are inviting. East 49th is one of my favorite streets, it is leafy and quiet, and has a perfect mix of small shops and restaurants. There is a newsstand, dry cleaner, two salons, a bike shop, and appealing restaurants, right alongside a very appealing mix of housing.

Buildings here tend to offer more space and amenities that any other area between Houston and 96th street. There are large, elegant buildings with some true bargains. If having laundry in your building is a priority, and you have a tight budget, Midtown East may be the answer. I am always happy when clients want to look here, many apartments here are a happy surprise.

Are you looking for a “flex”? Roomies looking to cut costs sometimes are seeking apartments they can divide with a wall. Most downtown apartments are really not suited to this set-up, but the post war mid-rises of Midtown East are another story. I try to keep my eye out for apartments that may already have the flex wall up, to save my clients time and expense.

Tudor City is one of the area’s best kept secrets. If your heart is set on a doorman/elevator studio south of 2K, you may find what you need. Buildings in this enclave are known for having spectacular pre-war windows, and if you are lucky river views. Keep in mind Tudor City is all co-op which can mean a slower application process, and some additional labor and expense.

As for culture and dining, midtown east may surprise you. The area is especially cosmopolitan with people visiting from all over the globe. Bloomingdales and the shops of the East 50’s are a quick walk, and all the fun of the East Village is nearby as well. If you like to drive to the Hamptons, having the Midtown Tunnel makes it easier.

If you are not finding what you need in Midtown West, or the Village, consider Midtown East. People who live here love the value and location.

Moving to NYC? Work with an agent you can trust. Email Suzanne, sgoldklang@corcoran.com.