Coliving is one of the best options out there for short-term rent.
Have you ever thought about renting out your apartment in New York City to tourists, travelers, or even to other locals for a few days? It’s not the same as Airbnb. The concept is called coliving and there are more options than ever in NYC. In fact, it’s becoming a real trend.
In the last decade, rental rates in New York City have increased by more than a third. In Manhattan, the usual cost of a one-bedroom apartment is around $3,095 per month. However, great options for short-term rent that are comfortable and convenient don’t have to break the bank.
New York City is the most populous city in the United States. It offers renters an almost endless range of apartment options, neighborhoods and landmarks to explore. But the city doesn’t hold the monopoly on renting spaces. You can find great apartments across virtually any state or locality that offers some sort of rental market. Short-term rent might be one that you’ve heard about but aren’t quite sure what it is or what it entails. You can do your own search for weekly rooms for rent in Brooklyn from a well-known company.
Fortunately, this article will detail what short-term rent is all about, along with some pros and cons of considering it as a potential living arrangement for yourself.
Finding a legal short-term rent
In New York City, there is a lot of demand for short-term rental properties. The demand for such properties is, in fact, so high that there are just as many licensed real estate agents who specialize in short-term rentals as there are of those who specialize in regular residential properties.
A short-term rental is any property rented for less than 30 days. If you have your own place, you can probably rent it for less than 30 days. But, if you have rented a place before, it’s almost certainly not a short-term rental. The most common type of short-term rental is a vacation apartment.
Short-term rentals are regulated in some cities, but most of us live in places where no restrictions apply. In NYC, for example, short-term rentals are legal, but the city doesn’t set any rules about how to rent one. Most places don’t even have a permitting process. It’s perfectly legal to advertise one of your apartments as a short-term rental.
Licensing
Most places that accept short-term rentals have some kind of license. These licenses reduce the risk for you. They usually require the owner to have a fire inspection, which protects you. And they often require the owner to have insurance, which protects you.
The most experienced short-term rental owners I know don’t rent to strangers. They rent a unit to someone who is a friend of a friend, or to a family member. The friends of a friend or relatives are screened by the owner. If the friends of a friend or relatives can’t be found, the owner has to rely on screening by a reputable short-term rental agency. The agencies screen applicants, but they still allow some people to rent.
Some short-term rental agencies charge a management fee. The fee is usually a percent of the rent, and it’s usually paid monthly. The fee is designed to cover the agency’s costs, including marketing, screening, and the cost of answering the phone. In NYC, where short-term rentals are legal, the agencies do all the screening.
Common red flags to watch out for
If you think you are being scammed, here are some questions to help you spot it:
- Does the apartment have “No Broker Fee” in the ad?
- Is the ad on an apartment website? (It’s harder to fake an ad on a website, and the website will usually check to make sure it’s legitimate.)
- Is the broker’s phone number in the ad? If not, it may be a “No Broker Fee” listing, but if the broker is not licensed, or is not advertising the property himself, the agent’s phone number may be fake.
- Does the broker have a license? (There are many brokers with fake licenses.)
- Does the broker have a business license, such as a DBA? (There are many brokers with fake DBAs.)
- Is the email address in the ad valid? (If not, it’s a fake.)
- Is the broker’s name in the ad the same as the broker’s name on the license? If not, it’s a fake.
- Does the broker have a professional website? (If not, it’s a fake.)
- Is the broker’s posting on LinkedIn? (If not, it’s a fake.)
- Is the name/address/phone number of the broker the same as the broker’s name, address, and license number? If not, it’s a fake.
- Is the broker licensed? Check both the state and city websites.
Final thoughts
To make sure you’re well-informed before you commit to a rental, check the listing carefully. Most rentals feature photos, floor plans, and a detailed description of the building and its amenities.
In New York, most rentals are buildings, not individual apartments, so it’s important to consider how well the building fits your needs. If you expect lots of visitors, for example, a building with a doorman may be better. If you’re planning to stay for only a few months, however, a building with an elevator may be fine.
Finally, consider how much time you want to spend dealing with the rental process. A 24-hour hotline can save you a lot of time, but it may not be necessary. Most listings include contact information, so you can call if you have questions or a problem.
