Will those bargain NYC rents go up next year?

I said I didn’t have a crystal ball!

So clearly a lot has happened since we last spoke.

Currently it is a renter’s market the likes of which has not been seen in years.

So why is getting the perfect place a challenge?

The prices may be lower but the system is the same. Landlords have gotten choosier. While the rents may be lower they are still looking for well qualified tenants with good credit and qualifying income.

Then there are the CRAZY pricing schemes. I actually saw a place that has a two year lease, with a 500 dollar jump. Where do you go when you are at the bottom of pricing? One of the thing that makes clients crazy is a lot of net effective pricing. That means the landlord is discounting the rent by averaging in free months, and the regular rent. Some landlords are beginning to average this over a 12 month basis which has historically been rare.

Tenants looking for long term stability wonder what the catch is. The truth is nobody knows what will happen in a year. People are coming back to the city for sure, but are they outpacing the inventory coming on the market?

The one little nugget is that we are going in to a time of year that less inventory came on the market, for the next few months fewer leases expire. That should slow the rush of apartments on to the market. For now if you are looking to rent, realize those free months are a chance to save, invest, even vacation. Try to budget to the gross rent and you will be sitting pretty no matter what.

Virtual showings of NYC Apartments

Necessity is the mother of invention.

Yep. It will really be interesting to see how the coronavirus crisis changes NYC apartment rentals long term.

Right now instead of hunting for keys we are hunting for videos.

It’s a big change.

In the past we would go see listed apartments, sometimes, many times, without seeing pictures first. This is part of the craft of being a NYC real estate agent. You have a hunch, a super gives you a tip, you know your landlords, and then you and the client go see some places. You gauge their reaction, see what they respond well to, adjust, get a cup of coffee, admire the dog park, it’s a process and if a client trusts it, it works.

But now due to the pandemic, we are trading in video. Yes it’s a good tool, but I am not sure it is satisfying. Yes, so many people were willing to take 110 Greene Street from a short video, it was a once in a lifetime deal on a SoHo loft. Yes about 1 out of 10 apartments are rented without people seeing them.

But I find the time spent emailing and clicking is less productive, it’s nice to see a video of an apartment, but it is very different from experiencing it. It also it is my job to read your mind, to figure out what you want BEFORE you do. So many people get here and admit, what they thought they wanted changed when they started viewing.

It is ok, it is expected, you are not ordering a Big Mac and a side of fries, I know you may decide having a place that feels bright and roomy is more important than laundry in unit. Just like a shrink our job is to guide you.

Don’t get me wrong, a video is a great storytelling tool, especially in sales, but it just doesn’t replace the real thing. Cue Marvin Gaye and Tammi Terrell.

If you want to work with Suzanne email sgoldklang@corcoran.com. I promise someday will climb stairs, sip iced coffee, talk about life and see apartments soon.

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.