The Mad Dash for Manhattan Rentals

Manhattan renters sprinting for rentals

The journey towards securing an apartment for rent is often chaotic, unpredictable and needlessly time consuming. The myriad of decisions that you will have to make range from choosing the type of apartment, broker or no broker, access to neighborhood amenities, etc. In short, the process can often be strenuous and stress-inducing for many Manhattan renters. And when you consider the fact that many of the more desirable rentals do not appear on the market until mere weeks before an anticipated move-in date (that is, if they appear on the market at all), the metaphorical race to arrive at a dream apartment for rent in Manhattan is one more suited for the seasoned sprinters than the recreational joggers.

While the historically high rate of rents and a high-demand but scarce real estate market have played a role in the matter, they doesn't tell the whole story. The short market window for many Manhattan rentals is a result of both renters' and landlords' chancing expectations. Many renters are reluctant to start a serious search more than two months in advance of their anticipated move-in date in fear of committing to a place just to find a better one later along the line. As a result, landlords generally post about 95% of the available apartments for the upcoming month by the first week of the current one. For example, apartments ready for move-in on the 1st of December will be available by the end of the first week of November. In addition, landlords often keep apartments that are available from being listed so that they can do renovations in-between leases; some choose to do so because of personal tenant preferences or in order to take advantage of the rising market and hike-up the rent.

However, not all is lost when it comes to renting a luxury apartment in Manhattan. The New York Times suggests that when the time comes to search for your next apartment, being honest and clear about your expectations will facilitate the process. Working with a broker could also potentially alleviate the tedious task of combing rental listings that expire within days if not hours. Other things to consider include: whether you are willing and able to financially commit to a place should you encounter one that you like; how much time would you realistically be able to devote to the search; and what qualities are must-haves and which you are willing to negotiate. Luxury Rentals Manhattan also has a handy Rental Application Checklist and Apartment Rental Guide available. The process of finding the right apartment in Manhattan may be a frantic sprint but it doesn’t mean that you can’t prepare yourself for it.