For apartment hunters looking for a new place in the city, this spring and summer are set to be one of the biggest real estate rat races in recent memory, according to experts. Coming off an unusually mild winter that saw a higher flurry of activity than usual, rental prices have skyrocketed.
The story profiles Lauren Weitz, who thought she’d be able to spend a few months understanding the rental market in Manhattan by viewing many NY apartments for rent. Then, by April, she’d settle for the best one that she’d seen, and by May she’d be ready to move to Manhattan.
With such a fast paced market, and so many apartments flying off the shelves, she quickly began to understand that she didn’t have the luxury of a long, leisurely search. Instead, she’d have to furiously look at apartment, find the best one, and go for it, which is what she did.
Realty firm Citi Habitats projects that a total of only 2,230 new apartments will hit the Manhattan market in 2012 – the lowest figure since the company began tracking it in 2005. In a city of 8.2 million, that serves less than 0.1% of the population.
Folks, this story will be repeated over and over again this summer. Here are the main points for you to take away:
1. This market moves VERY quickly.
2. Apartments available at 10am may not be available by 3pm.
3. Come prepared to ACT. When you see the right apartment, don’t hesitate. Make a move.
4. Read RDNY.com’s excellent and acclaimed renter’s guide, The Essential Guide for Smart Renters. It’s free and it will absolutely prepare you to get accepted at the apartment of your choice.
5. Don’t let a broker push you if you know it’s not the right apartment for you.
6. You can and will save LOTS of money by renting a no fee apartment for rent new york from RDNY.com.
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