renting a furnished condo in Manhattan

Asked by Cb82, New York, NY Mon Dec 8, 2008

I'm looking to rent my condo furnished in Manhattan as right now is not the best time to sell. Brokers - are you finding the rental market has slowed down as well? I'd like to rent my apartment furnished for a minimum of 6 months. Thanks!

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5
Aileen-Manha…, , New York, NY
Mon Dec 8, 2008
The rental market has slowed down. Many rentals are offering concessions of 1 month OP, 1 month free rent or collect your own fee for the tenant's broker. If you're looking to rent, I would still consider hiring a broker to market it for you. I also advise you to know what the comparables are for your apartment. It's similar to selling your home... you need to determine how much you're motivated to rent your apt. i.e. - i put some tenants in a gorgeous 1005 sf apt. at the Platinum because it was a great price, the owner allowed pets and bent over backward to encourage the lease go through. Summary: be aggressive, be knowledgeable; you have a lot of competition, whether selling or leasing your apt.
3 votes
Jenet Levy, Agent, New York, NY
Thu Dec 18, 2008
Generally when the sales market slows down, the rental market heats up, but that is not the case now. The rental market is slow. If you wanted to rent it unfurnished, you'd have to do at least a year. But if you want to do it furnished you can do short term. Your best bet is to list it with a company that is not just local, but national and international. It tends to be people temporarily re-located here for work that snatch up the furnished rental, and their company usually pays. The usual NYC companies are not able to attract these types. I work for the only truly international company in NYC, so please feel free to contact me for further info or help if you'd like national and international exposure through our 3,800 offices in 64 countries.
0 votes
Jolie Muss, , Upper West Side, New York, NY
Wed Dec 10, 2008
Cb82,
How big is your condo? I ask as I have someone looking for a 2 bedroom furnished condo
Please let me know the details, size and what part of Manhattan..
Jolie Muss
Licensed Real Estate Broker & Brokerage
212 721-3301 joliemuss@joliemuss.com
Web Reference:  http://joliemuss.com
0 votes
Morgan Evans, Agent, New York, NY
Mon Dec 8, 2008
Without a doubt the rental market has weakened for landlords. As an individual owner you are competing with the major management companies who are offering One Month Free, paying 1 month OP, sometimes 2 months free, its very hard to compete with them if you dont price it well.

The vast majority of renters want an unfurnished apartment so you will be looking for a smaller segment of the potential renters out there looking for furnished apartments. Your time on market finding the right tenant might increase. Naturally putting your furniture in storage is a huge hassle so thats very understandable.

If you would like an estimate of what you could rent your apartment out for, furnished and unfurnished I would be happy to speak with you or converse over email.

Best of luck,

Morgan Evans
morgan.evans@elliman.com
Web Reference:  http://nycaptinfo.com
0 votes
Weichert Rea…, , New York, NY
Mon Dec 8, 2008
We are seeing the focus shifting to the rental market. However, there are even landlords giving incentives to brokers and tenants to get their units rented faster. Give us a call if you need help getting your unit rented. 212-995-0006
0 votes
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