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As my wife and I will be moving up to NYC in 3-4 months, I have come across some decent looking apartments on Zillow for under $2k ($1400-1800) in what seem to be decent neighborhoods in Manhattan. Also, many of these do have the address listed and a property manager phone number to contact. Is this some sort of scam?
I always thought that brokers didnt want to have apartment addresses listed so you couldn't go around them.
Realizing I'm a newcomer to the NYC apartment hunting game - anyone have any thoughts or advice here?
Are these properties with addresses likely to be condos/co-ops? BTW, anyone have any experience with co-op renting? Is it as tough to get in as everyone says?
Having worked in Real Estate in New York City for 6 years, I can say that not every apartment advertised with it's address will be a scam. While I wouldn't be able to know for sure unless I saw the ad, a lot of times they can be exclusive listings. In which case you cannot go around the broker anyway. Also, some management companies absolutely do not work with potential tenants directly meaning that you cannot go around the broker, that could be the reason behind revealing the address.
Decent looking apartments in a decent neighborhood for $1,400 to $1,800, unless a small walk-up studio, are not likely to be real. Having the address does not make it fake, however, as the broker may have an exclusive, or the management company might rent direct (much preferable -- no fee). Check nybits.com. Co-op renting is not very common for Manhattan co-ops, which typicaly restrict or prohibit renting. If you do go that route, you may be limited in how long you can stay (often 1-2 years max).
I'd recommend finding a broker you trust and like and working with them. Mostly every single rental broker has access to the same listings, your experience will vary greatly depending on who you work with.
Streeteasy is actually a good resource for looking up buildings/comparing rents/looking for apartments. For the most part, they have updated listings..but they are better for apartments in Manhattan. You can use nybits.com to look up management companies that offer no fee listings. The problem with them is that they are almost always on the pricy side. Craigslist would probably be your best resource, but you'll need to learn how to tell fake ads from real ones. I took a look at Zillow, and I wouldn't use it. For one thing, there are a lot of spam ads. Also, I noticed that many of their postings say 20/30/40 days on the market..and that's definitely not accurate. Apartments in Manhattan go very fast, sometimes in a day, and it's very unlikely for an apartment to be still available after 30 days unless there is something completely wrong with it. I've used trulia with mixed results. The problem with it is it's impossible to tell how old listings are, and the locations are rarely accurate.
In general, I would say below 96th street you won't find anything decent below $1,800 (that number rises the further down you go). You might find a one bedroom in the yorkville area of the UES but it will be a very small apartment in an old walk-up building. Use the if it sounds too good to be true rule. You can compare rents anywhere on the Internet. If you are looking at a neighborhood where most rents are in the $3,000 range, you will never find something for $1,600 or even $1,800.
If you are on a budget, I would scratch Manhattan (at least below 96th) off your list.
It is a fake advertisement, BearMM is correct, cheapest studios go for $7000 at The Lombardy. It is a co-op building, not a rental.
I see rental units for under $2k available in neighborhoods of Manhattan below 96th street, so you don't have to count Manhattan out.
As for which search portals to use for your apartment hunt, it's difficult to say. There are legitimate and scam ads on every forum, including the mainstays- craigslist, Trulia & Zillow. Usually, this is where I chime in the cliche "if it's too good to be true..." line but there are some fantastic deals to be had, though they usually go very quickly.
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