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.

Getting out: How can I break a lease in New York City?

So one of the best kept secrets of Manhattan real estate is that it can be easy and inexpensive to break a lease by using a real estate agent.

If your apartment is a good value, a real estate agent like me will be happy to list it at no cost to you.

Even better, we pay of all of the advertising costs on places like Craigslist, Facebook, StreetEasy, Zillow, Renthop and Naked Apartments.

You will first need to check with your landlord for their lease break policies. Some landlords will charge you a fee for breaking a lease, and some may have restrictions on how your lease break can be advertised.

The rest of the transaction is painless.

Realtors want listings, I am no exception.

I will list your property, take pictures and video, screen prospective tenants, set up showings, negotiate terms, help them complete an application, and get approved. Your listing will be in the REBNY database and other agents will be able to bring their clients to the table as well.

If your listing is an attractive one, you should be able to easily find someone who will put down a new deposit, pay the rent, pay the broker fee, and minimize any cost to you.

If you are looking to list a lease break please call me at 929-429-0240 or email sgoldklang@corcoran.com.

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.

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.