{"id":1853,"date":"2014-06-02T08:57:12","date_gmt":"2014-06-02T12:57:12","guid":{"rendered":"http:\/\/www.renthop.com\/news\/?p=1853"},"modified":"2023-07-24T14:06:27","modified_gmt":"2023-07-24T18:06:27","slug":"using-renthop-to-find-your-next-place-a-first-hand-account","status":"publish","type":"post","link":"https:\/\/www.renthop.com\/blog\/using-renthop-to-find-your-next-place-a-first-hand-account\/","title":{"rendered":"Using RentHop to Find Your Next Place: A First-Hand Account"},"content":{"rendered":"

We believe RentHop <\/a>is a great tool for finding and renting your next apartment. When the time came for me to find a new apartment in New York, it was obvious that I should use RentHop to find it. This is my first-hand account of my experience using our site to find an apartment. Spoiler: it worked!<\/p>\n

Step 1: What do I need, and what do I want?<\/b><\/p>\n

I needed a studio or one bedroom. My priorities were: finding an apartment with a rent concession (where the owner pays an inducement to the renter); completing the search quickly; keeping my rent low (no more than two-thirds of my previous rent); and keeping my commute under 30 minutes by mass transit. I also had some nice-to-haves \u2013 I wanted to remain on the east side of Manhattan <\/a>if possible, to have a super on-site (or a doorman), and to have a dishwasher, gas range and full-size refrigerator. When I started I was still working out my move-in date.<\/p>\n

\"2014-05-29<\/a>
My life in boxes<\/figcaption><\/figure>\n

Given my tight timeline I was willing to pay for a manager to guide my search. It was important, though, to offset that with a rent concession.<\/p>\n

Step 2: Picking out apartments \u2013 and neighborhoods \u2013 that fit<\/b><\/p>\n

I first used our Rental Heatmaps<\/a> to find neighborhoods with a decent selection of studios and one-bedrooms in my price range. I looked for neighborhoods where the median rents for studios and one bedrooms were at or around my target. Neighborhoods where my target rent was at or near the 25th<\/sup> percentile for rent would have too few choices (sorry, SoHo and TriBeCa), while neighborhoods where my target rent was at or above the 75th<\/sup> percentile for rent were either too far (East Harlem, Fort Greene) or just not what I wanted (no offense intended, Upper East Side).<\/p>\n

Of the several neighborhoods that fit on the Heatmaps I did some research<\/a> and came up with four \u2013 Lower East Side, Gramercy, Murray Hill and Kips Bay. I then did two searches on RentHop for a studio or one bedroom in those four neighborhoods with my maximum rent, one with \u201creduced fee\u201d<\/a> and one with \u201cno fee\u201d<\/a> checked in the filters. Sticking solely with apartments whose HopScores were above 85, I found several apartments that worked.<\/p>\n

I read each of the apartment descriptions closely to confirm that it made sense. I then reached out to five managers with the same message \u2013 my name, contact info, expected move date and a request to be contacted back. (I didn\u2019t tell any manager at this stage that I work with RentHop.<\/p>\n

Step 3: Contacting managers<\/b><\/p>\n

I got quick responses from three of the five managers whom I emailed. Of those three, one asked me to reconnect when I\u2019d set my move-in date. Another agreed to meet me at the apartment about which I\u2019d emailed \u2013 a studio in Gramercy \u2013 the following day. He also asked some questions so that he could pick out more apartments for me. He noted that landlords offering concessions often charge higher rents to make back the cost of the concession. (Apparently there\u2019s no free lunch.)<\/p>\n

The third asked that we meet at her offices. The goal was to pick several apartments that we could see quickly. She also gave me a list of documents I\u2019d need to have so I could apply quickly.<\/p>\n

