Ways to Find Cheap Apartment Rentals

There are many ways to find a cheap apartment. Students, new graduates, or just about anyone who want to save on rent can find apartments with budget friendly rent through the following means.

The most convenient and popular option for many is online apartment finders. Websites such as ApartmentGuide, ApartmentSource, MyNewPlace and Apartments.com lets one choose among apartment listings by the price they want to pay each month. Craigslist is also popular among cheap apartment hunters. Many newspapers already post their classified ads online. Try both national and local newspapers, including foreign-language or ethnic newspapers as well as local magazines.

Try not to limit one’s search to online methods. If you are decided on a neighborhood, searching for cheap apartments is as straightforward as just walking around and looking for “For Rent” signs. This will also work for those not satisfied with their present apartment but still like living in the area.

Never underestimate too the power of word of mouth. Inform family, friends, and co-workers that you are on the lookout for a cheap apartment and they just might have a place to refer. If you like your apartment building but want to have better deal or better apartment unit, talk to doormen, supers, neighbors, and your landlord or check with your management company from time to time if there is an available apartment.

Brokers will save you a lot of time and possibly also get lower rent than you will get than when you negotiate on your own if you are willing to pay their fee. If you already have a neighborhood in mind, get one who is based there. Most brokers have websites so you can also check those for photos of the place

Other methods that can be as effective in finding cheap apartment rentals are the housing office of your organization and community groups.

Things to Know Before Negotiating For an NYC Apartment

With the scarcity and the prices of apartments in New York what they are, it’s hardly surprising that rent is sky-high. But times are hard, and every little bit of scrimping and saving counts. If you find that the NYC apartment you’re considering dents your wallet just a little too much, you may just be able to fix that with a little negotiation and a whole lot of people skills.

Should You Negotiate?

Yes, you should negotiate by all means possible. Although rents in the entire New York City area might seem too high and immovable, it’s actually possible for you to negotiate rates with the broker. You won’t lose anything by it, and many brokers are willing to talk about lowering rent or negotiating other fees just to make the deal.

NYC Apartment Negotiation 101

Do your homework before going out to meet the real estate broker. Know the average rent for different areas, for example. It’s going to be a lot easier to negotiate and discuss terms when the broker sees that you know what you’re talking about and that you mean business. The broker has to see that you’re a serious client, and that you’re the kind of person who might just give him or her a deal at the end of the day.

There are two types of listings on the New York real estate market – open and closed listings. An open listing means that several brokers are racing to close the deal for a certain place, while a closed one means that only that broker has the rights to deal that spot. Open listings will be a lot easier for you to negotiate because the broker is in a hurry to close the deal and thus get his or her commission.

In the same vein, you could possibly lower the rent or other fees by giving the broker a sense of urgency. For example, give a figure for the rent that you’re willing to pay, and then offer to get the NYC apartment right then and there if the broker could give you that rate. It’s take-it-or-leave-it-now offers like those that get a lot of New Yorkers their apartments for less than they originally planned.

Factors That Can Affect Negotiation

Brokers look at certain factors that might make one more willing or more reluctant to negotiate terms with you. Your credit rating and financial standing would obviously be the biggest factor. The condition of your finances is directly proportional to your worth as a buyer or tenant. If you happen to have a good credit rating and a healthy sum of money in the bank, consider it an advantage (and don’t forget to point it out).

Having your paperwork ready could also make the broker more amenable to striking a deal. Ready paperwork and supporting documents means that the broker could process the deal quicker and thus get commission sooner. That’s usually motivation enough for brokers to lower rent or other fees for ready and eager NYC Apartments seekers like you.

Avoiding Apartment Fees

Before anything else, an individual renting an apartment needs to understand exactly what a fee apartment is. When a broker assists a client in locating a new apartment, the broker must be compensated for the work they performed, so the broker in turn charges their client a fee. Usually, the fee is 15% of one year’s rent. However, in most markets within the United States, this 15% fee does not exist. For the broker to receive compensation, they are usually paid by the apartment in question’s owner, since the broker located them a qualified tenant.

Many opinions have been formed over this process, however. Sometimes it is reasonable to charge something, due to time constraints, etc., but sometimes brokers are able to locate apartments for tenants in a mere 10 minutes, but they still receive the 15% fee. So in simple terms, the broker would receive, say, $3,000 for 10 minutes worth of work and research. This has caused quite an uproar with certain people who feel it as being extremely unfair.

For the individual in search of an apartment, there are two methods for avoiding fees. The most common way to avoid fees is to rent an apartment directly through the property owner. If owners offer brokers an owner payment for the apartment that is leased out to a tenant, the broker is compensated with the owner payment, therefore eliminating the need for the broker to charge a fee.

The owner of the apartment offering the owner payment to the broker allows the broker to advertise the apartment as a “no fee” apartment, therefore attracting many more potential tenants, even though the tenant doesn’t necessarily receive a better deal.

As a whole, the mass majority of potential tenants will more than likely be more interested in an apartment with no fees as opposed to one that has fees.