West Village Apartment Rentals – What does $3,400 Get You?

Want to know what you can get in the West Village for $3,400? Look no further. Your screen will momentarily transport you to a classic Village apartment (no appointment necessary).

Enjoy the tour? Check out other apartment sizes and prices that match your needs in the West Village in our Greenwich Village Rental Listings. To view available apartments, please reach us at (212) 400-4838 or keytothecity@AkerlyRE.com.

Rent Rates Rise as Manhattan Apartments Grow Scarce

Manhattan apartmentsIndustry studies show that the average rent on Manhattan apartments has risen to a point close to pre-crash rates, according to the New York Post. Over the same period, vacancy rates dropped considerably as residents rented at near-record rates.

The average rent for Manhattan apartments was $3, 309 per month in 2011, up from $3, 046 in the previous year. Rates rose across the board, regardless of apartment type: studios and one-bedrooms saw an 8% increase in rent, while two and three-bedrooms saw a 9% increase in rent. At the same time, vacancies fell from 1.16% in 2010 to 0.96% in 2011.

This bucks the trend seen in the rental market since the average rent on Manhattan apartments hit its record in 2007 at $3,310 per month. After that, rent rates dropped consistently with each year.

Experts see the renting trend as a result of a tight mortgage market and an unstable economy. For residents uncomfortable with making a commitment to a mortgage, rentals seem like a safer option.

While rentals (where they can be found) may seem safer from a fluctuating buyer’s market in Manhattan, they aren’t immune from it: studies have also shown that landlords are less likely to make concessions like paying for the first month’s rent or paying broker fees.

Village Parents May Lose Choice Between P.S. 41 and P.S. 3

P.S. 41 in the West Village

P.S. 41 in the West Village

The Department of Education is thinking of undertaking a rezoning project that could drastically affect which West Village school parents send their children to. For years, parents in the neighborhood who chose to send their children to public school had the choice of two schools: P.S. 3 at 490 Hudson Street and P.S. 41 at 116 West 11th Street. This became a unique situation for West Village parents as they were in the only part of Manhattan zoned for two public schools.

Now, the Department of Education is looking over a plan that could eliminate that choice for West Village parents. Under the new zoning, West Village children would only be zoned for P.S. 3, while P.S. 41 would be zoned for Greenwich Village residents. Residents of the Meatpacking District would be zoned for P.S. 11 on 320 West 21st Street in Chelsea.

The Department of Education has stated that its purpose behind the rezoning is for space reasons. Both P.S. 3 and P.S. 11 have recently eliminated middle school expansions, which the DOE feels would allow more space for new students.

Residents, on the other hand, are less than receptive to this proposal. Community Board 2 chairperson Brad Hoylman issued a statement in support of the current state of affairs, arguing that any rezoning would be “traumatic” since “communities are built around schools.” He also argued that the DOE should take future schools, like Trinity Real Estate’s proposed school in Hudson Square or the school in the NYU superblock project, into consideration when making a final decision.

Community Board 2’s zoning committee will be hearing the rezoning proposal this Tuesday, October 11th. Residents with feedback can e-mail the Community Board at d2zoning@gmail.com.

Research Landlords with CheckYourLandlord.com

CheckYourLandlord.comA new site, Checkyourlandlord.com, aims to flip the tables on landlords by allowing tenants to do their own due diligence on the property they are considering renting.  With a rise in landlord fraud sweeping the nation, tenants now have a tool at their disposal to ensure that a landlord’s ownership interest and financial position are as the prospective tenant would expect.  For example, a customer of CheckYourLandlord.com might discover that the apartment they are about to rent is in foreclosure.  Or they might find out that the person claiming to be the landlord is in fact a tenant that is currently being evicted or some other form of scam artist.

CheckYourLandlord.com relies on analysts to review real-time data aggregated from thousands of government agencies and offices at the county, state, and national level.  They highlight the risk factors that they might discover and provide an impartial report.  Tenants can then use the information to make an informed decision.

CheckYourLandlord.com has offered our readers a discount of 20% simply by using the discount code: AKERLY20.  Let us know about your experiences with the service.

Rent Board Raises Rents for Stabilized Apartments in NYC

New York apartment, Rent Guidelines Board, rent stabilized apartment, Rent Stabilization Association, Joe Strasburg, affordable housing New YorkYesterday New York City’s Rent Guidelines Board agreed to an increase in rates for lessors of all apartments in New York that are rent stabilized.  The approved changes would raise the limit on rent hikes to 3.75 percent on one-year leases and 7.25 percent on two-year leases.

The vote comes after the state agreed, at the last minute, to extend current statewide rent regulations until new laws can be agreed upon. As with the controversy upstate, city tenants have taken issue with the steady rent increases.  Joe Strasburg, chairman of the Rent Stabilization Association, told the New York Post that the decision was yet another step towards the elimination of affordable housing in New York.

