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Know the ins and outs in today's rental market!

Part 2 of Are you a buyer, seller, renter or investor?

I spoke with another agent yesterday about a high end rental she has in the Upper East Side. I asked her what the rent was and to see if there was some room in the rental price  for my “ Celebrity Chef” client of mine and the first thing the broker started saying was that 2 years go she was getting $8,000 per month and now the apartment is asking in the $6000 range.

Well- Hello- we are in a new rental market! Right now, we are in a “Renter’s Market!” Good-bye are the days of white glove buildings commanding $6-7  per square foot per month for an apartment. The market has swung in the favor of renters and here are some solid facts if you are looking for a new apartment to rent:

~ First and foremost- work with an agent that knows the ins and outs of the rental market. It is a totally different animal than sales.

~ Rentals are now trading in the $3-5 per square foot, per month range.

~almost every rental is negotiable in this current market

~try to get some type of concession from the landlord….free rent or even a few months of membership to the local gym .

~The Landlords who continue to ask for the tenant to pay the brokerage fee (the standard is 15% of the first years rent), usually has his or her property on the market longer than a no fee or reduced fee rental.

The bottom line is that if the property is properly priced and the landlord is paying 100% of the fee or a portion of the brokerage fee, you need an agent to process the application as fast as possible!!! Remember it is not a deal until leases are fully executed, money has been transacted to the landlord and the building has given you approval. Until then, all is fair game!!!

If you need more advice on this topic~ pzweben@elliman.com

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Paul Zweben, Licensed Associate RE Broker
pzweben@elliman.com
Carolyn Zweben, Licensed Associate RE Broker
czweben@elliman.com
1995 Broadway, New York, 10023

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