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Doorman
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Terrace
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| ~ BLUE LINEN TEMPLATE BY NAKED APARTMENTS ~ |
Wednesday, August 1, 2012
Doorman
Pool
Terrace
Wednesday, July 18, 2012
New York Rent is Sky High
There's no stopping Manhattan’s rent mania.
High demand and limited inventory pushed the average Manhattan rent to a new record high of $3,429, blowing past March’s previous record of $3,418, according to brokerage firm Citi Habitats.
April’s rents are about 3% above where they were in April 2011.
“A desirable apartment can be rented within hours of it hitting the market, and sometimes even less,” Citi Habitats President Gary Malin told the Daily News.
The borough’s vacancy rate during April was a narrow 1.16%. That’s down from March’s rate of 1.25%, but up from April 2011’s rate of 0.94%.
Landlord concessions — a free month’s rent and/or payment of the broker’s fee — were included in just 9% of rental transactions brokered by Citi Habitats.
A key factor stoking Manhattan’s sizzling rental market is lack of new inventory. Citi Habitats estimates that just 2,230 new rental units will hit the Manhattan market during 2012, the lowest level in seven years.
Don’t expect relief any time soon. The borough’s escalating rents come just as we are entering the busiest rental season of the year.
“I suspect rental prices will continue to escalate for the foreseeable future,” Malin said. “Rents may stabilize or even retract slightly after the summer season, but I don’t predict any massive price declines.”
While prices on average are sky high, those willing to settle for less than glam apartments might still be able to find something they can afford.
The average price of an apartment in a walkup building was $3,199 in April, more than 40% below the average rent in a new doorman building, Citi Habitats said.
In this kind of competitive market it pays to act quickly, Malin advised.
“When you see an apartment you like, you will need to put down a deposit immediately, in most cases,” he said.
“In this market, the first person that can give the landlord the money and paperwork, wins.”
High demand and limited inventory pushed the average Manhattan rent to a new record high of $3,429, blowing past March’s previous record of $3,418, according to brokerage firm Citi Habitats.
April’s rents are about 3% above where they were in April 2011.
“A desirable apartment can be rented within hours of it hitting the market, and sometimes even less,” Citi Habitats President Gary Malin told the Daily News.
The borough’s vacancy rate during April was a narrow 1.16%. That’s down from March’s rate of 1.25%, but up from April 2011’s rate of 0.94%.
Landlord concessions — a free month’s rent and/or payment of the broker’s fee — were included in just 9% of rental transactions brokered by Citi Habitats.
A key factor stoking Manhattan’s sizzling rental market is lack of new inventory. Citi Habitats estimates that just 2,230 new rental units will hit the Manhattan market during 2012, the lowest level in seven years.
Don’t expect relief any time soon. The borough’s escalating rents come just as we are entering the busiest rental season of the year.
“I suspect rental prices will continue to escalate for the foreseeable future,” Malin said. “Rents may stabilize or even retract slightly after the summer season, but I don’t predict any massive price declines.”
While prices on average are sky high, those willing to settle for less than glam apartments might still be able to find something they can afford.
The average price of an apartment in a walkup building was $3,199 in April, more than 40% below the average rent in a new doorman building, Citi Habitats said.
In this kind of competitive market it pays to act quickly, Malin advised.
“When you see an apartment you like, you will need to put down a deposit immediately, in most cases,” he said.
“In this market, the first person that can give the landlord the money and paperwork, wins.”
Thursday, May 3, 2012
Wednesday, May 2, 2012
What You Need to Rent an Apartment in New York
General Requirements to Rent a NYC Apartment
Items required from EVERY TENANT:
1. Completed and signed application
2. $50-$100 per tenant for credit check (cash or check payable to Spire Group, Inc. or landlord, non-refundable)
3. Employment letter/offer letter on company letterhead, signed by manager or supervisor stating:
a. Annual salary
b. Position/title
c. Length of employment (start date)
d. Guaranteed bonuses (if any)
4. Your two most recent pay stubs
5. Your two most recent bank or brokerage statements
6. Your last years Tax Return (first and signature page)
7. Copy of Your Photo ID
Items required from EVERY GUARANTOR:
1. Completed and signed application
2. $50-$100 per guarantor for credit check (cash or check payable to Spire Group, Inc. or landlord, non-refundable)
3. Verification of income (typically one of the below is sufficient):
a. Tax returns from last two years (front page and signature page only)
b. Letter from your CPA (accountant) verifying past years’ income and projected current year
c. Employment letter/offer letter on company letterhead, signed by manager or supervisor stating:
1. Annual salary
2. Position/title
3. Length of employment (start date)
4. Guaranteed bonuses (if any)
5. Your two most recent bank or brokerage statements
6. Your last years Tax Return (first and signature page)
7. Copy of Your Photo ID
Items Required at LEASE SIGNING:
1. Certified Check, Bank Check, or Money Order as payment for 1st month’s rent and 1 month security deposit payable to landlord
2. Certified Check, Bank Check, or Money Order as payment for brokers’ fee payable to Spire Group.
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