The meeting, held at Cooper Union, was fraught with tension as tenants voiced their anger at the Rent Guidelines Board. Protests were held outside of Cooper Union as tenants objected to what they see as landlord greed.  New York’s rent-stabilized apartments are viewed as the last refuge for affordable housing in a city that is getting progressively more expensive.

Jesse Duperon, a 51-year-old East Village resident, told the New York Daily News that the decision was “economic injustice.” She added, “They’re chasing us out of our own city.”

The board decision is the latest increase for rentals in New York.  Last October, rent hike limits on New York apartments increased to 2.25 percent for one-year leases and 4.25 percent for two-year leases.

Rent Regulations Expire With No New Plans in Sight

NYC rent control, rent stabilization, rent control laws, rent control extension, Albany rent control, Cuomo rent control, Kevin Korber

 

The New York Daily News reports that the New York State Senate rejected a proposal to extend expiring rent regulations while new regulations are still being discussed among lawmakers. The extension, proposed by SenateRepublicans and supported by Governor Andrew Cuomo, was rejected by some Republicans and all Senate Democrats under the argument that it failed to strengthen tenant protections.

Lawmakers in Albany are still in discussions over the provisions of new rent laws, with pressure coming from both tenants’ organizations and real estate developers. Democrats are pushing for more protection for tenants in rent-controlled apartments, while Republicans want to keep current rent regulations as they are, along with added tax incentives for developers and owners of large apartment buildings.

Governor Cuomo pledged to keep the legislature in session until a long-term agreement can be reached. He said that expiration of the old rent laws, which occurred on Wednesday, would not lead to a housing crisis, but warned that a crisis would occur if no long-term rent regulations were in place soon.

Update: Albany has agreed to a last minute, brief extension of the rent control laws while the legislature continues to work toward a viable resolution to the standoff.

City’s Landlords Push For New Rent Laws

The Wall Street Journal reported on the latest debate over new rent regulations taking place in the New York State legislature. The Democrat-controlled State Assembly has been Rent Stabilization Association, rent stabilization laws sunset, Albany rent laws, Real Estate Board of New York, rent regulation debatepushing for broader rent regulations than the ones that currently exist, but landlords and real estate developers have been resistant to such measures.

The debate over regulations had not been discussed in much depth in Albany until recently, now that the current rent laws are set to expire on Wednesday. Landlords and large developers then presented their suggestion for new legislation, which included tax breaks for developers of new apartments, a tax cap for building owners, and legislation that would reverse a court decision that lowered rents on certain apartment buildings.

The proposed changes were brought to the legislature by the Real Estate Board of New York, which represents developers and owners of large apartment buildings. Currently, the Republican-controlled State Senate has introduced legislation on the measures, though Majority Leader Dean Skelos has not expressed support or opposition to the proposals.

On the other side of the debate is the Rent Stabilization Association, which represents owners of small and medium-sized apartment buildings. They have expressed opposition to the Real Estate Board’s ideas, arguing that the tax breaks would exclusively benefit owners of large buildings. The Rent Stabilization Association, as well as other interest groups representing small building owners, has pushed both houses of the legislature to maintain current rent regulations as they are.

The State Senate plans to take a vote for a temporary extension on the current rent laws by Wednesday. Then, it’s assumed that the in-depth discussion of new rent laws will begin.

Ten Tips for Passing a Co-op Board Interview

First of all, feel assured that simply being invited to the board interview is a good sign.  Attorneys typically advise co-op board directors not to entertain interviews if they do not like what they see on paper. This is to lower the risk of a claim asserting that a denialoccurred because the applicant is in a class protected by federal, state or city housing laws.  So, if you are in the interview, your paperwork has already checked out.  The sit down will be an opportunity for the board members to ask you specific questions about your application.  The style of the meeting depends entirely on the building and the current board members, but can range from an informal gathering in an apartment to a more formal interview with the entire board sitting across from you at a table.  Either way, below are ten tips that will go a long way to ensure that you present yourself in the best light possible and feel prepared when you arrive.

