Brickman
08-03-08, 02:18 PM
Phase Two: My daughter going to Grad School. Well on the surface it would seem pretty easy. However, if you want to go to Grad School in New York City… while living in New York City it can be a bit more difficult.
NYC has a vacancy factory on their apartments of less than 1.2%. Apartments listed today can actually be gone hours later. On a regular basis days later. 80% of rentals are listed by http://www.citi-habitats.com where they charge the new tenant 15% of the rent in brokerage fees. Now for example… the average studio is $2,200 a month, and a building with a doorman anywhere in Manhattan is $3,500 a month. Say for example your broker finds you something for $2600 a month, x 12 month x 15%... Cha Ch’ing $4,680 dollar fee added to your first, last, security, and now your rent averages $390 more.
Now there are no fee landlords, http://www.nofeerentals.com/ but if they require a deposit up to $1,000 along with the credit fee of $150. If they approve your application, you MUST take the unit; they only refund the deposit if you don’t qualify.
Qualify? Did I say qualify? My daughter has great credit, score of 784 to 800. She will be working full time while carrying between 6-9 units, IF she can get a "JOB". But that score won’t get her anything but a piece of plastic in NYC, because they want the tenant to make 40 times the monthly rent, or have a “guarantor” who makes 80 times the monthly rent. All occupants/guarantor must apply, credit check fee x 3.
Now the parent has to not just co-sign for their adult child, but for their roommate and get assurances from the other parent that they will commit for a 12 month lease. Having roommates can be difficult, but having one up and leave, would leave the other one holding the bag, paying all the rent until a new roommate could be found would be downright scary.
Now there are no fee apartment houses. Finding expensive apartments is easy, finding ones that have a poor ratings is easy too. For example
The Normandie Court Apartments kiddingly referred to as "Dormandie Court" in an article about NYC housing because of the large influx of graduates doesn't have much of a rating http://www.apartmentratings.com/rate/NY-New-York-Normandie-Court.html
They have already had friends who have already been scammed on Craigslist, and had an apartmemt burglerized.
So looking for a quality apartment that has safety, good subway connections to two different colleges, laundry facilities, groceries, and a fair price. :shakehead
Some examples of just one apartment building:
482 square feet $2,520.
http://www.archstoneapartments.com/library/vimages/300x320/floorplan/000000063898.gif
747 square feet $3,330
http://www.archstoneapartments.com/library/vimages/300x320/floorplan/000000034118.gif
Apartment hunting begins in earnest on Tuesday.
NYC has a vacancy factory on their apartments of less than 1.2%. Apartments listed today can actually be gone hours later. On a regular basis days later. 80% of rentals are listed by http://www.citi-habitats.com where they charge the new tenant 15% of the rent in brokerage fees. Now for example… the average studio is $2,200 a month, and a building with a doorman anywhere in Manhattan is $3,500 a month. Say for example your broker finds you something for $2600 a month, x 12 month x 15%... Cha Ch’ing $4,680 dollar fee added to your first, last, security, and now your rent averages $390 more.
Now there are no fee landlords, http://www.nofeerentals.com/ but if they require a deposit up to $1,000 along with the credit fee of $150. If they approve your application, you MUST take the unit; they only refund the deposit if you don’t qualify.
Qualify? Did I say qualify? My daughter has great credit, score of 784 to 800. She will be working full time while carrying between 6-9 units, IF she can get a "JOB". But that score won’t get her anything but a piece of plastic in NYC, because they want the tenant to make 40 times the monthly rent, or have a “guarantor” who makes 80 times the monthly rent. All occupants/guarantor must apply, credit check fee x 3.
Now the parent has to not just co-sign for their adult child, but for their roommate and get assurances from the other parent that they will commit for a 12 month lease. Having roommates can be difficult, but having one up and leave, would leave the other one holding the bag, paying all the rent until a new roommate could be found would be downright scary.
Now there are no fee apartment houses. Finding expensive apartments is easy, finding ones that have a poor ratings is easy too. For example
The Normandie Court Apartments kiddingly referred to as "Dormandie Court" in an article about NYC housing because of the large influx of graduates doesn't have much of a rating http://www.apartmentratings.com/rate/NY-New-York-Normandie-Court.html
They have already had friends who have already been scammed on Craigslist, and had an apartmemt burglerized.
So looking for a quality apartment that has safety, good subway connections to two different colleges, laundry facilities, groceries, and a fair price. :shakehead
Some examples of just one apartment building:
482 square feet $2,520.
http://www.archstoneapartments.com/library/vimages/300x320/floorplan/000000063898.gif
747 square feet $3,330
http://www.archstoneapartments.com/library/vimages/300x320/floorplan/000000034118.gif
Apartment hunting begins in earnest on Tuesday.