Buy & Sell

Real Estate Tip: 5 NYC Renting Facts That Only Insiders Know

Who would know better about New York City renting facts more than people who have been around the city for a while, from one apartment to another?

Brickunderground.com reveals the lessons they have picked up from renting in the concrete jungle:

A "two-bedroom" isn't always a two-bedroom

Unless you make it clear to your broker, be careful of "two-bedroom" ads when finding for an apartment in the city. If it doesn't have a window, then it is not a real bedroom. Two bedrooms mean two rooms with a window for each bedroom.

Be wary of these words - "duplex", "cozy", and "charming"

When you read the word "duplex" in terms of real estate, it usually means a unit with an odd layout and no real living space; sometimes, the floor wouldn't be completely even with one below ground level. Apartments listed as "cozy"  or "charming" often actually means tiny and/or ancient.

Prepare to pay a broker's fee

If you're lucky, you can find no-fee apartments out there as they are hard to find. More often than not, you will have to pay a broker's fee so you just need to suck it up; although you can always negotiate for a good deal. If you can, play the real estate field and approach several brokers instead of just sticking to one as others may have exclusives you might love.

Always Negotiate

Though it may not always work especially during high seasons, it would never hurt to negotiate for a lower price for your rent or your broker's fee. Based on experience, you will almost always get a little bit knocked off if you just at least try.

Have all necessary documentation in order

Before you even begin hunting for an apartment, make sure you already have your tax forms and your employer's letter at the ready. With the increasing number of people who are looking for a place to rent in the city, you might get upper-handed by other potential renters who have their papers ready to hand out for the broker to immediately close the deal.  


Join the Discussion
Real Time Analytics