AM Insider
08/20/2007, By By Elaine Paoloni
Rental market stirs up anxiety as demand peaksThere is currently less than half of one percent apartment vacancy in New York City. (Getty Images / August 21, 2007) Searching for an apartment in New York City seems to require a bank account full of money, oodles of organization, your undivided attention and the alignment of cosmic forces in order to get what you want.
It seems much of the seasonal rush could be avoided if landlords would post listings months in advance and renters could secure a place, then enjoy their summer before moving to the city with some peace of mind.
But no, landlords don't want to be bothered with people until they're ready to act -- usually, a few weeks before the person needs to move in.
"[Look] any further out than a month, and you're too early," Vogel said. "The ideal time is three weeks before, because the process does go quickly."
Much of this is due to the tight rental market. According to Vogel, the city is running at less than half of one percent vacancy.
"Landlords don't have a lot of incentive to release availabilities months in advance because it's not a kind of market where they're worried if they're going to be able to rent the apartment," said Noah Freedman, a principal at real estate brokerage company Bond New York. "Landlords aren't stupid. They want to release their apartments when it's busy. They don't want to rent something in April for June and get less money than they could in May."
To add insult to injury, prices are also at their peak this time of year.
"Typically, you're going to see at least a 10 percent spike, if not more, May through August," Freedman said. "It builds up, and then August-September is kind of flat, and then it starts to slowly come down until about March or April. Then it starts building again. Although, the past couple years there's been so little supply that it hasn't ever really trickled down."
In order to save yourself some sleepless nights, experts say preparation is key.
"There is a wealth of information available online," said Jonathan J. Miller, president and CEO of Miller Samuel Inc. real estate appraisers and consultants. "Get educated and realistic before you start looking. The market is always changing, and rental rates are a moving target."
Be prepared
Get your paperwork in order before you start your search
"It's pretty consistent for what management and landlords look for," says Jeff Vogel, a senior associate at Citi Habitats. Here are some of the basics to have ready to go:
-- a letter of employment on your employer's letterhead, stating your annual income
-- recent bank statements showing that you have some money in the bank.
-- good credit, because credit checks are run
-- photo ID
-- for those in the work field, the first two pages of last year's tax return
-- for students, a guarantor who can provide all of these documents
Searching for an apartment in New York City seems to require a bank account full of money, oodles of organization, your undivided attention and the alignment of cosmic forces in order to get what you want.
Try to find an apartment at this time of year, when university students are returning, companies are hiring and relocating employees, and annual leases singed by last year's wave of late-summer renters are turning over, and you may find it one of the most stressful times of your life.
"The spring and summer and early fall are the busiest [times] of the year -- from April through September," said Jeff Vogel, a senior associate at Citi Habitats, a real estate brokerage company. "College graduates, undergrad or master's, and attorneys who took the bar at the end of July are all looking from the end of May through about right now."
It seems much of the seasonal rush could be avoided if landlords would post listings months in advance and renters could secure a place, then enjoy their summer before moving to the city with some peace of mind.But no, landlords don't want to be bothered with people until they're ready to act -- usually, a few weeks before the person needs to move in.
"[Look] any further out than a month, and you're too early," Vogel said. "The ideal time is three weeks before, because the process does go quickly."
Much of this is due to the tight rental market. According to Vogel, the city is running at less than half of one percent vacancy.
"Landlords don't have a lot of incentive to release availabilities months in advance because it's not a kind of market where they're worried if they're going to be able to rent the apartment," said Noah Freedman, a principal at real estate brokerage company Bond New York. "Landlords aren't stupid. They want to release their apartments when it's busy. They don't want to rent something in April for June and get less money than they could in May."
To add insult to injury, prices are also at their peak this time of year.
"Typically, you're going to see at least a 10 percent spike, if not more, May through August," Freedman said. "It builds up, and then August-September is kind of flat, and then it starts to slowly come down until about March or April. Then it starts building again. Although, the past couple years there's been so little supply that it hasn't ever really trickled down."
In order to save yourself some sleepless nights, experts say preparation is key.
"There is a wealth of information available online," said Jonathan J. Miller, president and CEO of Miller Samuel Inc. real estate appraisers and consultants. "Get educated and realistic before you start looking. The market is always changing, and rental rates are a moving target."
Be prepared
Get your paperwork in order before you start your search
"It's pretty consistent for what management and landlords look for," says Jeff Vogel, a senior associate at Citi Habitats. Here are some of the basics to have ready to go:
-- a letter of employment on your employer's letterhead, stating your annual income
-- recent bank statements showing that you have some money in the bank.
-- good credit, because credit checks are run
-- photo ID
-- for those in the work field, the first two pages of last year's tax return
-- for students, a guarantor who can provide all of these documents
