4 Steps to Finding Your Perfect NYC Luxury Rental Apartment

by Amy Burkhoff

Are you in the market for a NYC luxury rental apartment? There are a few steps you can take to make sure that you get the best deal on your new home.

1. Don’t delay. Begin looking for a new apartment at least four weeks before your lease expires. By giving yourself more time to find your perfect home, you will make the process as stress-free as possible. When time gets short it is easy to freak out and the process becomes uneasy. The more time you give yourself the more time you have to make educated decisions and to negotiate the terms of the lease.
   
   
2. Find a good broker. Even though Manhattan is a small city, when it comes to searching for an apartment Manhattan becomes a scary place. A broker can provide expert advice on areas of Manhattan and make sure that you get the best deal possible. Make sure you pick one broker to work with and stick with him or her. No one wants to be two-timed, especially when he or she is putting a lot of hard work into meeting your needs. Make sure your broker is professional and patient. He or she can show you as many properties as possible until you feel right at home. Also it is important that your broker is experienced so he or she gives you informed advice and is able to answer all of your questions knowledgably. Even though you may think you can find an apartment on your own, it is important to have an expert who can talk the real estate talk on your behalf.
   
   
3. Work with a broker who charges no fee. Working with a broker can become expensive if he or she charges a fee. A no fee broker does not charge you anything up front and makes money only once the deal is signed. This is another reason why you should only work with one broker; only one broker will make a commission on the deal. Usually broker fees are “built in” to the purchase price of the property (no additional out of pocket fee); the fees are paid by proceeds of the sale. Broker fees are usually 15% of the yearly gross rent of the apartment. If the real estate company who lists the property also finds the buyer of the property, that company keeps the whole commission. However, if one real estate company lists the property and another real estate company finds the buyer, then the two companies split the commission 50/50. Broker fees are typically due when you pay your rent and security deposit. One would assume that a broker will want to find the most expensive property for you if he or she makes more commission on a more expensive deal. However, the broker has a responsibility to the buyer to find the best price for you. Brokers would rather help you reach a lower price because it is important in the long run to build relationships with clients for future business.
   
4. Get to know the area. It is important to consider proximity to grocery stores, schools, gyms, and other important locations. Finding the most convenient location may be one of the most important considerations.

Prime Manhattan Realty can help you find the perfect NYC luxury rental apartment. Prime Manhattan Residential works fast, charges no free, works professionally and provides expertise.