NYC Apartment Hunting: Do You Really Need a Broker?

11:42:45 | 2012-06-15

"Real state dream" Looking at some offers at the window of a NYC Real State office.

(New York, NY) — As thousands of apartment hunters attempt to navigate the notoriously difficult New York apartment market, they often all come to the same conclusion; hunting for an apartment in New York City is unlike hunting for an apartment anywhere else. As the number of renters continues to grow in New York City, the competition for quality rental housing is stiff to say the least.

Renting an apartment in NYC is unlike renting in any other market; if you don’t act instantly, most quality apartments in the city will be taken. The difficulty of the market has caused most apartment hunters to hire a broker to help them with the search. While this practice may seem peculiar to those living outside the city limits, it is quite standard in New York City. The commonality of apartment brokers causes many to wonder; do I really need a broker to find an NYC apartment?

The answer to this extremely popular question is just as complicated as the current market is. While there is no technical need for a broker in order to find an apartment (numerous apartment dwellers have found units without one) finding the time to find the right apartment in New York without a broker can be a huge undertaking. While many are beginning to question this longstanding tradition in the New York rental market, due to the resources currently on the internet, most apartment hunters are still using a broker to find a place.

There are several factors that have kept brokers in the rental business in New York. Many brokers specialize in streamlining this apartment hunting process and even more have access to listings that aren’t available to the general public. In most areas of the country you simply need to fill out an application and submit a check to the landlord. However, in New York City, property managers typically demand a great deal of paperwork. The role of a broker has long been to help navigate the paperwork process.

Even with brokerage fees costing thousands for an apartment rental, reports have shown that many apartment hunters are still looking to brokers. Renters are still realizing that the New York market is simply unlike any other, and to make it through that market with a decent apartment, the right broker as your guide is simply the price you need to pay.


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