Whether you’re a couple searching for the perfect second bedroom for a new nursery, a college student wanting to move into your first real apartment with your best friend, or a young professional who just landed in the city searching for a fancy new job and a roommate to split the rent, you’re most likely all looking for the perfect two-bedroom apartment. Two-bedrooms tend to be the most highly-demanded units in Manhattan, with the price tags to match. The average rent for a two-bedroom apartment without a doorman in New York City is currently $4,234, which is a 0.5% increase from last year. If you’re looking for a doorman, prepare to pay on average $6,135 a month, a huge 6.2% increase from the year before.
Sound daunting? Not to worry. As experts of the Manhattan real estate market, we at Platinum Properties have come up with a few tips to help you find the best two-bedroom for the best price. Follow our guide and you’ll end up in the ideal apartment for you.
Know your budget.
Before even thinking about whether you prefer laundry in your unit over a private balcony, or if you’d rather live in FiDi rather than Turtle Bay, know how much you’re willing to pay for any apartment. This will help you narrow down which neighborhoods you should search in, which amenities are in your price range, and which other factors you’re ready to compromise on or absolutely have to have. Remember, you shouldn’t spend more than 30% of your income on rent.
Keep your options open.
Speaking of FiDi over Turtle Bay, try not to have your heart set on any one particular neighborhood. While knowing what—and where—you want to live will make your search quicker, easier, and a lot less overwhelming, you have to keep in mind that the perfect two-bedroom apartment in SoHo with views of the Freedom Tower may not exist. However, that perfect apartment with all your ideal amenities could exist, just in Midtown East or steps away from the exciting new Brookfield Place. The moral of apartment hunting is to be flexible and weigh your pros and cons of amenities versus neighborhood.
Get your timing right.
Trying to find a two-bedroom apartment at the same time as a thousand other people in Manhattan is sometimes unavoidable. But if possible, wait until the calm after the storm. Demand, and therefore cost, is higher in the summer. Waiting until after Thanksgiving can pay off. In addition to lower prices, building owners may offer incentives, such as one month of free rent, to fill units off-season. The only downside is that there are generally fewer available apartments in the winter months than in spring and summer because less people are moving out too.
Real estate in Manhattan is one of the fastest-moving markets in the world. After all, who wouldn’t want to live in New York? When you put in an application for an apartment, you’re often not the only one. Have all your necessary documents ready to go and make sure you’re financially prepared to submit your security deposit and first month’s rent. The second you find the right apartment, make your move. Taking a day or two to make your decision could result in the landlord handing off the keys to whoever’s next in line.
Partner up with an experienced broker.
Platinum Properties are experts in the real estate market. We know how to help you determine your budget, when and where you should be looking, and how to move fast to get you where you want to be. Most importantly, we know how to find you the perfect two-bedroom apartment—so you don’t have to. Get in contact with our team of friendly and professional agents today to begin your search.