Saturday, March 17, 2012

2012 May Be the Year of the Starter Apartment

So the headlines of the last nearly 2 years have been how luxury homes (over $5 million) just don't seem to be slowing down... until they kind of have. I mean, at the very top end people will always have the money to buy. But now, according to a couple articles, family sized apartment sales have been slowing down.

Instead, it looks like the little guy is finally feeling a little more confident, and smaller starter homes are starting to finally move on the market.  It may not be all about the want to invest however, as Manhattan rents are starting to fly skyhigh again. All you renters, that means you don't have 48-72 hours to "think over" apartments. February, a traditionally slow month, saw very high rental activity.

When you're out shopping for apartments, you need your previous year's tax returns and/or W-2s, letter from your employer showing salary and tenure, 2-3 consecutive paycheck stubs, and bank statements showing enough reserves to pay all the move in costs (please don't send a checking account statement showing only $50; you are trying to prove you are financially qualified to pay rent monthly!). You may also need a copy of your ID, a reference or previous lease from your current landlord. Forewarned is forearmed: I would have quite a fortune if I were given a commission for every renter who missed out on an apartment they loved because they didn't take my advice and have all their paperwork close to hand.

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