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Moving to New york City can be quite an undertaking and there are a few things about the rental market that usually throwÂ prospective renter for a loop. Â In addition to the fact that prices in NYC are higher than most other places throughout the country you typically will get less in NYC. Â LESS space first of all but also LESS amenities that you make take for granted where you live: a living room, washer / dryer in your home or apartment, garbage disposal, natural light, or that your home or apartment has been updated or renovated within the last 10 years. Â
On top of that getting less for your money most apartments / landlords will require you to pay a broker fee of 10 to 15% of your annual rent before you move in. Â There are landlords that will pay the broker fee but understand that if the landlord pays the broker fee you will have access to a small percentage of the available inventory. Â Manhattan's vacancy rate typically hovers around 1% which is why landlords aren't willing to pick up the brokers tab. Â It's Economics 101: supply and demand...in Manhattan there is simply more demand than supply. Â
If you're looking for something nice, unique or special in a desirable neighborhood there will typically be a fee. Â NO FEE apartments are usually NO FEE for a reason...either the landlord has too many apartments to rent in a short amount of time or the apartment is UNDESIRABLE. Â I'm not saying every NO FEE apartment is CRAP but understand there is a specific reason why an apartment is NO FEE.
To ease the pain of paying a fee: find a great apartment that you like that you won't have to move after ONE year. Â Moving is rarely fun, can be expensive and not something you want to do every year if you don't have to. Â If you look at spreading the broker fee across 24 months as opposed to 12 months it's much easier to absorb and on top of that you'll get a better apartment.
If you have questions about renting or buying a home or apartment in Manhattan feel free to use me a a resource.NYC Sales and Rental ListingsTodd Crittenden917-885-7465Todd@linkrenyc.comAssociate BrokerLink Real Estate
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