Reply With QuoteYou won't be able to find anything in that area for that price, unless you're living with roommates. In your situation, you should only be looking for roommate situations, really.
Dumb question about leases
Hi guys,
I'll be moving to NYC soon to work after college and have been reading a ton about the apartment rental market. I'm new to living in the city, though, and have a question that is probably pretty simple. To give some quick background, I'll be working in Downtown (Tribeca) with a job in finance. I absolutely need to live downtown because of my job's hours (very long and may be called in on short notice). I am not at all picky about living quarters, as long as they are clean, and have been thinking about getting a small studio if I can find one for less than $2000/month within walking distance of Tribeca.
However, I'm not absolutely sure that I will stick with this job for an extended period. I have some family stuff going on down here and may have to move back after 3 months. I'm 75% sure I won't, but the possibility exists. For this reason I was planning on finding a 3 month sublet on craigslist and then I wouldn't have to pay a fee (either to a broker or one of the websites that charges a flat fee). However, I'm not having much luck finding something that fits on craigslist, most likely because I'm not in the city yet and won't be coming up until move-in date.
So my question is, if I sign a year lease and end up having to leave after 3 months, what do I lose? I understand that you have to pay first month's rent, last month's rent, and a security fee upfront - so if I leave, will I lose my last month's rent? Or can I just sublet to someone else - what would I lose then, broker's fee?
Finally, for someone in my situation, what would you suggest to find a place? I'm wary to use a broker because if I do have to leave early it would really suck to lose 1-2 months rent (plus possibly last month's), and if I do have to leave I am going to be struggling for money as it is (will have to pay back my relocation bonus). At the same time, I will not have time to look for a place once I get to the city, although I do have some time now.
Thanks very much,
Luke
You won't be able to find anything in that area for that price, unless you're living with roommates. In your situation, you should only be looking for roommate situations, really.
If you sign a one-year lease and leave after 3 months then you are still liable for the cost of the other 9 months --
But whether or not a landlord will pursue you for "Non Payment" is perhaps the most more important question --
You DO NOT want to have a NYC Housing Court action due to "Non Payment" as this could lead to you being put on the infamous Landlord's balcklist and make it difficult for you to rent in NYC in the future.
If you're able to get a responsible person to take over your lease (called a "Lease Assignment" rather than a "Sublet" in the situation when you don't plan to return for any remaining portion of your lease term) then you should be OK, but finding someone to take over the lease can be a hassle.
Is a small studio really unrealistic for under $2000? I've been looking around on the various websites, and there are a fair number of studios available for well under $2000 - granted, they aren't the nicest-looking rooms, but I'm just looking for somewhere small and clean to sleep. What about a place like this:Originally Posted by Schadenfrau
http://www.streeteasy.com/nyc/rental...llage-new-york
I was planning on calling about some of these places tomorrow (there are many listings similar to this one), but can I assume that there is something wrong with it since the rent is only $1400? How much should I expect to spend for a small, older studio downtown?
Maybe something's wrong, maybe not, the only way to find out is to go for it. It's just a phone call. As long as you don't give identifying info about yourself, what's the worst that could happen?
My motto: The only way there's 100% certainty that you won't get what you want is if you don't go for it.
I'm betting that's a fake ad. To get a better idea of what you should actually be spending, try one of the reputable websites listed on these boards.
ETA that "nice" and "small" are not details that will make much of a difference in apartment prices downtown. You're going to be paying for location, and even something under 400 square feet will cost you. Seriously: roommates. Why would you bother risking all of this money for an apartment you might dump after three months?
You can still find a cramped studio down there for $2K -- but DO NOT sign a year lease with the intention of only spending three months. Your landlord will pursue you, and can do things that will hurt your credit for a long, long time.
Better to go ahead and find a sublet -- craiglist is always iffy. If you have a college alumni network or can get help from your job, even better.
Your worst case would be you come up, can't find anything, and end up in Jersey City, but I think you will end up finding something.
ali r.
{downtown broker}
I usually trust your opinion, but I've got to question it this time, FrontPorch. Without local word of mouth, what are the real chances of him finding something for that price? I've known more than a few people who paid about 2K for a downtown studio back in the years 2000 and before. And I'm talking about people who had been living in them for years, in decidedly non-luxury situations.
I've got to say though, I'm always suspicious of anyone who thinks they're going to get a deal on something in New York because the apartment is "older." It's not like real estate values here go down like the blue book prices of a car.
I don't understand then - how do I tell if a listing is fake? There are 40-50 listings that I've pulled up with studios downtown for $1400-1900. How do I judge which ones are real and which are fake? Is visiting them myself the only way?
Generally when you call about them, they'll pull the old bait and switch.
More on the elusive $2K studio . .
Not a lot, I will grant you, Schadenfrau, but Citihabitats #972727 on Pearl Street looks real and available for $1,900 with a decent bath.
If our relocator wants to be further West, it looks like there an eensy apt. in 90 West (roughly at Cedar) for $1,929.
I am happy to serve as the renter's broker/referring broker on either of them. Just PM me.
ali r.
{downtown broker}
That place looks really nice - much nicer than i'm used to (crappy dorm rooms and college apartments). Front_Porch, check your pm's.
...but to follow up on my previous point, I'm used to places much less nice than this. I would much prefer a small, cramped place for less money. I've been seriously thinking about doing a share - it looks like if I do a share I can get a room in a nice place for around 1400-1600 - but I would much prefer the privacy of a studio, even if it means not getting a very nice place. Basically, I'm going to be working very long hours, and I tend to hang out outside the apartment, at friends places, etc. so all I'm looking for in an apartment is a private place to sleep and eat. Do places like these exist?
Thanks,
Luke
As I said earlier, in New York City, you pay mostly for location, not so much quality. I know in other areas, the difference in price between a newer/older, larger/smaller, whatever/whatever apartment can be pretty vast. Here, there are so many people with so many different tastes that you're not likely to see a very significant price difference in the areas you're talking about.
I didn't mean to sound flip earlier, but you really are a prime candidate for roommates, Luke77. Even beyond the fact you're not definitely going to fulfill a year-long lease, your hours and your needs would be better served by a share. As long as your room has a door, you'll generally find as much privacy as you need. And if you're young and new to the city, especially working long hours, you'll find that roommates are the easiest way to socialize.
I think a lot of newcomers really underestimate how lonely the city can be, and that's only made worse by living in studios. Even if you do already have friends here, in all likelihood, they'll be living in different neighborhoods and you won't see them as much as you might imagine. Make the transition from school to work as easy as possible, and just get a share. After a few months, if you find you hate it, it will be much easier to move out than if you signed a one-year lease.
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