As I hunch over my laptop, scrolling through endless Zillow listings, I’m struck by the stark contrast between my dreams and reality.
In this strange digital bazaar, with too many tabs open and all my hopes tethered to a screen, I find myself trapped in a cycle of disappointment. Maybe I’m one click away from breaking the monotony. Maybe I’m searching for something that does not quite seem to exist.
Finding a new place to call home was disheartening and as absurd as it was frustrating — and that is to put it mildly. If the listings were not outright scams, their prices seemed hopelessly unattainable for anyone with a semblance of financial sense. How else could a two-bedroom, flex-three, fourth-floor walk-up with a “view” of a brick wall go for nearly $5,000 a month? My friend and I half-jokingly debated launching a GoFundMe to afford something that would not make us question whether having a bathroom sink that doubles as a kitchen sink is really worth it.
How did I end up in this rabbit hole? Let’s rewind to April 2024; the prospect of renting an apartment with friends from college felt like a pleasant mix of adventure and advancement into adulthood. My friend and I had a Pinterest-perfect vision, featuring impromptu movie nights or attempts to host dinner parties, where we would try our hands at Beef Wellington and French macarons that would either impress our friends or send them running for takeout.
Unsatisfied with the status quo, I decided to investigate the realities of the housing market.
But as summer rolled around, my phone rapidly transformed into a stream of notifications from every apartment listing site imaginable. Though I must admit, the subject lines of a select few were undeniably compelling. After all, which Swiftie could overlook the charm of “The Eras Tour: Home Edition”?
Apart from clever marketing, it is no surprise the New York City housing market has evolved into a series of obstacles. Access to housing is a fundamental human right, but it has now become a privilege rather than a necessity. Finding affordable housing should be a straightforward journey even without a real estate agent, but it is often overly complicated.
Unsatisfied with the status quo, I decided to investigate the realities of the housing market.
While the conventional wisdom suggests that “getting an agent” is essential, many college students do not have an extra month or two of rent readily available to pay a broker. For instance, renting a $4,000 one-bedroom apartment would come with a broker’s fee of approximately $7,200, or 15% of the annual rent. To make matters worse, future tenants may still find themselves paying a broker they never hired.
Exorbitant prices aside, the next time people browse listings, they might want to compare the actual number of available options with what is shown. Shadow inventory, or hidden properties, occurs when there is a lack of transparency regarding available rentals. While it is easy to blame high rents for the perceived shortage, what people see when searching for apartments is only a fraction of what is available. Deborah Nyasha Peters, a real estate agent in New York, reveals on LinkedIn that the public fails to notice thousands of ready-to-rent vacant apartments every day. Additionally, while the official report from the U.S. Census states that apartment vacancy rates are as low as 1.4%, this figure fails to account for the countless unlisted units, including vacant apartments that landlords simply do not bother to advertise.
While searching for apartments around Lincoln Center, I noticed a less visible factor exacerbating the housing crisis: the pied-à-terre phenomenon. This trend involves wealthy individuals purchasing luxury apartments as investments or second homes and leaving them unoccupied for most of the year. These units sit vacant in high-profile locations like the Billionaires’ Row — home to some of the world’s most expensive real estate — and serve more as financial assets than residences. These apartments not only inflate property values but also gentrify entire neighborhoods.
The best time to look is between November and March when rents are generally lower, so there are more options to choose from.
Like many New Yorkers, I began my apartment search on StreetEasy, which is recommended as a credible platform for finding rentals in the city. However, despite its popularity, I found StreetEasy to be highly inefficient. Most listings allow one exclusive agent per building, which limits options for renters, discourages competition and prolongs the search for available apartments, causing potential tenants to miss out on units listed by other brokers. Not to mention, renters often complain that the listings on StreetEasy are sometimes neglected, and in many cases, apartments that appear available have been off the market for months. The platform’s filtering tools also leave much to be desired, often failing to accurately display relevant results for basic preferences like price range or amenities.
While navigating the housing market can be challenging, here are some key insights I wish I had known during my apartment search.
- Set a realistic budget. A good minimum to have is around $1,500 per person/month. Finding at least three roommates can also help split costs and widen your search options.
- Be cautious with offers to “rent a room.” While it may seem like an irresistible deal, sharing with random strangers can lead to unpredictable conflicts. Plus, good luck getting any maintenance issues fixed!
- Do not underestimate word of mouth. Your friend’s cousin’s sister might know a landlord with your future apartment. Spread the word!
- Search during the off-season. The best time to look is between November and March when rents are generally lower, so there are more options to choose from.
- Watch out for hidden fees. The last thing any tenant wants is to pay a person they tried so hard to avoid.
Bonus Tip: Do not trust everything online, especially on TikTok! After encountering a range of dubious characters who target desperate apartment hunters, I can assure that staying vigilant will serve you well in this market.
Although I walked away from this experience apartment-less and sentenced to a semester of commuting, I’ve come to realize that maybe “home” does not necessarily mean finding the perfect space, at least not for now. The dream apartment may still be out there, but until then, I am learning that home can also be the people you surround yourself with, the memories you create or even the hopes that keep you searching. But hey, if you’re reading this and happen to know of any available apartments, seriously, help a girl out!