Q: I’m shifting from Connecticut to Manhattan later this yr, and I’m involved about how one can time the transfer. My present landlord requires 60 days’ discover to maneuver out. However from what I’ve seen, most residences in New York should not listed till 30 days earlier than they turn into out there, and are rented even quicker than that. I’m additionally contemplating renting in a co-op or rental, and people approval processes appear lengthy. How do I time this proper so I don’t find yourself paying for 2 residences directly, or worse, giving up my condominium and not using a place to reside?
A: Most New Yorkers signal leases one or two weeks earlier than they transfer in, and listings usually seem on actual property platforms like StreetEasy about 30 days forward of time, with many items out there for rapid occupancy. This implies you’ll give discover at your outdated condominium and not using a new one lined up.
“When you’re 30 days out, it’s no time to panic,” mentioned Evan Osur, an affiliate dealer at Residing New York. “Even 15 days out, I wouldn’t panic too laborious.”
As an alternative, spend this time getting your geese in a row. The market will seemingly decelerate within the fall and winter, so rents could be slightly decrease and the bidding wars that outlined the spring and summer time ought to evaporate. You’ll have time to buy round. Spend this time homing in on neighborhoods you want and figuring out your funds. You don’t want to come back to the town to do that. As an alternative, take digital excursions on-line, contact brokers who focus on your most popular neighborhoods, and name property managers. Make contacts now to allow them to name you when the correct condominium turns into out there.
As you get nearer to the 30-day mark, collect your paperwork — current pay stubs, financial institution statements, references and details about your guarantor, if you happen to want one. “As soon as that’s all in place, every little thing strikes in a short time,” mentioned Brian P. Hourigan, a salesman at BOND New York Properties.
Take into account: Co-op and rental buildings play by totally different guidelines than typical rental buildings. A co-op software should be authorized by the co-op board, which usually meets month-to-month. Condos have a tendency to maneuver slightly quicker, however not a lot.
For these residences, give your self a 30- to 45-day cushion, although it may create extra complications. “You could make it possible for the lease-start day strains up,” Mr. Osur mentioned. If the board strikes quicker than you anticipated, “it could be a state of affairs the place it’s a must to pay hire and never reside there.” If it strikes too slowly, you might be left with out an condominium by the point you want one. (And a co-op may reject your software, leaving you scrambling.)
Nevertheless, most leases are in typical rental buildings, and because you’re working with a tough deadline, you might need to stick to properties that cater to renters.
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