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July 14, 2009
Rental Apartment - timelines
Hi Folks!
So I warned you I would post annoying questions..
seriously though:
We will probably need to move into a rental apartment for Sept 1, when should we start viewing these apartments so we can secure a Sept 1 move in?
Any tips would be helpful
thanks!
Comments
Wow--gemini, keep us informed as to how it feels to go from owning to renting. You must be mighty relieved to have sold your house but I suspect that a part of you will also miss the concept of owning.
Posted by: wasder at July 14, 2009 11:39 AM
You can start now, but brokers are unlikely to have anything to show you for September 1 until after August 1.
Posted by: DitmasSnark at July 14, 2009 11:44 AM
Start now.
I'm looking myself and I've just started seeing "September 1" listings on Craigslist, incl. some stuff from brokers.
Last week of July and 1st two weeks of August will probably be when a large number of Sept. 1s start showing up, but there are definitely some out there now.
I'd actually like a Sept. 15 myself, but I figure I'll have to try negotiating that after I find a place I like.
Posted by: northsloperenter at July 14, 2009 11:53 AM
Wasder - OF COURSE am in shock already- I mean we are owners through and through - it will be weird being renters that's for sure. Now of course I wish we didn't sell, I love my house :(
Ditmas - thanks - as suspected, I have forgotten how to look for an apt to rent.
Posted by: gemini10 at July 14, 2009 11:54 AM
Well gemini, warm your heart with the thought of all the stress you are avoiding by not owning a depreciating asset through an economic melt down. there are upsides to either situation and you must embrace yours.
Posted by: wasder at July 14, 2009 12:00 PM
I'm guessing 4 weeks leadtime. Being a nomadic NYer (moved every 2 years for the last maaany years), stuff that's available massively ahead of time tends to be the crap that doesn't get rented. Seriously, if an apartment is decent and priced fairly, it will get snapped up so they don't usually bother showing it until a month before. I think the main thing is just to allot a LOT of time within that 2 week period of maybe last week of July through the first week of August and you'll find something. There seems to be a lot of turnover in my neighborhood recently. A bunch of yuppies moved next door and have been really noisy on the patio / roofdeck. Blergh!
Good luck :)
Posted by: CG_ups at July 14, 2009 12:08 PM
Earliest you can start looking is August 1st, but typically stuff doesn't start popping up until 2 weeks before (Aug 15th).
Posted by: dirty_hipster at July 14, 2009 12:21 PM
You know, in 2007 I didn't see anything until 3-4 weeks before lease start, but this time, I think landlords are making more of an effort to advertise earlier...
Posted by: northsloperenter at July 14, 2009 12:49 PM
NSP - are you trying to stay in the slope too?
Thanks Guys - will prob stop teasing myself now looking at places hoping they will STILL be available by Sept 1 and just start the real search the last week of July
Posted by: gemini10 at July 14, 2009 12:55 PM
Gem - I've always started showing mine at least 6 weeks ahead. It's a really good place & rent is somewhat below market - I'm just nervous about finding a tenant who exudes good vibes. I'd start looking now if I were you.
Posted by: Arkady at July 14, 2009 1:12 PM
gemini -- yes, we are looking to stay in the slope (although we may move from "north" to "center" slope).
I hate the commute, but it is a nice place to have a young child.
We would like a 1st floor apt. or elevator building (3rd floor walkup with a baby has destroyed my will to deal with stairs) and laundry, so we may not find what we want here.
We don't need a place til Oct. 1, but we are willing to take a Sept. lease for a place we really like. Last time we moved we were very rushed and didn't feel like we had time to find the right space for us.
This time we are starting early and are willing to pay an extra month's rent if need be.
If we can't find a place in the slope by early Sept., we will look elsewhere (brooklyn heights, cobble hill, various neighborhoods in Manhattan).
Posted by: northsloperenter at July 14, 2009 1:30 PM
NSR - I feel like there are lots of Center slope apts listed with the brokers like Betancourt, Prudential, Warren Lewis. I hear you on stairs and I don;t have a baby yet!
We are trying to stay in South Slope or WT would be OK too
Do you trust Craiglist? I go on daily and just see the same listings from various brokers who don't seem to be reputable over and over and then you come across the one listing from an owner.
