It looks like rental prices across the city have peaked, and slow season has officially begun, according to the just-released MNS November 2012 Manhattan Rental Market Report. (Interestingly, Harlem is the only neighborhood that saw increases.)
If you’re trying to rent out your place in the next month or two, you may want to:
1. Appeal to
renters who don’t meet standard job and income requirements. Landlords small and large can broaden
of acceptable renters at no extra cost–or risk–by permitting renters to use an institutional guarantor like Insurent Lease Guaranty. This means you can consider students, international renters, freelancers etc., who may make responsible tenants but don’t have the income/job you would like to see, a U.S. credit history, the cash to pay a year’s worth of rent upfront, and/or rich nearby relatives willing to guarantee their lease.
As the landlord, you pay nothing for the rent payment guarantee, and it just takes you a few minutes to set yourself up to accept Insurent; renters apply directly to Insurent and pay somewhere around a month’s rent to guarantee their lease. Bonus: Besides increasing competition for your apartment, you don’t have to lose a wink of sleep over the potential nightmare of a defaulting tenant.
2. Offer concessions. You may want to consider ‘sweeteners’ like paying the cable bill, covering gym fees, the broker fee and/or any application fees to your co-op or condo and maybe even a free month’s rent. It can incentivize people to get moving when things are slow.