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Are There Affordable No Fee Rentals in Flatiron NYC?

Look at all of the no fee retals in Flatiron NYCWhat is the difference between rent control, rent stabilization and affordable housing that is offered at most new luxury apartment complexes in New York City?

Rent controlled apartments in New York City started in 1920 when a severe housing shortage led to high rents and rent strikes. To help remedy the problem, the New York State legislature passed a rent-control program designed to keep costs down and limit baseless evictions. Rent control is now defunct and the only people living in rent-controlled apartments are able to do so if it is inherited from a family member. Essentially a form of nepotism, rent-controlled apartments can be passed down within a family from one person to the next whenever the existing tenant of the apartment vacates or dies.

Rent stabilization is defined as setting maximum rates for annual rent increases and entitles tenants to receive required services from their landlords and have their leases renewed, which protects tenants from sharp increases in rent. About one million apartments in New York City are covered by rent stabilization. Here are four steps for finding a rent stabilized apartment in NYC as posted in an article at CurbedNY

  1. Figure out what rent stabilization is – Rent stabilization mainly applies to buildings with six or more units that were built before 1974, and some new buildings are also rent-stabilized. A household’s annual income must be less than $200,000 to qualify.
  2. Determine which buildings are rent stabilized –  the NYC Division of Housing and Community Renewal (DHCR) offers the Rent Guidelines Board that maintains a list of all buildings registered in NYC.
  3. Make sure you actually sign a rent-stabilized lease – The lease should state that the apartment is rent stabilized, and landlords are legally required to include a rent stabilization rider with the lease. Rent-stabilized leases also must be for one or two years.
  4. Move in and stay put – Landlords are required to renew all rent-stabilized leases, so once you’re settled in your less-than-market rate apartment, you’ll never be forced to give it up.

The definition of affordable housing is when a household spends no more than 30% of its income on rent. New York City Mayor Bill de Blasio plans to create and preserve 200,000 units (including luxury apartment buildings) of affordable housing throughout the five boroughs over 10 years, according to an article posted on www.amny.com. It goes on to detail that the project will cost $41.4 billion and will receive funding from the city, state and federal government. Potential tenants must go through a lottery process to obtain affordable housing in NYC.

One of the new and luxury no fee rentals in Flatiron NYC is EOS NoMad located at 100 West 31st Street and included in Mayor De Blasio’s affordable housing program. If you’re interested in more information on eco-friendly EOS NoMad, you can contact them through their website, or call (212) 899-3131 and speak with a leasing agent regarding EOS’s affordable housing units.

 

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Right On Target – A New East Side Community Amenity for NYC Luxury Apartments

Retail stores near East side NYC luxury apartments with amenitiesWatch out Macys! There’s a new retailer in Midtown Manhattan. NYC welcomes a new Target store reported in the NY Times this month.

Macys has been the leading department store retailer for what seems like forever. And it’s no wonder! Founded in 1858 by R. H. Macy, Macys has been in business for 158 years. The products include clothing, footwear, accessories, bedding, furniture, jewelry, beauty products, and housewares. Macys is also very well known for conducting the annual Macy’s Thanksgiving Day Parade in New York City since 1924 and has sponsored the city’s annual Fourth of July fireworks display since 1976.

The Target Corporation is the second-largest discount store retailer in the United States behind Walmart.  Founded in 1902 by George Dayton, the company was originally named the Dayton Company. The first Target store opened in Roseville, Minnesota in 1962. Target’s product line is far larger than Macys including food and at a discount.

The new Target store is 43,000 square feet and is expected to open in October at 112 W. 34th St., across the street from the Macy’s flagship store on Herald Square. The complete development at the location is about 92,000 square feet, and will have a Foot Locker, Sephora, and a Swatch store.

Not far from Midtown Manhattan is Murray Hill with its own new East Side NYC luxury apartments with amenities – House 39 at 225 East 39th Street. House 39’s studio, one, two and three bedroom residences feature luxurious interiors including floor-to-ceiling windows exposing outrageous views of Manhattan, chef-style kitchens, modern bathrooms, washer/dryer and a list of amenities that is sure to please everyone.

Interested in more information on House 39? you can visit their website at https://house39.com/ or give them a call at (212) 661-3900.

