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Rental Basics in New York : Real Estate Advice

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Activity 105
Mon Apr 18, 2016
Blanca Marsh-Weinstock answered:
Apartments do not stay out on the market for months, if they do there is something wrong :) you can come check out some buildings, then keep an eye out.
blanca
Manhattan Life Real Estate ... more
0 votes 23 answers Share Flag
Mon Mar 19, 2012
First Last answered:
I know it sounds self-serving to say so, but the most important thing a renter relocating to New York City can do is find a good agent to look out for your best interests.

For starters, here in Manhattan and Brooklyn there are at least four kinds of rental properties: dedicated rental buildings, subleases in condominiums, subleases in co-operative apartments and, less commonly, direct leasing of part of a building owned by an individual or a small corporation.These are dramatically different kinds of enterprises with various requirements, benefits, and expenses attached.

In almost all cases the tenant will need to pay a brokerage service fee to secure an apartment in New York City. No fee apartments often rent at a higher rate than comparable apartments, so the brokerage fee is paid that way. Most tenants renew their leases, so a so-called "no fee" apartment can actually be more expensive for the tenant in the long run.

Most, not all, landlords require prospective tenants to demonstrate an annual income of at least 40 times the monthly rent.

Our database of rental listings is updated several times a day! Apartments can rent with 2-5 days of being listed, that's very common in Manhattan. So put on your running shoes and give me a call or email!

Karla Harby
Licensed Real Estate Salesperson
Charles Rutenberg Realty LCC
Offices in midtown Manhattan
kharby@crrnyc.com
212-688-1000 x146
... more
0 votes 6 answers Share Flag
Tue May 8, 2012
Don Tepper answered:
Check with your lawyer. Don't rely on "the general consensus" unless those providing it are lawyers who've reviewed your lease.

Recognize you may not be able to get him out much before May in any case. And I don't know what tenant-protection laws may exist in New York. In some areas--such as Washington, D.C.--it can take months and months to remove a tenant who's on a month-to-month lease.

Good luck.
... more
0 votes 6 answers Share Flag
Fri Feb 17, 2012
Fran and Mark Redding answered:
Jim

Go to the building talk to the super and get the contact information for the management company. Talk to them for confirmation of ownership. Do not send any money to anyone until you have seen the apartment and verified the ownership and his right to rent.

Fran and Mark Redding
Prudential Fox & Roach, Realtors
1010 stonyhill Road
Yardley, PA 19067
215-321-3307 Direct
215-208-7169 Cell
www.franandmark.com
... more
0 votes 4 answers Share Flag
Thu Feb 2, 2012
Claudia Barritt answered:
It is every individuals right to have a guest in their home. Coop boards are concerned about illegal sublets, but a share holder is allowed to have someone stay in their apartment or even have an apartment sitter while they are away. ... more
0 votes 11 answers Share Flag
Thu Feb 2, 2012
Candy Galas answered:
Sounds strange since she is the one that told you to move out. However if you take her to housing court it will reflect as a negative towards you when you try to rent again.
Landlords will see that you went to housing court and will not want to rent to you even if you were in the right.
The good news is if you have a lease that states you paid the last month in advance then she can't rent it to anyone else while you are still legally the tenant. If she required 30 days notice from you and it says so in writing then you might be screwed, sorry to say.
Best of luck
... more
0 votes 6 answers Share Flag
Fri Jan 13, 2012
Annette Lawrence answered:
Rory,
Chimes at start was excellent touch. Needed more post production attributes. Either using voice over or text identifing the bed room from the living room would be helpful.

What in your video could not have been accomplished with a high res imaging and directional panning? At the very least consider adding voice over with talent that can convey excite in their dialog. Unless the rooms can dance video brings little to the table. However, you can bring a better experience to the viewer by asking yourself, 'What is this video bringing that a still image could not?" Then you will have an engaging product.. Be aware, bad audio will trash good images. Your selective use of source audio was very wise. If you intend to use on-location audio, make certain you spend the money for exceptional equipment. I use voice over for this very reason.

The kitchen was a bad move. If the cabinets had drawers instead of shelves, show one...better yet, have the talent demonstrate. Put moving things in your movie. That will create the distinction making your product highly desired.

Best of success to you. Seeking candid feedback is an excellent decision.
... more
0 votes 2 answers Share Flag
Tue Jan 3, 2012
Ian Christie answered:
Hi Nina,
If you are looking to purchase a unit in Manhattan the down payment can vary from 10-25% It varies from building to building. Condo or Coop.
When looking for an apartment I find it is much better to work with one, maybe two professional real estate brokers. When you work with several different brokers it can get confusing and you will get the same information from different agents espically when looking in a certain area When you work with the same agent they will be able to take your feedback and apply it to the next apartment search they do for you. Sometimes it takes a couple of tours but your agent will know what you are looking for and eventually find it for you.
Your application fee is non-refundable if you change your mind before you sign a lease. If you are asked to leave a $500 deposit you might lose that. Every office has there own policies.
Finding the right apartment can be done in about a week if you are determined and take several tours with your broker.
I would give yourself at least two weeks to search for a new home.
Rent stabilized apartments are much different the rent controlled apartments. A rent stabilized apartment is fixed for a certain amount of years and the price transfers with each new lease. The increase is set by the state every year. The rate is between 1-5% I have experienced in the past about 2.5%
Rent controlled apartment do not transfer.

