Why Do You Want to Rent in New York City?

I was going to write a treatise encompassing everything there is to know about renting in New York, but I quickly realized that the topic is way too large for one post.  Instead I want to start with the "why" of renting because it directly affects the best course of action for you to pursue to reach your goals.

Example 1: You live in another city, and you're transferred to NYC.  You have to start working here in 2 weeks.  Your company will put you up in a hotel for a maximum of one month -- but politically you don't want to overstay your welcome on their dime.

The "why" in this example is obvious, but what's important are the constraints that accompany the "why".  You have to find a place, and you have to find it quickly.  You're expected to be at the office, so you have to optimize your time spent looking at apartments.  You don't have a lot of lead time, so it's unlikely that you'll have the pick of the litter since the best apartments are often listed a minimum of one month prior to the earliest occupancy date.  You don't have much time, you have to get in as soon as possible.  You're most likely going to have to compromise in the interest of speed.  You also have to have all your paperwork in order and ready to go, since you will have act quickly to lock up a place once you find it.

Example 2:  You live with your parents in an upper-middle class suburb.  You just graduated college, and your first job is with a non-profit downtown.  It's time to strike out on your own and live the hipster life you've always dreamed of.

Again, the "why" is clear.  Nevertheless, there are some real problems to work through.  First, do you earn enough money to afford the apartment you want?  Landlords typically require 40 times the rent in annual base salary.  For a $2,000/month apartment, that's $80,000.  If you don't make that, you will most likely have to ask your parents to act as guarantors.  On the bright side, you don't "have" to move before midnight tonight, so you can be more particular in your search.  If you find a great place that's only available two months from now, it could still work for you since you have shelter (however inconvenient).

The point of these two examples is to illustrate that every situation is different, and everyone will have flexibility in some areas, and severe constraints in others.  It is important for you to realistically and honestly analyze your own financial situation, time frame and expectations before you hit the bricks.  The most successful renters are adaptable to the ever-changing rental market and they know exactly what they can, and cannot afford.

Conversely, the least successful would-be renters are prisoners of their own flawed idea of how things "should" work and refuse to accept evidence to the contrary.  If you're frustrated, still looking for that perfect place, and you've been through a number of "incompetent" brokers, it may be time to revisit your initial assumptions.

Reach me at: michael.sussilleaux@gmail.com

What I Want

"You aren't listening to me!  Why can't you find me what I want?"

This is a fairly common complaint with some buyers and renters.   I'm always delicate in how I respond to clients who ask this, because this question runs much deeper than one would think.

The truthful answer -- which I am very unlikely to respond with in such direct terms is...

"Yes, I am listening to you, and the reason we can't find what you want is that it doesn't exist."

More often than not, this is an expression of frustration that ones' budget is not up to the level of ones' desires.  Most buyers experience this unpleasantness to some extent, but most people come to terms with the reality of the situation and adjust their search criteria accordingly.   The people who seem to have the most trouble accepting the limitations of their desires tend to be people from outside New York City who must adjust to a very different market than they're used to.  Many of these people are very successful and are used to being among the "well-to-do" of their home region.  It can be very difficult to accept the fact that a one-bedroom apartment can possibly cost as much as a 5 bedroom McMansion with a 3 car garage back home.

I honestly sympathize with people in this regard, and I understand that there is an education process in learning the specifics of a new market.  Most people come around sooner or later, but there will always be that one person digging their heals in and insisting that...  "You aren't listening to me!  Why can't you find me what I want?"

Sometimes you just have to wish a client the best of luck and acknowledge that you are unable to provide the service they require, bid them a genuinely fond farewell, and recommend that they engage another brokers' services.

Reach me at: michael.sussilleaux@corcoran.com