Explain the NYC housing market to me

[panache45]

@The_Shroud

Luckily it’s a renter’s market now in Manhattan; when I first arrived in in 2006, it was tough to find any rental listings that didn’t require a broker’s fee (a one-time fee of 10-15% of the yearly rent). When I looked at the end of 2009, most listings were no-fee, and some even offered a month or two of free rent.

Wow! It’s been several years since I rented in Manhattan . . . I don’t remember any renter’s market like this.

[Marley23]

@The_Shroud

Luckily it’s a renter’s market now in Manhattan; when I first arrived in in 2006, it was tough to find any rental listings that didn’t require a broker’s fee (a one-time fee of 10-15% of the yearly rent). When I looked at the end of 2009, most listings were no-fee, and some even offered a month or two of free rent.

This is something to watch for if you are looking at listings online. Sometimes a broker will list an apartment for $1,833 per month when it’s actually $2,000 a month with one month free. (They may put the real price lower down in the listing, in a smaller font.) I always found that to be deceptive. Not that you would end up signing the lease and then find out the price is not what you thought, but if $1,833 is in your price range and $2,000 is not, this can lead to wasted time for you.