The essential problem facing anyone looking for a long term apartment is that it's very hard to know just how good of an apartment you can get for your money. There is no oracle out there quantifying the suitability of apartments; and these days, many rents are set arbitrarily and then adjusted based on the interest in the market.
When you add a broker's fee (which depends on the whether the landlord is paying your broker to rent an apartment--often the case when the landlord
can't rent it, either because of a lack of interest in the market or proper infrastructure to handle rental transactions) your baseline cost goes up even more.
You can do the work yourself by viewing as many apartments as you can view, but even this is difficult. Many landlords prefer to deal directly through brokers, and won't even take an application from the public. Of course, this isn't the case with all apartments, and if you can find one directly through an owner, more power to you.
Of course, brokers see many apartments, as it's part of their job, but even this is far from perfect.
So, what then is the solution?
#1
take Craig's List with a grain of salt - a lot of what gets posted in the "for rent by owner" section is really posted by shady individuals who are overcharging you on the rent, and then collecting (i.e. skimming) off the inflated rent. Amazingly enough, the "fee" section is likely your best bet since you're bound to get more realistic listings--after all, why would anyone post fake ads for fee apartments with inflated rent prices?
#2
don't work with a bunch of different brokers - most agents have access to the same listings. Bad agents will tell you want you want to hear in order to wear you down and get your business. Good agents know the market, know how to listen, and most importantly, know how to find the
best apartments. So, interview a few agents at different companies, find out how intelligently they can speak about the state of the market. If they seem industrious and interested, go with them, and leave the other brokers out of it.
#3
don't assume that no-fee apartments are cheaper - "No fee" apartments are a marketing gimmick. If a landlord is actually paying a real estate broker to rent her/his apartment for them
in this market, that means that the apartment isn't going to be so impressive. Since the landlord must maintain their profit margin to stay financially viable however, they cannot lower the rent just to move a crummy apartment. Thus, where do you think they make up the difference? If you guessed, "in your monthly rent," then you guessed correctly.
#4
know what you want and know what you can live without - You're going to pay extra for that doorman and outdoor space, so unless you absolutely need them, why not consider a building without a doorman or roofdeck in your search. You might be surprised how much more you can get!
#5
be ready to jump - No one wants to make a decision in the heat of the moment. It sucks to have to decide where you're going to be living for a year or two on the basis of a single visit to an apartment. But you know what? It
really sucks to lose a good apartment because you were not ready to make a decision. So take a deep breath and wait... then
be ready when you go out with your broker--be mentally and financially prepared (have your tax returns, pay stubs, employment letter ready), and realize that a good broker will not ever force you into taking an apartment.
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