Rental Q&A via the NY Times

“The Rights of Condo Renters”

“Common Charges and Tenants”

Renters and the Housing Crisis via the NY Times

Although foreclosures, the most dramatic and frightening aspect of the housing crisis, have not yet become a significant trend in Manhattan real estate, it is possible that we are simply lagging a year or so behind the rest of the nation in terms of how the housing crisis unfolds. First come the price decreases, then the expanding inventory that turns into a glut and an increase in unemployment may lead to foreclosures becoming more common in our city. I certainly hope that this is not the case and that people will be able to hang on to their property and get help remaining in their homes.

How would a wave of foreclosures affect Manhattan renters? In the past, when a bank takes possession of a property, any renters would be out of luck. Today’s NY Times published an article stating that government-backed Fannie Mae is stepping in to stop renters being evicted from foreclosed properties around the country. Perhaps private sector lenders will follow suit. It would be in their best interest with distressed property being so difficult to sell right now, at least by collecting rent they see some return on their investment. Read the full article here.

Renting Good for your Health? Homeowners Less Happy than Renters

In this article in Portfolio, Felix Salmon writes about the downsides to home ownership. According to Felix, homeowners are less happy than renters because they are subject to stresses that renters simply do not have–including large mortgage payments, home repairs and (we’ve been hearing a lot about this one in the news) foreclosure. The advantages of being a renter are numerous, including the freedom to move at any moment, having a super that takes care of everything and Felix claims that home-ownership can be a drain on your emotional and financial resources and the insistence on home-ownership is a culturally-determined American ideal. Felix says:

“if Americans could be persuaded that rent payments aren’t “wasted money” and that owning often makes less financial sense than renting, I think the rate of homeownership might, happily, drop substantially. But it’s not going to happen. The ideal of homeownership is deeply embedded in the American psyche, and any datapoints which don’t fit into that ideal are automatically discarded.”

via Brownstoner

“The Invisible Renter” via the NY Times

Yesterday, a short article in the NY Times covered an important issue for renters: the fact that home-owner tax benefits are not extended to renters. Particularly in New York, where people spend so much of their income on rent, the lack of tax breaks for renters can be a serious disadvantage. Depending on how much rent you pay, you may be losing hundreds of dollars a month in taxes that a home-owner gets to keep. This issue should be brought into greater prominance as economic times get tougher and politicians look for ways to help Americans keep more money in their pockets. It becomes clear that the tax code is overwhelmingly biased towards home-owners. The article offers no reasons or history of why this is so but I hope that the NY Times revisits this subject in further reports. Read the full article here.

NY Times “The Hunt” Column Features Young Renters

While 23 year old Megan Dearing was not a first-time renter, as a recent graduate of Fordham University, the Buffalo native faced several challenges in finding a livable apartment and her story is one that many recent grads will identify with. The first challenge is of course coming up with enough cash to pay the high rents Manhattan demands, but also the security deposits, broker’s fees and moving costs can quickly add up into the thousands. Of course Megan also wanted to live somewhere she felt safe and comfortable and after living with two messy roommates in her last apartment she decided to live with her cousin, Katie Dearing. So where did the two young women end up? Read the whole article here.

“The Hunt”: NY Times Features Renter’s Apartment Search

This past weekend’s edition of the NY Times “The Hunt” column reported on the apartment search of Adam Cunningham. Relocating from California, Adam experienced several issues that will be familiar to the many people who move to NYC: the pressure of having a limited amount of time for their search, the unfamiliarity with the NY market, and the difficulty of planning ahead by trying to look more than a month in advance of their desired move-in date. Read the full article about how Adam found his dream New York apartment with only two days to look!

What You Need to Know Before you Rent via the NY Times

This past weekend the NY Times Real Estate section once again featured the New York rental market and the process of searching for an apartment as their lead story. The article is pretty good, highlighting some of the peculiarities of our beloved city’s insane rental market. You can read the full article here, and if that’s not enough for you check out the additional info available here on my blog!

How to Get the Apartment you Want, Part 1: What Happens When I Use a Broker?

How to Get the Apartment you Want, Part 2: Questions of Timing

How to Get the Apartment you Want, Part 3: Preparing your Paperwork

Sorry for the Lack of Updates! AMNY Highlights Rental Perks

I’ve been in the middle of moving apartments myself, so I am experiencing all the upheaval, extra work and hassle that all of you go through when you search for a new apartment. Being a broker doesn’t make it any easier! I should be all settled into my new place soon and the regular updates will commence as before. In the meantime, check out this awesome article that was the cover story of AMNY yesterday: Renter’s Getting Perks in Soft Real Estate Market. This is some welcome news for all of us!

How to Get the Apartment You Want, Part 1: Should I Use a Broker?

This week I will be outlining the process of renting an apartment in New York, drawing from my own perspective and experience as a broker. The first question on every renter’s mind is should you use a broker? I am a broker, so I say “hell yeah!” But seriously, I realize that many people don’t want to pay that fee and in reality, it’s a basic question of time and resources. Would you rather spend time or money? Do you even have time to look for an apartment on your own? Do you believe that it is worth paying somebody else to go looking for apartments on your behalf?

Sixteen Perils: Don’t You Want to be Covered? More on Renter’s Insurance via Apartment Therapy

Rental Insurance is one of my favorite topics. The risk versus reward curve is so heavily in favor of an insured person that getting the insurance should be a no-brainer. Still, many people (myself included) wait for far too long before taking the plunge. Insurance just sounds so grown-up, like something my grandpa has. For not much more than $100 you too can be a card-carrying insured adult and won’t have to fear fire, flood, theft or the sixteen other perils that can befall your apartment. To find out exactly what these perils are, this great post on Apartment Therapy delves deeper into the murky realms of insurance and I hope you find it as useful as I did.