Please feel free to contact me directly with any questions you may have. I specialize in No Fee Luxury rentals. I have a lot of knowledge of what is available in every area of Manhattan. All different types of buildings.

I have included a link to our company's website and I can also send you detailed information to you once we build a search criteria.

Best Regards,
Ian Christie
Christie Property Group LLC
305.338.1432
... more
0 votes 9 answers Share Flag
Fri Jan 13, 2012
Anna M Brocco answered:
Without much information not sure the question is fully understood--if you are concerned about your lease renewal, review the by-laws/building's policy; see if renting is allowed.... ... more
0 votes 3 answers Share Flag
Tue Jan 10, 2012
John Bohan answered:
New York is pretty safe. I would be happy to help you find some place in nyc you would safe, comfortable and of course inexpensive. Feel free to call or email me to discuss exactly what you are looking for.


John Bohan
Licensed Real Estate Professional
25 Hudson Street
New York, NY 10013
Cell: 917.572.6738
jbohan@bondnewyork.com
... more
0 votes 8 answers Share Flag
Mon Nov 21, 2011
Charles Davis answered:
In every condo rental I have ever worked on, annual utilities such as heat and hot water were factored into the asking rental price. However, utilities like electricity, gas, cable, and internet were the responsibility of the renter, including set up and installation of those utilities.

If the apartment needs re-painting, or if you have already committed to re-painting the apartment, you should definitely re-paint the apartment before your tenant moves in as trying to paint around the tenants belongings will prove to be frustrating and inefficient.

I hope this helps.

Thanks!

Charles Davis at Key New York.
... more
0 votes 7 answers Share Flag
Sat Oct 5, 2013
Christopher Moseley answered:
Sounds fishy...just ask the question and get it in writing/email. Make sure you are present at the Lease Signing with your client!! THEN discuss AND review!
Good Luck,
Chris Moseley

Christopher Stokes Moseley
Senior Executive Vice President
Licensed Real Estate Associate Broker
RUTENBERG
212-203-8722 mobile office
... more
0 votes 11 answers Share Flag
Wed Jun 5, 2013
Brooke Davida, SVP answered:
No, there is no hidden catch. It means that after your 12th month of payment you will receive an additional month free. If you have other questions, I am happy to help you.
Brooke Davida, SVP
212-444-7847. Bad@corcoran.com
... more
0 votes 14 answers Share Flag
Thu Aug 18, 2011
James 'Jim' Endress answered:
if you go through the whole eviction process it is going to show up on your rental history when you go to rent another apartment even if its in another state. it would be wise to include a letter with your application explain what happened. you may also try and offer to place more security up to help get approved. good luck ... more
0 votes 2 answers Share Flag
Thu Feb 7, 2013
Janet Resino answered:
Figure about $2,000. Possibly a few hundred less or any amount more. Most apts now have a broker's fee attached to them. If there isn't one, it is a good deal.
Ready Group- Janet ... more
0 votes 13 answers Share Flag
Mon Jun 17, 2013
Gail Gladstone answered:
I don't know what kind of relationship you have with your landlord but putting myself in your shoes, you paid for the keys; he should reimburse you for them. Just my opinion (as a landlord myself). ... more
0 votes 11 answers Share Flag
Wed Mar 30, 2011
Dallas Texas answered:
Usually for these types of leases only a tenant on month to month is allowed property is usually for sale .

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
... more
0 votes 0 Answers Share Flag
Wed May 23, 2012
Shelley Stein answered:
Mon Oct 4, 2010
Weichert Realtors House and Home answered:
Hi Mahesh,

In general there is a rent increase built into 2 year leases. I have seen differing rates of increases depending upon the building, but it is pretty standard in NYC. You may be able to negotiate this (It is rare, but it does happen). Look at it this way, if you sign a one year lease and want to renew for a second year at the end of the first year, the management can increase your rent by any number they wish (say 10% instead of 6.5%). This way you are locking in a rate up front. Let me know if you have any more questions.

Good luck to you and your wife

JOE GREENE
Broker/Owner
WEICHERT, REALTORS - House & Home
(718) 432-5000 (Office)
(917) 974-2600 (Cell)
joegreene@weichert.com
... more
0 votes 8 answers Share Flag
Fri Sep 24, 2010
Jason Haber answered:
Short answer: when you need an apartment! Long answer, the rental market in NYC tends to be cyclical with the peak season from the middle of May to late August. However, in a city with as low a vacancy rate as we have, rentals units tend to go fast when they are appropriately priced, regardless of the time of year. I'd be happy to help you if you need further assistance renting an apartment. Check out our website where you can search for listings, www.rubiconNYC.com. ... more
0 votes 6 answers Share Flag
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