Gothamist: No 2-Bedroom in Harlem "under $2,000"?

nyctheblog

Fri, 27 Jun 2008 10:32:03 -0500

"Overall, Harlem remained the cheapest place to rent in June, with average prices ranging from $1,287 for non-doorman studios to $2,636 for full-service, two-bedroom apartments." http://www.observer.com/2008/rent-june

mikely1

Thu, 26 Jun 2008 18:41:18 -0500

Someone asked if other cities have brokers. Chicago has some, but they function more as apt finder services and you don't need them unless you're lazy, stupid, or relocating and unfamiliar with things. The landlord pays them, which means many landlords also advertise (broker-free) on the side. This means they don't list the address of the building in their ads, which makes the process frustrating. I've always wondered why New Yorkers put up with brokers at all (I hear my friends' stories) and I think it must have to do with rent stabilization laws and options that allow you to stay in an apartment longer than a year (guaranteed renewal). These do not exist in Chicago at all. The only people protected in Chicago are the criminals, drug addicts and grifters ... you can't evict people six months out of the year hear by law and even when you can it's very difficult to do. If you're a good tenant, your landlord may still increase your rent 20% or choose not to renew you over a petty reason. Chicago is low density -- it has a lot of owner occupied 2, 3, 4, and 6-unit buildings and many of these owners know nothing about the law. Aunt Midge dies, the neighborhood gentrifies, and they get greedy. Nearly every landlord I've had has attempted to arbitrarily subtract X amont from my security deposit, until I show them the Landlord Tenant Ordinance and tell them I look forward to seeing them in court. I guess renting sucks everywhere.

kidicarus

Thu, 26 Jun 2008 17:16:37 -0500

Its much harder to rent than buy without a broker. If you're buying, people will deal with you as long as you have money. The seller's broker will help you, and a decent lawyer to back you up is all you need. Most of the paperwork is stuff you end up having to do yourself, unless you have a real lawyer who knows you well.

La Leone

Thu, 26 Jun 2008 16:15:34 -0500

That's my Paolo Paparazzo! Never afraid to call people out on their bullshit and tell it like it is. Nice work. Glad we're finally in the same city!

camarilla

Thu, 26 Jun 2008 15:14:06 -0500

That's funny, my relatively spacious 2-bedroom near 125 & Broadway is only $1400. It was $1300 when we moved in two years ago. The noisy neighbors who leave sticky garbage and empty fifths of liquor in the stairwell are still provided completely gratis, though. So are their roaches. If the cost of food keeps going up...

IceMonkey

Thu, 26 Jun 2008 14:46:52 -0500

(1) I lived in Harlem for two years, just moved back to Gramercy -- it wasn't worth the $1,300 I was paying for a 1BR, never mind the $2k this posting specs out for a 2BR above 125. (2) Brokers are a necessary evil if you're looking for anything decent over $2k in the city. They have a lot of exclusive listings that you wouldn't find on time (or at all) without paying the hefty 15%. Though most don't accept credit cards for their fee payment (not even major guys like Century 21), NEVER work with a broker who wants cash only; a cashier's check made out to the company should suffice, and then you can be sure they're not "double-dipping."

lornagrl

Thu, 26 Jun 2008 13:50:33 -0500

I may be wrong about this but... The two times I've dealt with brokers I was asked to pay cash. I believe the reason for this is because the broker is "double dipping" so to speak. He gets paid by both the landlord AND the tennant and he only reports one income. That's why I would hesitate to deal with a broker. Also why would you pay a broker if all you are getting is a market rental? A landlord is not obligated to offer you a renewal on a one year lease so that hefty fee could be for nothing. If you must go through a broker, I would insist on a rent stabilized lease. I went through a broker for my current stabilized lease. That's the only reason I forked over the money. I now have the peace of mind that my lease will be renewed and my increase will be X amount. No more wondering from one year to the next, how much my rent is going to go up, or will I get a renewal.

whitecastlerock

Thu, 26 Jun 2008 13:48:04 -0500

One does not need to use a broker to buy or rent. To state that you need to use one is just inaccurate. Most brokers in sales processes do NOT act with your best interests at stake. They are simply there to speed up the sale and move onto the next sucker. Getting paperwork together for some board is monkey work. The seller could do that for you. A prospective buyer can place their own bid for a property. Brokers exist in this town because people are either stupid or lazy. Anyone can run a credit check-you don't need to pay some asshole 12-15% of the first year's rent or a fee to list your property. If one prefers to use one, then my hat is off to you. I despise them and their arrogance—and yes some of my family members are brokers... Brokers in this town are lower than whaleshit.

