Rental brokers

Serious question: do you really need a broker to find a rental in NYC? I can understand for purchase, it’s a more complicated transaction than renting. Also, if you choose to apply for a rental in a Co-op, is it going to be the same as an offer to purchase, namely you will have to get board approval and potentially subject yourself to the financial equivalent of a proctology exam?

I don't need a broker but lots of rental landlords use them.

As for coops, everyone here knows my view on them. But some rentals are sponsor units - e.g. Bernie Spitzer rents out several units at 200 and 210 CPS which avoid the coop fees and package.

Increasingly the package for condos is just as ridiculous as coops even though condos can only use a ROFR, not deny anyone outright. A ridiculous set of requirements for renters is a good way to say "fukc off" to potential new residents.

I was in the market last just over a year ago, and I had not noticed any change in broker response rates. The response rate tends to be >90%. I’m not sure if it’s a reflection of the market (high-end condos) or something I'm doing in what I write.

The fee thing is weird, because I thought the FARE act passed in Dec 2024. But looking it up, it seems like it goes into effect mid-June. Suck it up in an AirBnB until then? (I am joking.)

On packages, I’ve never done a coop but several condos. In recent memory, they are basically the same as condo purchase packages. I can understand: these tend to be online via boardpackager.com, and who’s gonna bother with a different set of forms & steps for renters.

I'm going to attribute the response rate to my skill in picking apartments that are very well priced and hence in high demand. I'm finding that places either go in 3 days or they sit for a month and get hit with a price chopper, go no-fee, etc. Response rates from the latter are 100%.

This is my explanation and I'm sticking to it.

That’s probably it.

What instigated the desire to move?

>The demise of the OH is kind of annoying since now every broker now demands appointments rather than just turning up with 50 others.

50 others! What is your price point?

Maybe that "50 others" comment relates to looking for a studio in the west village 20 years ago. Still, I liked being able to sort SE on open houses, print a bunch of show sheets, and turn up to one after the other. Never actually bought or rented anything that way but it gave a sense of where the market is.

Why move? I'm making more $$ so it's time to get a more spacious apartment.

Congrats are in order, then!

Kudos to you, George, and enjoy the hunt!

Not raising my hand here but this set of annoyances IS why some people use tenant brokers. Information gathering and scheduling are functions that a tenant can perform themselves, but many tenants have fairly demanding jobs and they'd rather outsource those functions.

In the words of the founder of Curbed, "Everyone in Manhattan can do their own laundry too, but lots of people send it out." (Guess how fond the audience of brokers at that conference was to be compared to laundry servants, but it does make the point.)

It might not surprise you that I do my own laundry.

Congrats George and thank you for keeping us posted on your experiences and observations. I suspect you are like Inonada and incapable of lighting money on fire no matter how much you have or make, but if that is an incorrect suspicion, the lovely true PH in our building should be coming on the market in the next few years (current occupant is literally 100). I am also happy to report that the product that is my building is not dead. Once again the seasoned real estate agent we engaged (expert in our building and the Beekman cul-de-sac in general) was right!! We already have two offers on our apartment. However, in a fascinating turn of events, Mr. MCR is having qualms about parting with it. I have made clear to him that if he wants to keep it, he will have to take care of every aspect of it going forward. It is too painful to remotely care for an apartment I love that I cannot actually live in in the foreseeable future.

Here's some additional rental market information for you and George;

https://housingnotes.com/rental-is-mental-but-hurts-like-dental/?utm_source=rss&utm_medium=rss&utm_campaign=rental-is-mental-but-hurts-like-dental

Our recent experience with rental broker: We were seeking relatively high end (but not even close to inonada territory) rental. Everything we were looking at was no fee to us with established firms representing seller. We were interested in three places. All brokers were highly responsive. All was completed, including condo board approval, within 10 days for the chosen place at a rent slightly below ask.

Potential future experience with rental broker: We may well have decided not to sell the coop and may be renting that out. (PALM ON FACE - NOT MY PREFERENCE!) I will keep you all posted.

Yikes on the drama!

My last broker experience has been similar to yours, MCR. Sent requests for viewings on a Friday, saw everything by Monday, sent an offer on Tuesday, received counter on Thursday with acceptable terms. Just wasn’t that hard or drawn out if you approach in an organized manner.

"We were interested in three places."

This doesn't seem very discerning.

Product we were looking at was basically cookie cutter; not much to discern.