Q&A with a NYC Rental Agency

Gentle Blog Readers – are you still standing? Did you get any sleep this weekend? As a friend was in town, I sure didn’t, but I can imagine what feeling well rested must be like. . .

This week, we have a special treat for ya’ll. Of course, we know what renting an apartment is like from the renter’s perspective, but what about the companies doing the renting? What are they thinking about when they meet with us? What do they WANT from us?? I’ve been in touch with Tracey Markow, a rep for Rose Associates, a rental firm in NYC, and she was kind enough to give me the scoop on such pressing matters as well as what’s hot right now in terms of rentals in New York. So you know, Rose Associates serves as a developer and manager of a number of high-end, high-rise residential buildings in New York City. They’re definitely a step above Craigslist, so if that’s what you’re looking for, they could be a great resource! If your purse strings are a bit tighter, the below is still great advice.

1.) What are the hottest neighborhoods right now for early-mid 20′s renters? What are the average rents there for studios, 1,2, and 3 bedrooms?

The hot neighborhoods now are Chelsea, the Lower East Side, and The Financial District. Rents can range from $1600 per month for a walk-up studio to $6,000 per month for a 2 BR apartment in a luxury doorman building.

2) Any up-and-coming neighborhoods would-be renters should keep their eye on?

Brooklyn keeps getting better. Just a few subway stops from Manhattan, Downtown Brooklyn and Williamsburg are an option. For comparable rents, you’ll find more space or amenities across the river. The neighborhoods also offer a thriving arts scene, shopping, restaurants and bars.

3) Can you explain what “No Fee” apartments are to those new to NYC and how the rental process works?

“No Fee” refers to the broker’s fee. Landlords often rely on area real estate brokers to fill their apartments. In many rentals, the broker’s fee is paid by the tenant. Larger landlords often have on-site leasing offices. Tenants can go directly to the leasing office and by-pass the finder’s fee charged by the broker. Rose Associates offers a no-fee apartment search on their Web site.

3b) How stiff is the competition for your apartments? How decisive do people have to be when they look?

Most tenants are in an urgent state as they need to move into an apartment within a given time frame. If an apartment meets their needs, most tenants are ready to sign the lease the same day (DID YOU READ THAT?! )

3c) Can people negotiate rent/should they try?

It is difficult to negotiate a rent but some landlords are inclined to offer concessions such as a month’s free rent.

Check back later this week to read Part 2 of our Q & A series
with Rose Associates, NYC Rental Agency!
Author My First Apartment
Alissa

Posted by

I've lived in apartments in 6 cities (including 2 foreign countries). Does that make me an expert? As of now, my ceiling isn't leaking and I don't have rodents (knock on wood) -- so I'm going to say yes . . . but ask me again tomorrow:) These days, I'm enjoying life Chicago style, but my years in Brooklyn are never far from my mind. P.S. By day I work at GolinHarris, but these opinions are totally, 100% my own.

Comments (2)

  1. Alissa

    Hey Veronica,

    I definitely hear what you’re saying and agree that those areas are pretty much ‘here’ as opposed to on their way. I’ll look into trying to find a no-fee rental agency that has some cheaper suggestions. Thanks for the note!

  2. Veronica

    It’s disappointing that her definition of an up-and-coming neighborhood is Williamsburg or Downtown Brooklyn. These areas are just as pricey as the neighborhoods she mentioned in Manhattan! I would have preferred to hear more about Washington Heights, and any parts of Queens, Brooklyn or the Bronx that aren’t commonly thought of as places to rent for young newcomers to the city.