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Apartment rents vary greatly by the area of the Manhattan. They range from $500 per month for a one-room walk up to $20,000 per month or more for a two story 20-room penthouse on the Upper East Side. With a vacancy rate of less than 1% in most desirable locations in a reasonable price range, finding an apartment is one of the greatest challenges to the newcomer to New York. There are several ways to go about looking for an apartment in Manhattan. Some are more work than others, it all depends on how much time and money you have to spend on the search and on the apartment itself.
Brokers: If you dont mind paying the realtors fee, or you dont have the time or energy to put many hours of work into the process of finding an apartment, definitely use the brokers for the most part, they know what they are doing and can be really helpful. Often a good place to start is on the websites of the brokers, there is often useful information about renting in the city and about the various neighborhoods, and you can get a feel for the realty company as well. Most of the major realtors in NYC have websites. New York City does not have a multiple listing service, so it is a good idea to work with at least two brokers if you want a good selections of apartments to choose from. The typical finder's fee from a broker is at least 10% of the yearly rent youll be paying, plus whatever other fees they tack on. Youll need to call to get specifics about fees.
Classifieds: Newspaper Classifieds are a good place to look, they are usually organized by neighborhood and you can get a feel for the availability and prices in different neighborhoods. But you must be vigilant and persistent in order to make the classifieds work for you. The good apartments go very quickly - often by the end of the first day they are listed. Many of the classified ads are listed by brokers, so unless you want to pay the fees you need to focus on the listings by owner.
On-Line Real Estate Listings: On-Line Real Estate Listings are good because you can usually search by your specific criteria, such as neighborhood, price, bedrooms, square footage, etc. The major newspapers have on-line classifieds, and there are several other websites as well. See Apartment Rentals - Websites.
Other Sources: There are a couple of books listed below that are contain helpful information. There are also many buildings that rent or sell directly, without a broker. These are listed in the classifieds. Also, ask everyone you can. You never know who might know someone who knows someone with a great place and low rent.
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