Summer rentin’: how to survive the rental rush

Vesela Pehlivanova on the terrace of her new apartment. Credit: Bess Adler/Metro
Vesela Pehlivanova on the terrace of her new apartment. Credit: Bess Adler/Metro

Hopeful renters may be feeling the heat this summer as mounting temperatures are matched by mounting prices—and seemingly surpassed by the growing numbers of New Yorkers and soon-to-be New Yorkers looking for a place to call home.

Experts say that while summer is traditionally the busiest time of year for the residential rental market, the situation is even more complicated now, as vacancy rates are “hovering barely above one percent.”

“There’s not a lot of inventory coming on the market, and prices are starting to escalate again,” explained Citi Habitats president Gary Malin.

But don’t despair, renters: Malin has some advice for what tenants can do to increase their odds.

Malin recommends starting your search about 30 days from when you want your lease to start, and broker Rory Bolger added that it’s best to look during the workday.

“Landlords and management companies don’t work on the weekends,” Bolger pointed out. “You have much more control during the week.”

Bolger recently helped one woman through a real estate struggle: Vesela Pehlivanova spent 25 days in a hotel as she looked for apartments.

“I saw quite a few places and didn’t like the majority of them,” Pehlivanova said. “Everytime I woke up in the morning and realized it wasn’t my place, I said to myself ‘again?’”

Bolger helped her find her dream apartment in Midtown, as well as roommates so she could afford a nicer place. Bolger said this is a common practice for him.

“In a lot of cases what i end up doing is finding one person who wants an apartment and work with them to find roommates,” he explained.

Bolger and Malin both urged rental-seekers to come prepared and act fast: having money for a deposit and all the paperwork needed to secure your apartment will be a tremendous help if you find something you love, Malin said.

“In a market like this, there’s a chance that the apartment will be gone if you have to scramble for a few hours,” he warned.

 

Follow Danielle Tcholakian on Twitter @danielleiat



News
Entertainment
Sports
Lifestyle
National

Journalist James Foley's parents, after call with pope,…

The parents of James Foley, the American journalist killed by Islamic State militants in Iraq, on Friday called for prayer and support to free the remaining captives held by Islamic…

Local

Sharpton adapts adversarial style to de Blasio's New…

It was not the first time the Reverend Al Sharpton made his way to City Hall in a fiery mood to scold a mayor about New York City police officers…

National

Sprint and T-Mobile offer further price discounts

Sprint unveiled a plan on Thursday that gives subscribers access to unlimited data for $60 a month, the industry's cheapest unlimited data offering.

National

Hundreds pay it forward at Florida Starbucks in…

The spontaneous chain of kindness continued for about 11 hours, totaling 457 transactions by the time it ended.

Music

Webcast: Watch Polyphonic Spree live on Sunday Aug.…

Polyphonic Spree singer Tim DeLaughter sits with Metro Music Editor Pat Healy for a chat and then the big band performs live. It begins on Sunday at 9:30 pm

Movies

Review: 'When the Game Stands Tall' is both…

The high school football saga "When the Game Stands Tall" fumbles around for a focus while Jim Caviezel offers the most low-key coach in history.

Movies

Girlfriend in a coma: Chloe Grace Moretz

Chloe Grace Moretz is the best cheerleader "If I Stay" could ask for. As the star of the film adaptation of the successful YA novel…

The Word

The Word: Summer lovin' for Zac Efron and…

Ah, the summer romance. So intense, so fleeting. With Labor Day fast approaching, it should come as little surprise that the incredibly surprising romance between…

NFL

Fantasy football draft guide: How to draft your…

Many are wondering if we’re entering a new age in fantasy football drafting — one where running backs take a backseat.

NFL

Jets vs. Giants: 3 Giants storylines to watch

The Giants have plenty to work on as they reach the dress rehearsal preseason game Friday night against the rival Jets.

NFL

Jets vs. Giants: 3 Jets storylines to watch

Metro looks at three Jets storylines to watch as they play the Giants Friday.

NFL

Giants expected to work Corey Washington into first-team…

The day of reckoning for the Giants' fringe players will fall upon them Friday night against the Jets.

Sex

Big weddings may lead to long-term happiness

Dreaming of a big wedding? A new study indicates that the longer your guest list, the happier you’ll be in the long run. l A…

Sex

Online dating for every generation

Frank Jackson and his mother Maggie are like lots of modern families: They have dinner together regularly, keep each other updated on their lives —…

Wellbeing

Going green could be the key to getting…

If we could just pursue the things that would actually make us happy, we could help the environment too, according to a New York researcher.…

Tech

Siren: A new dating app that puts women…

Online dating can be brutal, especially for single women. Noting that many women hate wading through inappropriate messages and photos, two tech entrepreneurs decided to…