subject: Renting NYC Apartments Versus Owning Them [print this page] According to experts, renting NYC apartments may make better sense than owning them in many instances. Financial guru Suze Orman says that there are many hidden costs to home ownership that you simply do not accrue as a renter. She says further that if you are not careful, owning a home can become a financial nightmare, whereas there are few financial strings attached to those that are rented. Orman also says that there is no guarantee that a housing investment will end up as positive equity. Others point out that renting an apartment is trouble-free because the property manager takes care of the integrity of the residence, while if you own, you are largely the one saddled with all of the property's problems. Experts also say that it definitely is wiser to rent when you are just trying a location out and do not plan on living there for over seven years, or when you are using the location as a vacation home. If you want to have the option of packing up and leaving at any time with relative ease, renting is also advisable.
Once you decide to rent, searching through NYC apartments becomes relatively easy. Listings for rentals can be found online at such sites as related.com and relatedrentals.com, as well as in print publications like the New York Times. Companies that own and manage their rentals are your best bet, as maintaining their property is in their own self-interest. Wherever you choose to rent, you should make sure that those who manage the property have consistent rent collection procedures, detailed leasing contracts and prompt response times to tenant requests (within 24 hours). You can find this out by conducting research online, or by actually going to the apartment buildings and asking tenants about their experiences.
Monthly rent for NYC apartments varies widely, and is dependent on a number of factors, including neighborhood, size, and amenities and features. Luxury NYC apartments are usually situated in some of the city's trendiest neighborhoods ranging from Battery Park City to the Upper East Side. They offer the ultimate in comfort and convenience with such amenities as lushly landscaped rooftop sun terraces, well-stocked children's playrooms and pet spas for residents' four-legged friends, as well as complete on-site fitness centers. These luxury addresses can also offer services ranging from electronically-verified in-home package delivery to early notification of apartment purchase opportunities. Renting one of these luxury properties really offers the best of both worldsa feeling of pride comparable to ownership, but with none of the inconveniences and problems associated with it.