Dude69

Thu, 26 Jun 2008 13:12:11 -0500

I actually bought my co-op by myself and a lawyer with no problem. The seller's broker was eager to deal with me alone so she didn't have to split the fee. I guess I am usually more organized than most people but if I could do it, anyone can with a bit of effort. Renting using a broker on the other hand is throwing money down the drain.

Gwinny

Thu, 26 Jun 2008 12:56:13 -0500

Um dude69, you absolutely do need a broker if you are buying (although I agree you don't need one if you are renting). Your broker acts on your behalf in the negotiations and helps you get everything together for the co-op board interviews (among other things). I'm currently buying in this neighborhood (a beautiful apartment at a reasonable price) and am psyched!

thedroog

Thu, 26 Jun 2008 12:44:24 -0500

the bigger question is why the phenomenon of the broker exists in NYC at all. to rent an apartment in most other major cities in the US is a process conducted between landlord and tennant - no middle man/woman. i can't speak for every major city, of course, so it's possible the scumbag broker does exist elsewhere, but i was blown away when i moved to NYC and paid a significant amount of money to some jackass who basically knew nothing and did little more than unlock the door for me.

EricRoberts

Thu, 26 Jun 2008 12:35:10 -0500

i think the landlord only pays for the broker in every other city on the planet.

mmlanglie

Thu, 26 Jun 2008 12:33:17 -0500

I'm not certain, but I've always assumed the landlord pays, too.

Nick S

Thu, 26 Jun 2008 12:30:41 -0500

Can somebody here explain to me why the renter is burdened with paying the broker fee and not the landlord?

lornagrl

Thu, 26 Jun 2008 12:03:19 -0500

Of course brokers influence the price of apartments. Brokers charge a fee that is a percentage of the rent. If the rent is higher, than naturally, the fee will be higher. I have never understood what purpose a broker serves besides, clogging up and exploiting the process.

Dude69

Thu, 26 Jun 2008 11:56:02 -0500

Calling RE brokers assholes only give assholes a bad name. Everything that comes out of a broker's mouth should be fact checked at least three times, and there's NEVER a need for a broker if you're buying or renting a place and you have the time to do the research.

mmlanglie

Thu, 26 Jun 2008 11:50:11 -0500

Doh, I meant 1 br apt, not 3!

mmlanglie

Thu, 26 Jun 2008 11:49:52 -0500

We've been living around 145th Street in our 3 br for 3 years now, paying around $1300 (it was $1100 the first year), so, of course, this broker is def feeding you a bunch of bs. the newly renovated 2-3 br apts in my building (typical 6 floor walk-up tenement) go for about $1700. Funny enough, we're actually moving to Brooklyn this weekend. Sad to leave the neighborhood, as we have made some good friends on the block. The demographics of the neighborhood have certianly changed within just the past few years, not to mention the ugly condos, Starbuckses...but I don't think any of these changes warrent a 2 br for $2000 in that area. Unless it is a drop dead gorgeous floor through in a brownstone on Convent. Even that would be pushing it.

whantmoore

Thu, 26 Jun 2008 11:49:31 -0500

I love that my old stomping grounds is now trendy n. You know Harlem is changing when the have scientogist giving free stress test in the 125th stop.

bclm

Thu, 26 Jun 2008 11:48:58 -0500

I live around 145th and (surprise!) that broker is full of it-it's still very very possible to find a two bedroom for $1500. I've seen actual ones for less. But don't move up here. Uh, it's really really violent. Yeah.

ChampionOfTheSun

Thu, 26 Jun 2008 11:43:21 -0500

Thoe worst thing about a neighborhood showing "hope" is that the brokers swoop down with their 12-15% broker fees.

JMH

Thu, 26 Jun 2008 11:38:14 -0500

Can you really trust anything a real estate broker tells you about what apartments do/should cost? It's in their self-interest to push prices up.

meowster

Thu, 26 Jun 2008 11:37:06 -0500

this is why everyone hates brokers. assholes.