Step 4: Seeing the places<\/b><\/p>\n

I met the manager showing the Gramercy space on the afternoon of the third day, a Tuesday. We met on the steps to the building, where we spoke briefly and I completed the agency agreement (so that if I rented an apartment he showed me I\u2019d pay his broker\u2019s fee). We then looked at the apartment. I realized immediately that my priorities had to change \u2013 the apartment was way too small for me. It turned out that I hadn\u2019t really understood what I needed in my new space until I saw some spaces. The manager had one other apartment in the Lower East Side that fit, but it had no concession, it was quite small and he couldn\u2019t show it that day.<\/p>\n

I met with the third manager and her partner at her offices on the morning of the fourth day, Wednesday. My original requirements weren\u2019t right, so we widened the search. The managers felt strongly that there were apartments in Midtown East with good landlords that would fit my needs. I agreed to see some of those apartments along with some further south. The managers put together a list of six apartments for me to see, and we went to work. (We had only a few hours to see everything. There\u2019s a lot going on at RentHop!)<\/p>\n

We started in Midtown East and worked south. While we viewed apartments, she and her partner texted back and forth to answer my questions. Turned out that the Midtown East apartments were a great fit \u2013 the bus and subway were convenient and the apartments themselves were spacious, especially compared to what I\u2019d already seen.<\/p>\n

We saw all six apartments in short order, and I settled quickly on a second-floor studio in Midtown East<\/a> in a doorman\/elevator building with a concession. It didn\u2019t have a dishwasher or full-size fridge, but I didn\u2019t want to be too choosy. I gave my documents (which I\u2019d already assembled thanks to her helpful list) to the manager, who prepared and sent the application that day.<\/p>\n

\"My<\/a>
My new home!<\/figcaption><\/figure>\n

Step 5: Negotiations<\/b><\/p>\n

With the application submitted, the only things left to do were to wait \u2013 and negotiate the broker\u2019s fee. The standard broker\u2019s fee in New York is 15% of the first year\u2019s annual rent. With the concession covering broker\u2019s fee equal to 8.33% of the first year\u2019s annual rent, we were left negotiating over the remaining 6.67%. With some skillful back and forth we ended up with a broker\u2019s fee of 11%, which meant that I was only paying 2.67% of the first year\u2019s annual rent out-of-pocket to the broker. Score!<\/p>\n

While the manager and I negotiated the fee, the manager negotiated with the landlord. I was a solid candidate for the apartment. However, this landlord usually requires new tenants to move in within ten days of lease signing; I wouldn\u2019t move in for over three weeks. The manager got the landlord to accept my application and agree to end-of-month move-in, a win that saved me over $1,000 in rent.<\/p>\n

Step 6: Lease signing<\/b><\/p>\n

On the morning of the sixth day I went with the third manager to the landlord\u2019s offices to sign the lease. She patiently sat with me while I reviewed the entire lease in detail and worked through my questions with the leasing agent. The process took over an hour, but the lease was signed and I had a new apartment.<\/p>\n

There you have it. In six days\u2019 time I identified the apartments I wanted to work with, found several good managers, saw a bunch of apartments, found a great one and rented it. RentHop was an important part of the solution \u2013 along with being prepared, listening to the broker\u2019s advice, and being decisive. It works!<\/p>\n

________________________________________________________________<\/p>\n

There are some important questions to ask when you’re looking at apartments<\/a>. I’m glad I had this list!<\/p>\n

Recently we wrote a blog post detailing how RentHop deals with “ghost listings”<\/a>. Worth a read if you’re searching for a place.<\/p>\n","protected":false},"excerpt":{"rendered":"

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Spoiler: […]<\/p>\n","protected":false},"author":1,"featured_media":1858,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-1853","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-renthop"},"yoast_head":"\nUsing RentHop to Find Your Next Place: A First-Hand Account - Real Estate Topics, Tips, and Guides<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.renthop.com\/blog\/using-renthop-to-find-your-next-place-a-first-hand-account\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Using RentHop to Find Your Next Place: A First-Hand Account\" \/>\n<meta property=\"og:description\" content=\"We believe RentHop is a great tool for finding and renting your next apartment. 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