Apartment hunting in New York City and environs can be overwhelming. Vacancy rates in Manhattan are close to the lowest in a decade, and that is pushing up rents, even in the outer boroughs, with the cheapest (least gouging, I should say) rents being on higher floors (in walkups at least) and situated furthest from the subway.
About 32% of the housing stock is rent-controlled, so you can imagine how much competition there is for those places (including a willingness to pay brokers 12%-16% of the annual rent, depending on the neighborhood). And many of those people are already paying an agent to hunt for them (at 10% of annual rent). After paying first & last month’s rent and a security deposit, you can end up looking at $5500 to $7000 just to MOVE IN. Factor in moving costs and furnishing, and you can easily reach $10,000.
It's been awhile!
9 years ago
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