5-6 people in 1 apt, 1500 each? (real estate, apartments, rentals)

[RCAL]

Howdy,

I have a bunch of friends who will be graduating and moving to ny. We would like to ideally get as many people in 1 apartment as possible to maximize our $$$. Essentially, we are each willing to spend about 1500 a pop but aren't sure if there is a lot of availability of 5 or 6 bedroom apartments in decent areas. We are all familiar with the city, though none of us know anything about real estate. I've looked into listings online, but feel like a lot of it is too good to be true. Another issue is transportation. Most of us will work in Midtown but would rather not live around there or murray hill.

Is it too much to ask for a 4br for 6k, 5br for 7.5k or even 6br for 9k around union square or thereabouts?

Thanks for any help.

If we are looking to move in late June, would it make sense to go no sooner than April I take it? Maybe later?

[bluedog2]

There are very,very few 5 and 6 br apartments(almost impossible to find) and few 4 br apartments( (difficult to find).Most of the jumbo sized apartments are in prewar buildings on the UES and especially on the UWS.

Most apartment buildings also have rules limiting the number of unrelated people in the same apartment.

You might think about trying to find a town house but 9,000/mo won't be enough.

[RCAL]

That's more or less what I was thinking. I think we were expecting the cap to essentially be 4 (know quite a few people with that setup). Just figured posting here would be worth a shot to see if anyone has any experience with 5+
And while a townhouse would be cool, certainly a little beyond the price range. Thanks

[NYChistorygal]

Good luck. Maybe you'll get lucky and find 2 apartments in the same building.

[citystudentgal]

If you want to keep costs low, you can also share rooms.

[RCAL]

I feel like it's not unreasonable to expect a 3br for 4500 or 4br for 6k and avoid room sharing? Living together isn't that big of a deal, just trying to take advantage of economies of scale.

[nightcrawler]

big mistake.

[latikeriii]

I would try to find 2-3BR units in the same building or area.

Trust me, 6-7 people sharing 1 Kitchen(and possibly 1 bathroom),isn't too fun.

[babo111]

I'd recommend you go earlier to start apartment hunting. Rental inventories are highest in summer (but prices are also higher) so you have more choices but also more people to compete against and good units move fast. Many people go rental hunting during early summer and its the peak due to number of reasons such as most people don't want to move during spring/winter because of weather (rainy, muddy, snowy, crap weather in general), college semester starting in Fall so parents who can afford to rent a place for kid comes, if parents don't the students will look to rent themselves, etc.

If you aren't from NYC, get ready to learn about 40x income limit or finding a guarantor. Plus because lot of people already do things like room sharing or sneaking in a buddy or two to split living cost even more...some places will crack down on you. Mostly more of upscale rentals or luxury buildings.

Also if you are willing to look at outer boroughs, you can find deals like in Queens or Brooklyn in return for longer commute. Another thing to consider is that if you can't afford it then maybe bite the bullet, accept the longer commute, and find a place you all can live. Maybe a whole house!

[jcoltrane]

Originally Posted by RCAL

Howdy,

I have a bunch of friends who will be graduating and moving to ny. We would like to ideally get as many people in 1 apartment as possible to maximize our $$$. Essentially, we are each willing to spend about 1500 a pop but aren't sure if there is a lot of availability of 5 or 6 bedroom apartments in decent areas. We are all familiar with the city, though none of us know anything about real estate. I've looked into listings online, but feel like a lot of it is too good to be true. Another issue is transportation. Most of us will work in Midtown but would rather not live around there or murray hill.

Is it too much to ask for a 4br for 6k, 5br for 7.5k or even 6br for 9k around union square or thereabouts?

Thanks for any help.

If we are looking to move in late June, would it make sense to go no sooner than April I take it? Maybe later?

Yes, it is too much, as the real world operates in a different fashion.

There are large apts with 5 bedrms and more, apts as large as 5000 sq ft and more; BUT these are for the very rich or the very poor (public housing).

Housing for the rich will not be rented to a bunch of dorm room rats fresh out of college.

Not happening for a variety of reasons such as, a bunch of children do not and will not be responsible renters, caring for a LL's property in an adult fashion, nor are 6 people likely to pay the rent, or pay the rent on time. Six different excuses from month to month. Let's say such an apartment rents for 10 grand or more per month, $120K or more per year. A LL is going to want to be paid with assurety, and 6 children isn't that!

A townhouse might have the room, but it is laughable to think anyone would turn over a property woth 10 MILLION or more to the residents of 'Animal House'! LOL!

In addition, who will be responsible for organizing, collecting and paying the LL? Six different checks falls into the wholly unnecessary category, more hassle than its worth!

Also, who is going to be ultimately and financially responsible for the rental agreement and amount? Some ONE individual will need be! Sooo, who? Are one of your parents willling and capable to be on the hook for $120K plus????

I could go on, but the basic point is college is OVER!

If each of you can afford $1500 then 2 or 3 could more easily find a 2 or 3 bdrm apt, but you will still have the issues similar to the above, most especially providing a 'Guarantor' willing and capble of being on the hook for roughly $48K or more.

Oh, and you are going to need about $9K if you were to be so lucky.

Such are the *harsh* practicalities from a LL's point of view.