  1. Dress to impress and arrive promptly
    1. In this respect, you should treat the meeting no differently than you would a formal job interview.
  2. Be prepared for a lack of privacy
    1. The Board has great latitude in the kinds of questions it can ask, so be prepared. Do not avoid answering personal questions and do not become angered by them.
  3. Familiarize yourself with the details of your own application
    1. You should be able to quickly and concisely answer any questions asked about your application, preferably without having to refer to it regularly.  Thirty seconds of paper shuffling in response to a question about your financial standing or employment history will not inspire confidence.  That being said, bring a copy of the application with you just in case.
  4. Couples should decide in advance who will answer certain types of questions
    1. For example, one of you may agree to answer all financial questions while the other will address all other questions.  Try to avoid discussing your answers with your spouse in front of the Board.
  5. Do not try to sell yourself
    1. Do not take the meeting as an opportunity to express what an amazing neighbor you are going to be.  Just answer the questions that you are asked as simply as possible and let the Board direct the conversation.  Applicants are rarely turned down for being boring.
  6. Never volunteer any information that you are not asked for
    1. Do not engage in any unsolicited conversations except for pleasantries at the beginning and end of the meeting.  Avoid revealing any more information than what is specifically asked for.  This rule alone will go a long way in keeping you out of trouble.
  7. Do not ask questions of the board
    1. Questions can unintentionally convey negative information to the Board.  For example: “Do you have any plans to renovate the lobby?” is the kind of seemingly innocent question which may offend the board member who was in charge of the lobby renovation or suggest that you intend to campaign for large capital expenditures in the building. If you have any additional questions, direct them to your real estate agent or your attorney.  Remember, you have already agreed to purchase the apartment.  There is nothing else you should need to know at this point, and if there is, save it for after your approval.
  8. A short interview is better than a long one
    1. While there are no hard and fast rules, a short, cordial interview with few board questions and remarks is often indicative of an easy approval.
  9. Do not expect an answer at the end of the meeting
    1. Most Boards do not give their decision until a day or two after the meeting. Your real estate agent and attorney will take the necessary steps to determine if you have been approved.
  10. Relax, and remember that you wouldn’t be here if you did not satisfy their basic qualifications
    1. In most cases, once you have secured the interview your approval is yours to lose.  Just relax and follow the other nine rules for a successful interview.

Manhattan Rental Market Starting to Sizzle

According to an article in Crain’s this afternoon, the Manhattan rental market is back to the pre-crash days when it comes to rising rents, decreasing inventory, and torrid demand. Only 16% of all Manhattan transactions in February included any landlord concessions (e.g.free rent or payment of the broker’s fee).  In fact, that was down from 21% in January.  The vacancy rate in Manhattan dropped to 1.18% and many expect it to slip below 1% as we approach the high-velocity summer rental season.

“Many clients come into our office expecting us to help them find that great deal their friend got last year” said Kate Akerly of Charles Rutenberg LLC, “but the reality is that they may not be aware that the market has shifted dramatically from those days.”  On that note, a market report released today showed that the year-over-year pricing for studios is up 7% to $1,756, one-bedrooms increased 9% to $2,335, two-bedrooms rose 10% to $3,283 and three-bedrooms leaped 12% to $4,347 from February 2010.  Keep in mind that those numbers are average rents for all apartment types across Manhattan (from walk-ups to high-rises and the West Village to Harlem).  The averages are well below the cost of renting in the best neighborhoods or in doorman buildings and dramatically below if you want both!

So what does this mean for renters?  The following are some tips and things to keep in mind if you will be searching for an apartment in the coming months:

  • Choose your broker approximately five weeks before you expect your lease to start.  In a low inventory market, a broker with access to up-to-date availabilities is more important than ever.
  • Assuming that you intend to move-in on the first of the month, begin actively searching on the first of the month prior when tenants deliver thirty days notice to their landlord.  The best inventory will rent quickly, so try to secure a lease by the 15th at the latest.  It is possible to start sixty days in advance, but only expect to view apartments that are listed as available for your move date.  Those may be limited.  The landlord will not “hold the apartment” vacant for you until you’re ready to move.
  • Speak to your broker about the paperwork that will be necessary and gather it all before you start looking for apartments.  You want to be able to submit a complete application as soon as you find an apartment you’re interested in.  If you require a guarantor to qualify, have their paperwork organized as well.
  • Expect to pay a broker’s fee.  The fee to rent a condo or co-op is typically 15% of the annual rent.  In rental buildings your broker may agree to accept as little as one month’s rent.  Don’t expect the landlord to cover the fee for you in this market.  If you really want to avoid the fee, search for ads posted by management companies and owners online.  Be aware that “No fee” broker ads are often used as a bait-and-switch by unethical agents.  Additionally, they are very rarely that broker’s exclusive listing, which means that it may not even be available by the time you call about it.  Also, keep in mind that landlords offering “no fee” rentals often charge more than their condo or co-op competitors.  This is also a good time to decide if you want to live in a rental building owned by a large landlord or an apartment owned by a single investor such as a condo.
  • Early in your search, consider expanding your criteria so that you may consider neighborhoods and buildings that may not be your first choice.  Once you learn the market, focus on one or two geographic areas that you like the best and that you can afford.
  • After seeing enough apartments to feel comfortable that you have a handle on the market, be prepared to submit an application as soon as you see something you like.  With the vacancy rate hovering around 1%, good listings will be rented very fast.
  • Don’t expect the landlord to engage in an aggressive negotiation.  In a tight rental market the landlord knows that other applicants will likely be right around the corner if they don’t accept your offer.
  • Have realistic expectations.  If you view fifteen apartments you can assume that you have a reliable sampling of the current market.  Don’t expect that any day now an apartment that’s 30% larger will magically appear for 25% less than everything else you saw.  It probably won’t and you will miss out on the best inventory available during your search period.

If you would like to speak to a member of our team about your apartment search, give us a call at (212) 400-4838 or e-mail us at yourkeytothecity@AkerlyRE.com.  Feel free to to start your search here in our database of currently available NYC listings.