Short Term Rent Manhattan

NYC Apartment Rentals

Before You Start | Setting up your Search | Your Rental Profile | Your Search | After The Search | Renting vs. Buying

And the Search is On . . . [top]

There are as many ways to find apartments in Manhattan as there are types of apartments. You can use:

Brokers. If you choose to work with a broker, he or she will organize your search, schedule your appointments, preview the apartments, and take you to view the apartments. Brokers typically charge 15% commission of the first year's rent.

Real Estate Portal, like MLX. While some real estate portals are national and free, they do not have much Manhattan content. Indeed, many of these portals rely upon MLX to provide content to them. In the case of MLX, a $#session.MLXUpgradePrice# one time fee is charged for a three month subscription which is renewable for free. By catering to consumers, landlords, brokers, and move related services, MLX provides a platfrom for entities to search, list or be found. Once you become an MLX Insider, you have access to "how to" information, comparable data, directory listings of brokers, sponsosr discounts and your customized apartment listings are accessible by you at any time. You might still want to use a broker, but you will have greater access, more information, and an easier overall search.

No Fee Listing Services. These limited, No Fee services usually charge a one-time fee of $35-200. You indicate what you are looking for, and listings are sent to you once a day in batch format or as the apartments are entered into their systems.

Management Companies. There is usually no fee when dealing directly with a management company.

The classifieds. Comb the New York Times (the Sunday Edition is available online Thursday evenings or at newsstands Saturday mornings) and the Village Voice (available Tuesday evenings). This is the messiest option.

Word of mouth. Spread the word that you're hunting for a new home. Ask your friends, coworkers, and family members. Many people would prefer to sublet to someone they know, and most landlords prefer to find a new tenant without advertising or using a broker.



When to Begin Your Search [top]

The earlier, the better. Most leases begin on the 1st or the 15th of each month. Generally, you'll want to start searching 4 to 6 weeks before you want to move. Here are some general tips:

  • Allow more time if you intend to sublet a co-op as, in most cases, you will be required to pass a Co-op Board interview; most co-ops will not convene special meetings for sublet approval, so you will need to fit into their regularly scheduled agenda.

  • You can spend less time if you decide to use a broker or database service than if you search on your own.

  • Allow more time if you are looking to land a bargain, or if you have very specific goals.



    Get Informed [top]

    Let's be honest--you don't really know the difference between rent-controlled and rent-stabilized, do you? Well, before you start your search, review these ABCs of Manhattan real estate.

    Board or Board of Directors. These are the people who elected by apartment owners to run a co-op or condo. In most co-ops, board approval is necessary to sublet an apartment.

    Board of Managers. Elected by the condo's shareholders, this group runs the joint. Theoretically, these guys have the right of first refusal in accepting a tenant for residence, but they rarely use it.

    Condominium. Apartments in condominiums are individually owned, but tenants share responsibility for and ownership of all common areas, e.g. laundry room, lobby, elevators, hallways, etc. Renters deal directly with the building owner or manager.

    Cooperative. Co-ops are owned by a corporation and operated for all persons living in the building. Apartments in co-ops are generally owned by shareholders in the corporation, but can be sublet to outside parties. All tenants must be approved by the Board of Directors.

    Guarantor. Guarantors substitute for bad credit or low income and assume all responsibility for rent should the primary renter default. Usually, guarantors must earn 75 times one month's rent.

    Lease. Written or oral contract between the building owner or manager and the renter. Includes any and all building regulations and the agreed-upon rent amount.

    Listing. Any apartment currently available. And in case you're wondering, MLX maintains the largest database of Manhattan apartment listings available.

    Open Listing. You wouldn't know it, but most available apartments in New York are open listings. Open listed apartments might be listed by brokers, but are also listed by the apartment owners. The tricky part is finding these apartments, and knowing who to contact, without using a broker.

    Prewar Apartment. Any building built before WWII. Generally, prewars have larger rooms, sounder construction, and more charm.

    Rent Control. Due to recent regulation, no new apartments are regulated. Rent control refers to the good old days when tenants who stayed in the same apartment for years and years were exempt from unreasonable increases in rent.

    Renter's Insurance. Talk to any insurance provider to get a standard package--it covers against financial loss from fire, theft, public liability, and other risks--it's generally a good idea.

    Rent Stabilization. Tenants in rent-stabilized apartments are guaranteed a maximum rent increase--usually between two and ten percent--for each lease renewal.

    Security Deposit. Usually equal to one month's rent, due upon the signing of the lease, and held by the landlord for the duration of the lease. (In a rent-stabilized apartment, this money is usually held in an interest-bearing account, and the interest is taxable and payable to the renter.)

    Subleasing. When a tenant leases his or her apartment to a third party for a specific duration. Must be approved by the building owner or manager.