Profile picture for mailtorealtor

NYC Rentals : The End of Free Months, Temporary Walls and No Broker Fee Apartments

Bad news for college grads moving to Manhattan: You can't live here for under $1,300. As a rule, if you are living in Manhattan, it's not impossible, but it's very hard to find anything under $1,300 or $1400.
Rents aren't actually that much higher than last year. Average rents are up 3.62 percent from the same period last year. The average rent for a non-doorman studio is $2,077, while a doorman studio is $2,367 (last year: $1,958 and $2,337, respectively). A non-doorman one-bedroom is $2,713, while a doorman one-bedroom is $3,428 (last year: $2,590 and $3,276, respectively). It's cheaper to have a roommate, but not by much. A non-doorman two-bedroom is $3,680, while a doorman two-bedroom is $5,327 (last year: $3,590 and $5,197, respectively).
The market is almost back to normal," which means incentives are rarer. Don't expect, for instance, to be offered two months of free rent, a common practice in 2009. Also, don't expect to be allowed to put up a temporary wall. The service, which can save renters a bundle, is starting to be more closely scrutinized for legality. Now that landlords aren't so desperate, they're getting stricter about checking for permits.Renters need to get a permit. For years people didn't get permits because people were doing so many. But now, if they check, you could get fined or in trouble.
Because of the dearth of incentives, the buildings still offering them are getting special attention. The Financial District and Stuyvesant Town, where free rent deals still exist, are starting to look more attractive. If you're lucky you might be able to few other landlords are offering a month free. 
So the bottomline is the market is getting better and mostlike renters need to pay a usual broker fee because most of the landlords are not paying any longer any kind of fee to the brokers to find a Ready, Willing and Able tenant.
  • February 13 2011 - West Village
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Answers (7)

Profile picture for robin398
Why would you assume that college grads can't afford anything over $1300?  As I say, to each his own.
  • February 14 2011
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  • March 01 2011
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a cool place to live  also the first elevator apartment complex building in NYC built in the 20's and totally remodeled.  Picked up in foreclosure by a couple of smart businessmen who saw the demand for affordable housing during the great depression.
  • March 01 2011
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  • March 01 2011
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safe elevator buildings

if it's cheaper to buy than to rent...you know what to do!

if it's cheaper to rent than to buy...you know what to do!
  • March 01 2011
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I would advise "college grads" to speak with a NYC realtor to get the most accurate take on what is available in the city, and not be scared off by the various numbers quoted here.

There are, and have always been, a large number of no-fee buildings - my son is in his 4th Manhattan apt., and (sorry fellow agents) has never paid a fee, and has been in lovely doorman buildings all over  the eastside......pressurized, temporary walls were or were not  permitted as per the building's rules....there are still sliding panels that can be installed to convert a 1 br apt into a 2 br for sharing purposes.....which has been a mainstay for years  for college grads to make apartments more affordable.

Anu - truthfully, I am not sure what the point of your post was? To scare college grads who want to live in the city?
Well......my vote is with the college grads - they'll figure it out - oh, and my son never was offered free rent, and he did just fine.
  • March 01 2011
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Hi Anu,

Thanks for the informative post, but have to agree with Debbie on the topic of college grads moving to NYC. Even though some buildings are becoming more stringent on allowing temporary walls or a free month's rent, it's no reason for college grads to feel anymore pressure about finding a place in NYC. Like Debbie said, there will always be no fee buildings and buildings willing to work with those looking for an apartment. The best thing to do for recent grads moving to the city is to reach out to a broker to help with the process, or to just get a better understanding of the general direction to go in.

Best,
Eric
  • April 19 2011
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