Hi everyone, I'm beginning to look at 1 BR in Midtown West, on 9th and 10th Ave, around 48th st to Columbus Circle. My question: how soft is the market right now? I know the broker/owner will claim that the market is really tight right now, but what's the real story? Most important, how much can you negotiate off the listed rent? I'm seeing a couple places this weekend: listed around $1700 to... [more]
Hi everyone,
I'm beginning to look at 1 BR in Midtown West, on 9th and 10th Ave, around 48th st to Columbus Circle.
My question: how soft is the market right now? I know the broker/owner will claim that the market is really tight right now, but what's the real story?
Most important, how much can you negotiate off the listed rent?
I'm seeing a couple places this weekend: listed around $1700 to $1900 (no broker's fee; just a $75 credit check.)
I know that everything depends on the individual apartment, but.....Speaking in broad general terms, for this particular neighborhood, as we head toward the last month of the year, how much would you say you can negotiate off the listed price?
1 free month?
10%
Or more?
Again, these are places with no broker's fees.
Thanks in advance for any help.
Zack
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Response by The_President
about 16 years ago
Posts: 2412
Member since: Jun 2009
Why are they charging for a credit check? The govt. mandates that everyone has access to 3 free credit reports per year from www.annualcreditreport.com
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Response by helenwaite
about 16 years ago
Posts: 169
Member since: Jan 2009
This is an interesting subject, therefore, I kick.
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Response by CoyWolf
about 16 years ago
Posts: 124
Member since: Jul 2007
Hi everyone,
My sense is that the market is fairly soft. I've been checking Streeteasy/Craigs List for the past 10 days, and everything's steadily going down. There are new incentives every day: 1 month's free rent, etc. I think that, as we approach Jan 1 and Feb 1st, the landlords will get even more worried because (I think?) these are traditionally difficult times to get new tenants.
Zack
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Response by inonada
about 16 years ago
Posts: 7952
Member since: Oct 2008
Zack, I did some looking a couple of months ago, but at a much higher price point, so perhaps what I'm about to say isn't relevant. I found an amazingly large openness to negotiation, especially if the unit had been on the market for a while. The first place I put an offer on, it was well-priced, but I offered 10% below thinking "why not"? Accepted more or less. On another place, also well-priced, I was trying to figure out whether or not I actually wanted to live there, and the owner self-negotiated down 10% without me saying much of anything. I think another 5-10% was possible, but it never got to that as I decided to pass.
My suggestion is that you put in low offers and see what happens, and do offers on a few sorta simultaneously. You might be surprised at the flexibility on an already-low price. I certainly was. The worse they can do is say "no".
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Response by CoyWolf
about 16 years ago
Posts: 124
Member since: Jul 2007
Hi everyone,
Thanks, Ionada, for your helpful advice.
This is my first time looking for apartments, and I've never encountered the "apartment application" phase before.
Just wondering:
1)Is the $50 to $100 application or credit-check fee pretty standard? Is that something you can negotiate away? I think it might be fair for me to have to pay this. After all, they do have to do some leg work to check my financials...but just making sure
2)Also, the brokers are telling me that I have to apply first (and pay the application fee) before I can make an offer. Is this standard too? So, if I want to submit multiple offers, I just have to bite the various application fees? Just like applying to colleges all over again. :-)
"AptsNY.com is the direct owner of over one hundred apartment rental buildings in New York City and it's surrounding areas. If you need to relocate or find your first apartment, take a tour of our current vacancies by clicking on View Apartments. There are no broker fees and many rent stabilized buildings."
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Response by inonada
about 16 years ago
Posts: 7952
Member since: Oct 2008
No clue, Khoi, not really an issue in my part of the market. I know landlords like MAV on this board use the credit check and application fee as a sign of "seriousness" in that market because people often give them the runaround otherwise.
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Response by NYCREAgent
over 14 years ago
Posts: 156
Member since: Sep 2010
Beachlane website is now password protected.
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Response by NYCREAgent
over 14 years ago
Posts: 156
Member since: Sep 2010
luukhoi, putting an application in shows you're a serious candidate. However, I wouldn't put in a laughable offer since their are many other applicants willing to pay full price.
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Response by huntersburg
over 14 years ago
Posts: 11329
Member since: Nov 2010
NYCREA, you are talking to someone who was here 18 months ago.
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Response by NYCREAgent
over 14 years ago
Posts: 156
Member since: Sep 2010
I realized that afterwards. The advice is still relevant, especially given the current market.
Why are they charging for a credit check? The govt. mandates that everyone has access to 3 free credit reports per year from www.annualcreditreport.com
This is an interesting subject, therefore, I kick.
Hi everyone,
My sense is that the market is fairly soft. I've been checking Streeteasy/Craigs List for the past 10 days, and everything's steadily going down. There are new incentives every day: 1 month's free rent, etc. I think that, as we approach Jan 1 and Feb 1st, the landlords will get even more worried because (I think?) these are traditionally difficult times to get new tenants.
Zack
Zack, I did some looking a couple of months ago, but at a much higher price point, so perhaps what I'm about to say isn't relevant. I found an amazingly large openness to negotiation, especially if the unit had been on the market for a while. The first place I put an offer on, it was well-priced, but I offered 10% below thinking "why not"? Accepted more or less. On another place, also well-priced, I was trying to figure out whether or not I actually wanted to live there, and the owner self-negotiated down 10% without me saying much of anything. I think another 5-10% was possible, but it never got to that as I decided to pass.
My suggestion is that you put in low offers and see what happens, and do offers on a few sorta simultaneously. You might be surprised at the flexibility on an already-low price. I certainly was. The worse they can do is say "no".
Hi everyone,
Thanks, Ionada, for your helpful advice.
This is my first time looking for apartments, and I've never encountered the "apartment application" phase before.
Just wondering:
1)Is the $50 to $100 application or credit-check fee pretty standard? Is that something you can negotiate away? I think it might be fair for me to have to pay this. After all, they do have to do some leg work to check my financials...but just making sure
2)Also, the brokers are telling me that I have to apply first (and pay the application fee) before I can make an offer. Is this standard too? So, if I want to submit multiple offers, I just have to bite the various application fees? Just like applying to colleges all over again. :-)
Thanks for any help.
Khoi
Reasonable West Side apartments for rent - http://www.aptsny.com/ Beachlane Management
"AptsNY.com is the direct owner of over one hundred apartment rental buildings in New York City and it's surrounding areas. If you need to relocate or find your first apartment, take a tour of our current vacancies by clicking on View Apartments. There are no broker fees and many rent stabilized buildings."
No clue, Khoi, not really an issue in my part of the market. I know landlords like MAV on this board use the credit check and application fee as a sign of "seriousness" in that market because people often give them the runaround otherwise.
Beachlane website is now password protected.
luukhoi, putting an application in shows you're a serious candidate. However, I wouldn't put in a laughable offer since their are many other applicants willing to pay full price.
NYCREA, you are talking to someone who was here 18 months ago.
I realized that afterwards. The advice is still relevant, especially given the current market.