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

Humans should thank ancient Scottish fish fossils for…

By Kate KellandLONDON (Reuters) - Scientists studying fossils have discovered that the intimate act of sexual intercourse used by humans was pioneered by ancient armored…

National

Comet makes rare close pass by Mars as…

By Irene KlotzNEW YORK (Reuters) - A comet from the outer reaches of the solar system on Sunday made a rare, close pass by Mars…

Local

NYPD: Man found hanging in Brooklyn subway station

A man was found hanging inside a Brooklyn subway station on Saturday morning, police said. The man, who still had not been identified on Sunday,…

Local

Only church destroyed in 9/11 set to rebuild

St. Nicholas Greek Orthodox Church, the only house of worship destroyed during the terrorist attacks on 9/11, held a groundbreaking ceremony Saturday to start the…

Television

9 things we learned about 'Hannibal' Season 3…

There’s plenty of fall television to be excited about, but the crowd inside the Paley Center for Media on Saturday night only wanted one thing:…

Going Out

Watch home cooks try to impress Tom Colicchio…

Is what you’re making for dinner tonight good enough to serve “Top Chef” judge Tom Colicchio? That’s the standard that some of the city’s best…

Television

‘Homeland’ recap: Season 4, Episode 4 ‘Iron in…

Carrie Mathison, what are you doing?! Don’t seduce virgins! More on that later: Lots of crazy stuff went down on the "Iron in the Fire" ep of "Homeland"!

Movies

Box office: Brad Pitt kills Nazis, also Nicholas…

This weekend, Brad Pitt's second WWII movie, "Fury," rolled into the lead, while the latest Nicholas Sparks movie, "The Best of Me," got little love.

College

College football AP Top 25 rankings: Mississippi State…

College football AP Top 25 rankings: Mississippi State holds off FSU

NHL

NHL Power Rankings: Sharks, Canadiens, Blackhawks out in…

NHL Power Rankings: Sharks, Canadiens, Blackhawks out in front

NFL

DeMarco Murray carries Cowboys to win over Giants

The Giants knew they would need to stop DeMarco Murray if they were going to leave Dallas with a win. It didn't matter.

NFL

Jets trade for wide receiver Percy Harvin: Report

According to Fox Sports' Jay Glazer, the Jets have sent a conditional draft pick to the Seahawks for wide receiver Percy Harvin.

Wellbeing

Gabby Bernstein: The 3 questions I always get

For the last decade, I’ve been writing self-help books and preaching the Gospel of Gabby to audiences throughout the world. And no matter what country…

Wellbeing

Health News: 5K for lung cancer, free yoga,…

Get some fresh air to benefit lung cancer research On Friday, the first-ever Brooklyn Free to Breathe Run/Walk will take place Oct. 26 at Cadman Plaza…

Education

Can these two college students come up with…

Two Atlanta college students say they have an idea for a simple test that would quickly diagnosis the Ebola virus - and it all started…

Education

Chances are, the average college student isn't taking…

As a bachelor’s degree becomes more expensive than ever, one new report is criticizing colleges for the content of those pricey educations. The American Council…