Posted by: gemini10 at July 14, 2009 1:41 PM
My lease is up Sept. 30. I need to give my landlord a 30 day notice, so when do I look for my next rental? Do I state that I need a place for Sept. 30 or Oct. 1, assuming if I give notice, someone else will move in on Oct. 1---I never see places listed as available on the last day of the month. I am really afraid of giving my notice and then not finding something when I could have stayed where I am...
Anyone know of Brooklyn Heights rentals available in that timeframe?
Thoughts? Thanks.
Posted by: itsjustme at July 14, 2009 1:43 PM
New York City is fucking ridiculous... apartments aren't posted ahead of time. You need to give up your old apartment and risk being homeless before you can rent a new one.
You have to spend 3 weeks of your life in a purgatory of stress and then, finally, rent whatever the hell comes your way when you can't take it anymore.... oh, and then move 4 days later.
There's no such thing as planning ahead...
Posted by: tybur6 at July 14, 2009 1:50 PM
Yeah, I think a lot of the center slope places are with realtors. I may have to deal with them eventually, but not until I see a few places and have my own sense of what the current market is.
And for any apt. with a broker fee, I always mentally ad the fee to the first 12 months rent when deciding if a place is worth it or not, which means I expect the base rent to be 8-12% less on a "fee" apartment.
I trust about 1 in 20 ads on Craigslist. I look twice a day and am not surprised when I don't find anything worth following up on.
If I see something promising, I don't get my hopes up. I call and ask a few questions (size of bedrooms, location, type of building, availability, "is the place currently occupied," "are you the owner?" etc.).
If I don't like what I hear, I say "thank you very much" and get off the phone. If the person turned out to be an annoying broker, then I write the phone number down with a note so I know to ignore any future ads from that number.
Brokers ads are rather easy to spot anyway. They just can't help themselves and always write stuff like this:
----------
"$2300 / 2br - **TREAT YOURSELF**SpaCioUs/CenTral Air/ProsPect ParK CloSe bY** (Park Slope) (map)
!!!BEAUTIFUL!!!The apartment has hardwood floors throughout, new stainless steel appliances, 2 nice size bedrooms, central air and heat, granet countertop.
All the shops and bars that Park Slope has to offer, Atlantic Mall close by. The trains are just a few blocks away, 15 mins to manhattan. available asap.
-----------
Now, something like that I just ignore. The copy is clearly written by an idiot broker and $2300 for a nice 2 bedroom is really cheap for the slope, so I'm guessing it isn't a spacious 2 bedroom or isn't in the slope.
Posted by: northsloperenter at July 14, 2009 1:55 PM
tybur6 is right. It can be horribly stressful, which is why I'm willing to sign a Sept. 1 lease when my current lease is up Sept. 30.
itsjustme -- check the market now and see if you find places that appeal to you in your price range. If you aren't finding anything, then maybe consider staying where you are. If you are seeing a lot of possibilities, then don't be afraid of giving notice and finding a new place.
But, as tybur6 says, you have to spend a few weeks running around like crazy and there is always that haunting feeling that you will end up not finding anything decent.
Posted by: northsloperenter at July 14, 2009 1:59 PM
"Do I state that I need a place for Sept. 30 or Oct. 1, assuming if I give notice, someone else will move in on Oct. 1---I never see places listed as available on the last day of the month."
This is just another oddity of NYC apartments -- technically, according to our leases, we all need to move at midnight between the end of one month and the start of the next.
I think generally if you get out early on Oct 1st (and let your landlord know that's what's going on) it won't be a problem.
Posted by: northsloperenter at July 14, 2009 2:05 PM
Tyburg6 - that's what I am afraid of, not to mention we are selling our house, so we HAVE to be out 2 days after the closing day, but what sucks even more is -what happenes if one of the people involved in my deal just ups and changes the closing date 2 to weeks later - then am stuck paying mortgage and new rent on my new apt - it's all sooo messy.
omg - am getting a panic attack now - hahaha
am sure it will all work out and I will Treat myself to a fabulous 2 BR apt with GRANET countertops!
gotta love those ads on craiglist
NSR - I would check the brokers when you have to, but I do feel they seem to have the glut of the nicer center slope apartments.
