Comments on: How To Find a Great Apartment Rental and Get Cash Back http://www.moneybluebook.com/how-to-find-a-great-apartment-rental-and-get-cash-back/ Personal Finance Beyond Credit Cards and Balance Transfers Thu, 20 Nov 2008 22:29:29 +0000 http://wordpress.org/?v=2.6.3 By: Dave Bartlett http://www.moneybluebook.com/how-to-find-a-great-apartment-rental-and-get-cash-back/#comment-764 Dave Bartlett Sun, 09 Dec 2007 17:47:54 +0000 http://www.moneybluebook.com/how-to-find-a-great-apartment-rental-and-get-cash-back/#comment-764 I have lived in three apartments in Manhattan in the last year so I know all about the hunt. I agree with the Honest Dollar about a brokerage fee. I think a nice way to look at an apartment is to divide the fee by 12 and add it to the rent. Landlords who list their apartments with no fee aren't stupid-they often raise the rent to compensate. Ultimately, the best deals when finding an apartment are usually through people that already have them. Ask around and see if there are free apartments in people's buildings. New buildings that are not done are also a great way as they have to fill the whole building quickly. However, be prepared for a huge rent hike when your lease is up and the building is full. In addition, good deals can be found for those who are willing to do some slightly sketchy things. Paying brokers' fees in cash, renting an apartment that is being renovating without seeing the results, and other things that might make you feel totally comfortable are all great examples. Not for the weak at heart, these conditions give the renter more leverage in negotiations. I have managed to cut down both fees and rent due to these things in the past and have been happy with the results. I have lived in three apartments in Manhattan in the last year so I know all about the hunt.

I agree with the Honest Dollar about a brokerage fee. I think a nice way to look at an apartment is to divide the fee by 12 and add it to the rent. Landlords who list their apartments with no fee aren’t stupid-they often raise the rent to compensate.

Ultimately, the best deals when finding an apartment are usually through people that already have them. Ask around and see if there are free apartments in people’s buildings. New buildings that are not done are also a great way as they have to fill the whole building quickly. However, be prepared for a huge rent hike when your lease is up and the building is full.

In addition, good deals can be found for those who are willing to do some slightly sketchy things. Paying brokers’ fees in cash, renting an apartment that is being renovating without seeing the results, and other things that might make you feel totally comfortable are all great examples. Not for the weak at heart, these conditions give the renter more leverage in negotiations. I have managed to cut down both fees and rent due to these things in the past and have been happy with the results.

]]> By: Honest Dollar http://www.moneybluebook.com/how-to-find-a-great-apartment-rental-and-get-cash-back/#comment-729 Honest Dollar Fri, 07 Dec 2007 22:55:28 +0000 http://www.moneybluebook.com/how-to-find-a-great-apartment-rental-and-get-cash-back/#comment-729 Another major advantage of renting: it's much easier to find a roommate and work out a fair value contribution. It's harder (and not to mention a bad idea) to go in together on a mortgage with someone to whom you're not married or related. When I graduated, it was easy for me to find an apartment in New York because I had realistic expectations: small square footage, high rent, and probably brokerage fees. A lot of my colleagues entering the same job as me ignoring listings with brokerage fees, insisting that they could CraigsList their way into a no-fee apartment. Eventually they all caved because a lot of the CraigsList postings were so shady. But there are some CraigsList hits despite many misses, so it's definitely a good resource. Point is, don't eliminate apartments with brokerage fees, because sometimes the quality of the apartment and the competitiveness of the rent will make the fee negligible. Another major advantage of renting: it’s much easier to find a roommate and work out a fair value contribution. It’s harder (and not to mention a bad idea) to go in together on a mortgage with someone to whom you’re not married or related.

When I graduated, it was easy for me to find an apartment in New York because I had realistic expectations: small square footage, high rent, and probably brokerage fees. A lot of my colleagues entering the same job as me ignoring listings with brokerage fees, insisting that they could CraigsList their way into a no-fee apartment. Eventually they all caved because a lot of the CraigsList postings were so shady. But there are some CraigsList hits despite many misses, so it’s definitely a good resource. Point is, don’t eliminate apartments with brokerage fees, because sometimes the quality of the apartment and the competitiveness of the rent will make the fee negligible.

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