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Manhattan Rents Are Up And Vacancies Are Down As Market Interest Surges

By Allison Halliday | September 21, 2011

Summer is fading fast, and demand for the perfect rental property is surging as many buildings are seeing an increase from both renters and brokers. The latest edition of the Manhattan Rental Market Report shows rents are increasing and vacancy rates are declining to levels of less than 1%.

Manhattan apartments for rent

Interest in renting in Manhattan is soaring © smartscrutiny -

People are choosing to rent while the economy remains uncertain and the financial markets continue to look unstable. Daniel Hedaya, President of Platinum Properties offers tips on finding the perfect rental, and getting accepted as a tenant. According to him it's essential to come prepared with all the necessary paperwork. This should include a letter of employment and bank statements to show landlords, as well as a letter of reference from a previous landlord. He points out its essential to make sure this letter acknowledges proper care of the residence and timely rent payments were made.

It's all too easy to wonder around lots of different rental properties with no clear picture of what you need, wasting valuable time, so Daniel Hedaya stresses the need to be specific about the type of property you are looking for, or to at least have a good idea of essential amenities you need. What he suggests is that those looking to rent make a list of all the must-haves they require. In addition, he also says it's essential to make sure you take into account the time and money spent commuting to and from work and to favourite evening and weekend haunts (location, location!).

If you're renting with someone else, then be sure to bring along your roommate and make sure you both have a clear picture of what you're looking for, as well as a consolidated list of must-haves. Renting with another person requires discussing the finances and how the bills will be split before you move in together, and to make sure you both understand the terms of the lease.

Daniel Hedaya recommends using a broker as they have specialized knowledge of the most exclusive apartments available for rent and are able to prescreen homes saving time and energy. They also have access to properties that offer more value for money. A lot of people try to visit too many apartments in one-day, and Hedaya points out that four is probably about the maximum before they all begin to blur together.

Platinum Properties was established in 2005, and is a real estate services firm based on Wall Street in New York City with locations in midtown Manhattan. It has a staff of around 65 agents, and manages over $150 million worth of real estate.

Allison Halliday is a Realty Biz News contributing writer. She handles International Real Estate and is a seasoned blogger.
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