Itjustme - good luck - I hear you! it's nervewracking
Posted by: gemini10 at July 14, 2009 2:15 PM
My place is on 11th St btwn 7th & 6th & I do Craig's. People have told me that it becomes fairly easy to distinguish between legit offers & ringers. I think agent fees are horrendous which is why I do it myself. Last year I showed it to 36 people - 30 of whom were interested - & narrowed them down to about half a dozen. It's a lot of work to d-i-y - esp. since I don't live there & there were annoying 'no-shows' who didn't bother to phone - but I chalk that up to their having been treated badly by brokers. One good aspect of d.y.i. despite how onerous it can be for both owner & lessee is that you get to establish a rapport.
Posted by: Arkady at July 14, 2009 2:22 PM
completely agreed about DYI arkady. Gives you a chance to meet the prospective tenants yourself and judge them personally.
Posted by: wasder at July 14, 2009 2:29 PM
Arkady... to add to that. What, honestly, does the agent really do for the owner? Did they pick the "best" 1, 2 or 3 candidates for you to choose from? No... they picked the easiest. The ones with the least amount of hassle and the lease separating the agent from his/her commission check.
It's a lose-lose all around. You get tenants that start the "relationship" feeling screwed (because they were) and have no respect for the landlord... and so far, there's no reason to have any.
Posted by: tybur6 at July 14, 2009 2:30 PM
Agreed with Arkady. As a previous LL(weeping now) we always posted on Craigslist and rented the apt within the first 2-3 weeks of posting.
I just emailed a broker about a listing I saw on a reputable agency's website and he replied - " I already have 3 applications in for this apartment, sorry"
am thinking to myself - well why not take a 4th?
perhaps the LL might like our situation over someone else applying for the apt, you know?
and also TAKE IT DOWN then from your website!
Posted by: gemini10 at July 14, 2009 3:18 PM
"and also TAKE IT DOWN then from your website!"
Assuming the ad was legit in the first place, they leave it up so when people like you contact them they can let you feel like you "missed out" on a good thing and create a sense of panic and urgency in you that will cause you to be willing to move more quickly and pay more money when you next see an appealing listing.
To them it is just a stupid game. They would get more satisfaction out of tricking someone into overpaying for a place that wasn't really what they were looking for than actually helping someone find just what they want.
Because in the former situation, they have "won" the game by selling something to someone that they otherwise would not have bought (or would not have bought at that price).
NYC really needs a law that simultaneously (1) caps broker commissions on rentals and (2) phases out rent control/rent stabilization.
Posted by: northsloperenter at July 14, 2009 3:31 PM
I'm afraid Tyburg is mostly right. Good places get snapped up in a week or two after they're put on the market. Though I think things have slowed down considerably now.
I started looking about a month or two before my close date. I found a beautiful place. (Unfortunately, it then went horribly wrong and then I spent two months looking and finally moved into a pit but that is another story.) Anyway, don't stress. You will find something nice. Maybe put out some feelers now with people you know in the area, since you've been there a long time.
Gem, are you the same one that posted some months ago saying you didn't know whether to sell and you liked your house but were tired of climbing stairs? Congratulations on finding a buyer.
Posted by: mopar at July 14, 2009 4:49 PM
I've always found great rentals well below market, but never before about ten days before I absolutely had to move. The rule that's worked for me is don't settle until you absolutely need to settle. Following that rule, I've never actually had to settle.
It's good to look starting a month before, but don't become too dispirited if what you see in the first half of the month is terrifying.
Posted by: kdllk at July 14, 2009 5:14 PM
Mopar - thanks!
I was the person who loved my house, but it was getting harder and harder to make ends meet
Posted by: gemini10 at July 14, 2009 5:25 PM
In the course of this year, I've had to rent 5 apartments and I learned that the lead time has definitely changed from 3-4 weeks to around 6-8 weeks out, even earlier. In my first one this year, I realized 4 weeks was not enough; most renters had made their choices by then. I listed other ones much earlier and had a much more pleasant renting experience...but I'm quite lucky to have found lovely new tenants all around.
Good luck!
Posted by: nodnyc at July 14, 2009 6:18 PM
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