Apartments in new york, almost 66% of all residents are renters, according to the 2000 US Census. This equates to an average vacancy rate of about 3% at any given time. Because there is always intense competition for housing space, the rental market in the New York area has characteristics you won't find anywhere else in the US.

This brief article will introduce you to the various ways that most people look for rental apartments in New York City.

The Role of Brokers... It has been traditional in New York for renters to use the services of a broker to find their apartment. This is because unlike most places in the US, landlords Apartments in new york rarely advertise their vacant apartments. They don't have to spend their money on ads because real estate brokers are happy to assume that expense in exchange for being able to collect a hefty brokerage fee from the renter when a lease is signed. (It is illegal for an apartment owner to charge a fee to rent his/her own apartment.)

Most NYC brokers do not share their rental listings with other brokers because there is no true Multiple Listing Service (MLS) in New York for rentals that all brokers belong to. As a result, the market is extremely fragmented. Using the services of a broker to find an apartment is no guarantee that you will ever truly know about all the apartments on the market that fit your price, neighborhood, and size desires. Also keep in mind that if a NYC broker finds you an apartment, you will most likely have to pay a broker's fee (commission) equal to about 15% of the first year's rent. That's almost two month's of rent! Ouch!

FACTOID: Rental brokers tend to specialize in one limited area because New York is a big city and it takes too much time to go to all Apartments in new york area neighborhoods with potential renters. The broker's convenience is more important than your convenience because Time = Money. Therefore, a broker will expect you to limit your apartment search to the neighborhoods closest to the broker's office.