Tuesday, March 3, 2009

Renting a New York City Apartment: The New NYC Rental Market

Yes, the economic crashfest has had an impact on even the most enduring complaint in all of Manhattan - gutwrenchingly high rents. That is right, that stuff I wrote about all the moo-lah you need to prove you have before anyone will even show you an apartment? Ob-so-lete. Well, sort of. 

These days, you can get away with no broker fees, barely much up front, and even - dareIbreatheit - negotiating. I recently moved in with a roommate (lots of New Yorkers do it to keep costs down, which goodness knows I had to do. This is still one pricey town). We found an extraordinarily beautiful tri-plex (quad-plex, if you count the sleeping loft) two bedroom for reasonable rent in a great location on the UWS. I worked with my stand-by broker Alex at Manhattan Apts. and the management co. for the new pad picked up the broker fee. You can get good no-fee apartments these days in NYC. A miracle, really. Search my list of rental resources for links.

Another good option is subletting, an NYC tradition. Many people are leaving town but don't want to let go of their apartments. NYC will always be a desirable place to be, no matter what the market, so they will likely be back. So look for long-term subletting gigs that will help you get your feet wet if you are moving here, or if you just need a crash pad to save some dough. 

So, you still need good credit, cash up front to cover security/first month's rent, all that good stuff. Some buildings and locations are harder than others to find good deals. There are still unethical rental outfits or management companies out there (um, its still New York). But it is getting easier to rent here, so please don't let financial fear keep you suburban bound like it did to me for far too long. 


Cas said...

Great post! I did a sublet when I first arrived in NYC and I think it was a good move. I was able to find an apartment on my own schedule and wasn't rushed that way. I'd recommend it to anyone moving to Manhattan, especially cross-country like I did. Also, as you mentioned, there are some great deals now. Take a look at current rent prices in Manhattan and you can see they have come down quite a bit.

nir shoshany said...

I moved to NY lately and I decided to rent as well. It appeared to be a good choice ! Now I just have to wait for my Ney York movers to bring my belongings.

Terry B said...

A helpful post--thanks! I occasionally do the vicarious thrill thing of "apartment hunting" in New York online, and I've noticed prices coming down too. The UES seems like a particular bargain.

BNY said...

My roommate and I just negotiated our rent down 16% yesterday ... :)

lisa said...


Thanks for sharing. I was wondering for the informtion regarding New York apartments. Finally i found it :)

I will make plan to visit New york with ma family, i will come there first time. So its not easy for me to find out the economical Rental Apartments. But this blog gives solution of my problem.

Apartments in Barcelona

nryeager said...

Hey! Great post, I just found a studio in Chinatown for 800 a month. I almost died when I saw it! Ah, the joy of a new pad :) Now, if only I could afford furniture to fill it.... lol

I actually just wrote a guide to NYC apt hunting if you know anyone else who's looking - http://members.webs.com/MembersB/editAppPage.jsp?app=blog&path=%2F#blog/show/2044350-nikki-yeager-s-guide-to-nyc-apt

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