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Why it is important to find no-fee apartments in Midtown Manhattan to save money?

For a long time I´ve been searching for a bigger apartment located in Midtown NYC, but I must say I´m extremely stingy and thrifty so paying fees is not something I love doing.

no fee rental apartments uptown east

How to find no fee rental apartments uptown east?

 

I´ve been doing some research, and at the same time created a list for myself with questions and answers to find out how much money I could save, and which was the best way to find apartments without having to pay more. It doesn´t matter if you live in Midtown NYC or Uptown East, you must read this article if you want to know how to save money getting a no-fee apartment in Manhattan.

First of all, let´s start with the basic question:

What is a broker fee?

the best apartments in nyc

Some of the best apartments for rent in NYC are available with no-fee.

 

Most apartments in NYC are available through real estate brokers, and all of them will offer you the apartment you are searching for but…at a cost. That means you´ll, surely, get the apartment of your dreams, and an agent will find it for you but the question is…is it worth the cost? Usually, fees are too damn high and your pocket will  feel it! So it´s better to think twice before closing any deal.

What is a no fee rental?

Nyc apartment rentals

You will sleep better if you are saving money, right?

 

So this is the part I like most! As the words say, no fee rental means you can find an apartment and rent it without having to pay any fee. The problem with this is the hard job you are facing to get through all of the listings before you find it! Remember real estate agents find the apartments for you, this way you will have to find it yourself.  But if you are like me, not willing to pay a penny more, at the end its worth it!

How much is the usual fee you pay for an apartment around 4000 rent?

nyc rental apartment listings

There are some specific no-fee rental listing tools like First Service

 

I remember a few years ago, I saw this beautiful apartment and I was going to pay $4000 dollars a month! And believe me, I was not crazy ’cause it was worth its price. The problem was I didn´t want to rent it through a real estate broker because I was not willing to pay the fee. What happened next? Of course I lost it…but as part of my revenge I´ll let you know the amount of the fee they wanted to charge me so you never, EVER rent an apartment again through a real estate broker ( yes, I´m very bad!).  They wanted to charge me 12% of the annual rent, that is $ 5760 !! There´s no way I was going to pay that amount. Now, are you on my side?

How can you find no fee apartments?

no fee apartments in Manhattan, Uptown or Midtown

There are many ways to find an available no fee apartment for rent in Manhattan using your favorite gadget.

 

The best way is to work alongside the property management companies. After you find the building you like, speak to the manager and he will help you out, showing you the apartment without involving real estate brokers.

You can use this apartment search tool with the option “no-fee” selected to find no fee apartment rentals Midtown or Uptown Manhattan (recommended)  : http://firstservicenyc.com/listings.php?listing_type=10&renter_fee=10

Another way is if you have a friend living in a building you like, you can ask him to let you know if an apartment is available. Or just take a tour through the city and try to see if you find signs posted about apartments for rent.

Remember to speak with your friends, coworkers and acquaintances, UNION MAKES FORCE!

How much can you save with a no fee apartment with a 3 year contract?

no fee apartments in Manhattan, Uptown or Midtown

Tip: use the money you save from the fee every 2 years for updating the apartment indoors.

 

Ok, the answer to this question was definitely what convinced me not to pay a fee when renting an apartment. Just figure out, like I said before, that if a real estate broker wants to charge you 12% of your annual rent and let´s say you budgeted 4K a month, that is $ 5760 X 3  years = $ 17280 ( WHAT???!), this means each month you´ll be paying not $ 4000 but $ 4480…now, ask yourself, are the apartments you are getting through a broker worth this price? Because remember, when you average out the cost of that fee over the year you are adding almost $500 to your rent. So answer the question, if I rent a no fee apartment, in this case I will save $17280 in three years and with that money, think how much shopping you could do!

As you can see, the best way is not to pay more when you can pay less! Make your money wortk for you, work hard trying to find the apartment of your dreams and for sure you´ll find it, you´ll get your reward and you´ll feel great knowing you did it by yourself!

I really hope this article was useful to you, ’cause it was to me!!! In a few days I´m moving to an apartment I love and the best of all I found it by myself!

Have a wonderful day and good luck!

 

m.

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