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May, 2005 >> return to MAI in the news Rental Crush
HIGLIGHTED MANAGER:
An excerpt ...THINKING ABOUT RENTING in Manhattan because you can't afford to buy an apartment? Think again. The borough's notoriously difficult rental market is tighter than it's been in recent memory, setting off sticker shock for even the toughest New Yorkers. And forget about those juicy landlord incentives like a month's free rent or a month's worth of the broker's fee paid by the landlord. "Landlords are being pickier with applicants," said Adjina Dekidjiev, Rental Operations Manager of brokerage firm Manhattan Apartments Inc. "They're waiting for people with perfect credit. They are rejecting people with dogs." Several factors are feeding the rental frenzy. Inventory is being taken off the market as a number of rental buildings have been, or are being converted into condominiums, such as the Sheffield on W. 57th St., 88 Greenwich, and 245 Park Ave. South. And while you may be seeing new buildings going up all over the city, only a minority of them are rentals. At the same time, the uncertain sales market is driving more people to rent. With grey clouds on the horizon, some people who have contemplated buying are now holding out for prices to drop. Others say co-op and condo prices are simply too high. Take Nancy Choi. This former Virginia resident was ready to buy a condo in Manhattan six months ago after being offered a new job in the city. But Choi, an engineer, quickly learned she couldn't find something she could afford. She was forced to switch gears and look for a rental, only to be startled once again by staggering rents. A broker at Manhattan Apartments Inc. found Choi a studio in a nondoorman building on the upper East Side. Choi is now paying $1,350 in rent, the same as her carrying costs for her two-bedroom Virginia condo. Her New York apartment is about a quarter of the size of her old home. Choi said she expected the New York rental market to be tough. "But it's still pretty mind boggling, how much you pay, for how little you get," she said. Brokers say there are still some affordable - relatively speaking - neighborhoods in Manhattan. But the frothy market means the would-be renters expected to flood the market this spring have to be savvier than ever. Once something catches your eye, brokers advise you to have all of your paperwork ready, including your application, employment letter and your pay stub. Be prepared to pay one month's rent and one month's security. Not being ready, could cost you that apartment. |
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