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How to Secure the Best Deal in a Renter’s Market

Posted by Tim Brassil on December 5, 2017
| Blog
| 0

A renter’s market has not been experienced in New York City since 2009, and that means big changes for both renters and landlords. After the housing crisis in 2008, many people were rethinking their housing situations. Investors recognized the need for rental units and capitalized both on the need for space and the new trend in high end rentals with luxury amenities.

 

With the many factors that influence the rental game, there is a long awaited stabilization in favor of renters once again. Be ready though, you’ll need to put in research, paperwork, and time to find an apartment that is right for you.

 

Knowing Your Marketplace

 

It is important to remember that you do not have to paint yourself into the proverbial corner when it comes to location. If you have fallen in love with a particular neighborhood, be sure to not marry yourself to the idea. Instead, consider looking in surrounding areas.

 

One of the most important reasons is to give an idea of exactly what the comparable rentals out there are offering. Be sure to understand how your favorite choices stand up against others. This will help to set a price point and give an idea of what amenities are enticing and which ones can be done without.

 

Make a Reasonable Offer

 

Keep in mind that a listed rent price is not written in stone. That said, you should make a reasonable offer to show the landlord that you are a serious renter. There are a few other ways to get more out of your bottom line anyway.

 

With the renter’s market in full swing, there are many options available that can offset the listed rental price. For instance many buildings are offering a month or two of free rent, paying the broker fee, a reduction in the monthly rent amount or even waiving service fees for things like storage space or amenities.

 

If the apartment you have fallen in love with is still a little too pricey, but you know this is the place for the current five-year plan, then there is always the concession of a rent reduction with some minor cosmetic improvements. Not only will those improvements make you feel more at home and give a sense of pride, but they can also save you money.

 

The average renter in NYC’s Greenwich Village will stay in an apartment for 3-5 years. If your rental will be your home for the next few years, weigh your options carefully. Make sure you have an idea of how long you plan on staying and which concessions work best for you.

 

Fee vs No Fee Rentals: Brokers

 

Aside from finding the magic monthly rental amount that fits perfectly in the budget, knowing how the broker’s fee works could be the next most important thing in apartment hunting. Matching up the perfect tenant with the perfect apartment is a costly and time consuming endeavor for both the renter and the landlord. With that being said, it does behoove both to have a broker on their side.

 

It is a broker’s full time job is to be knowledgeable about the area, the options that are on the market, and what is worth the time to look at. Finding the right place (and the right tenant, on the landlord’s part) can really start to eat up precious time and resources, but it does come with a price.

 

Regarding that price- don’t think that you avoid a broker’s fee by decided that you don’t want a broker. It isn’t quite that simple. Landlords often figure this expense into the monthly rent and it is not charged as a straight out broker’s fee.

 

Furthermore, with the current market, landlords are looking to fill vacancies and one of the first negotiable items on the renter’s part are the broker’s fees. Armed with this knowledge in a renter’s market, you may be able to have the benefits of a broker’s guidance and still not have to pay the fee.

 

How to Present Yourself to Owners and Exclusive Brokers

 

Renter’s market or not, you want to make a good first impression on your potential landlord. A landlord wants to be sure a potential renter will take care of the space. How you present yourself to owners and exclusive brokers can go a long way.

 

Be professional and polite while you negotiate and spruce yourself up a bit before in person meetings. Punctuality also helps!

 

Renegotiating Your Current Lease

 

If your lease is drawing to a close, but you really love where you are and cannot fathom the thought of apartment hunting right now, your current landlord might be willing to work with you. Unless there have been serious improvements to your building and added amenities that justify a rent increase, then speaking with your landlord could prove very worth your time.

 

Chances are likely that your landlord will want to work with you if you have proven yourself as a desirable tenant. Be sure to have any supporting documentation in hand when you set up the meeting with your landlord or property management company. Comparable listings in your area, in the price range you want, as well as your payment history would be great things to support your case. Remember, your landlord most likely does not want to go through the process of finding a new tenant or sitting on a vacancy, and will be more inclined to at least hear you out.

 

Leverage This Renter’s Market To Find Your Perfect Home

 

Well, renter, the time is yours and it must be seized. These are just a few tips to help you make the most out of the current renter’s market. The thing with real estate though is that you just never know when the tide will turn, so make sure to get the most for your dollar while you can.

 

With millennials being the biggest group of consumers since the Baby Boomers, all markets are bound to change again soon. Additionally, most millennials are moving away from purchasing homes in favor of rentals. Knowing what is on the horizon could help you prepare for the present renter’s market.

 

Don’t forget to stay current with where the market is at, review all your options, and be prepared on all fronts. Good renters not only have done their homework, but are also in a place of good standing on many levels, personally, professionally, and financially.

 

Be sure to advocate for yourself!

 

If you are interested in renting an apartment in New York City at several price points, contact Village Living Rentals today.

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