09:54:11 | 2012-04-19
(New York) — There is no arguing that New York is unlike any other place in the United States. This goes for the city’s culture, as well as the city’s real estate rental market. Anyone looking to enter the New York rental market for the first time should be aware of these huge differences, and be ready to play an entirely different game when looking to rent a property.
One of the first differences renters will find in New York is simply the cost. Apartments in New York are more expensive than virtually any other place in the United States, it is a simple and indisputable fact. Also, to rent a property in New York, renters need to use a broker and understand how New York broker fees work. Since there is such a high demand for apartments and New York and so many renters on the market, landlords usually don’t feel its necessary for them to pay a fee to get their space rented. While in most state, the property owner will pay a fee to the broker to get their space rented, in New York, tenants are expected to pay this fee. Brokers also have to pay to list housing posts, even on normally free sites like Craigslist.
When looking for a New York apartment, renters should also be aware of how fast paced the market is, and that they need to be able to immediately take a property they like, as otherwise it will usually be gone in a day or two. Prospective renters should also know that unlike in other city’s renters can plan for move-in dates weeks ahead of signing their lease, they should be ready to move in right away to stay up with the market.
Renting in New York is unlike renting in any other city. Renters should have a good feeling for the city, for the public transport they will need to use, and of course of the different rules that govern the New York rental market. With these things in mind first time New York renters just may make it out of the fast-paced New York rental scene.
—Email rlorenzen@brokerpulse.com
