How Much Can I Rent My NYC Apartment For?

Asking rent, signed rent and net effective rent

Listings show asking rents. What matters is the signed rent in comparable leases, which can be lower or, in a tight market, higher. When an owner offers free months, the lease states a gross rent, while the net effective rent spreads the concession over the term: on a 12-month lease at $6,000 with one month free, the tenant pays $66,000 over the year, or $5,500 per month on average. Compare like with like.

What drives the difference between two similar apartments

Building: doorman, elevator, amenities, reputation, age and condition of common areas.
The apartment’s line and floor: exposure, light, views and noise often explain more than square footage.
Layout: a true second bedroom with a window, a home office, storage and washer-dryer.
Condition: kitchen and bathrooms, floors, windows, air conditioning.
Terms: start date, lease length, furnished or not, pets, flexibility on move-in.

Where good comparisons come from

The best references are recent leases in the same building, then in comparable buildings nearby. Active listings show the competition a tenant sees today; listings that have been on the market for a long time show which prices did not work. Raphael uses the data available to him as an agent and explains which comparisons he used and why.

Timing and the price of waiting

Each month without a tenant costs a month of rent plus carrying costs. A slightly lower rent that leases quickly can produce more over the year than a higher asking rent that sits. Seasonality also plays a role in many neighborhoods. Adjust the price on evidence, such as the number and quality of showings and applications, not on impatience.

What to send for an estimate

The address and apartment number, the layout, recent work, whether the apartment is furnished, occupied or vacant, the date it can be available and any building rule you already know. Photos help.

Request a rental estimate