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CBS MarketWatch.com
July 22, 2024

By Colleen Bazdarich, CBS MarketWatch Last Update: 5:35 PM ET Jul 22, 2024 NEW YORK CITY (CBS.MW) -- Let's face it: If you're in your 20s, all those stories about finding a "dream house" just aren't for you. In today's market, you're lucky to find even a hole-in-the-wall apartment. And then, of course, you may not be able to afford the rent. A low-end one-bedroom apartment in New York's East Village will cost about $1,400 a month, according to national online broker The Apartment Store . Renting is also tight in some parts of San Francisco, where only about 2 percent of apartments are available at any given time. San Jose, Seattle and San Diego are other cities where you might have to fork over hot money for lukewarm flats. There are some "deals" out there -- you just have to know how to find them. And then how to secure the lease. In housing crunch cities, landlords aren't scrounging for tenants. In fact, they're getting the pick of the litter. If you're just out of school, with limited rental and employment history, it's important to present yourself especially well to the landlord ... or someone else will. So how do you get that charming studio in a tight rental market? CBS.MW talked with renters, agents and landlords to give you this guide to apartment hunting in your 20s.

You're not alone

Job one is to find an apartment where you want to live. To start your search, you have plenty of options. You can check newspaper classifieds, browse online classifieds such as the ones you'll find on Yahoo, pay a minimal charge to a broker who will supply you with listings of available apartments, or hire a high-cost broker to do the hunting for you. Also, don't forget the power of friends or other personal connections: They may know someone who's ditching their place. At online agencies, apartment hunters can browse listings from their personal computers and even take a cyber-stroll through their favorites. For people looking for rentals in another city, obtaining the apartment cans become a strictly online event-- right down to the lease agreement. "It is amazing how the Internet has made (apartment hunting) easier. A lot of time and effort can be saved online," says Jeff Charney, vice president of marketing for HomeStore, owner of nationwide apartment agency Spring Street.

Your broker

Once you've found your apartment search engine of choice, you must decide what kind of place you need. Barry Feinsmith, president of The Apartment Store , says he's amazed at how few people prepare for their search. They often don't even know what their ideal apartment situation is or how much they can afford.Before you head out into the real world, make sure you have decided these vital stats. Creating a budget can save you time and headaches. Once you know what you want, experience will help you decide what you can get. You're probably not going to find a three-bedroom loft to share in New York City for $500 a person, but you should be able to find a place that can satisfy your basic needs. Be practical about your requirements. Feinsmith says that some customers mistake him for Houdini. "People call and say, 'I want this kind of an apartment for this price in this neighborhood.' You ask them, 'Have you ever seen any apartments like that for that price?' The answer is always 'Well, no.' I say, 'Well, who do you think we are ... magicians?' Nothing magically appears." Doing your homework will help in the realism category. If you're moving to a city from another part of the country, look at the prices in the area before leaving home. You may be surprised at the drastic differences in the housing markets. Also, decide which neighborhoods will suit you. Talk to friends who live in the city or look through the descriptions that online agencies give. Keep in mind, too, that cities can change quickly -- if your great aunt lived in San Francisco 30 years ago, she may have no idea what the Mission area is like now. Next, make a list of things you absolutely cannot do without. Maybe giving up a laundry room or a garbage disposal is worth not having to share a bedroom. Or maybe a parking space is worth more than a half bath. You may be able to find a place with all these little luxuries, but get your priorities straight in case you don't.

Kissing up to the landlord

Last week my roommate and I found the place we wanted. We knew from the moment we walked in that we'd like living there. It had all the features we considered essential, plus a few amenities. It was lacking a few things too, but we could do without. Right away we were worried. If we liked it, how many other people did? Maybe they have better references, higher salaries. How could we put our best foot forward? Who better to ask than a landlord. Hoover Ng, an apartment owner in San Francisco, says that after he holds an open house and sifts through the applications, he has anywhere from a half-dozen to a dozen people seriously interested in each place he puts up for rent. He has to choose his renters based on very slim criteria -- and making a good first impression is critical. When it comes to looking good for the landlord, Ng, Feinsmith , Charney and Mike Thystrup from Rent Tech, another online rental agency, all had similar advice:
  • Don't be a bum. Open house is not the day to emulate Jeff Spicoli from "Fast Times at Ridgemont High." No shoes, no shirt, no service, as Brad says. "I am a pretty casual guy," says Ng, "but you have to dress appropriately. I don't want to see the guy with an ankle bracelet and ten different hair colors." Come prepared. A landlord wants to find someone who looks reliable and financially stable. You want to look smart and competent -- you know, like you actually have your life together. It made sound a little crazy, but many agents recommend that you treat this like a job interview. Bring a resume and recommendation. A credit report and a checkbook indicate you mean business.
  • Make up your mind. Submitting an application isn't marrying the apartment. If you like an apartment but aren't sure... submit an application anyway. Too many young apartment hunters lose a place because of procrastination. They go for coffee or sleep on it, and by the time they realize they want the apartment, it's gone. If you want a place, go for it. You can always change your mind before you sign the lease.
  • Be persistent. If you want a place, make sure the landlord knows that. Don't call just once. Feinsmith recommends calling every three hours until you get a positive or negative response from the landlord. Ng definitely agrees that the squeaky wheel gets the grease. "I don't want to be bugged, but I always respond to the person who shows how interested they are."
  • Of course, be friendly. Thystrup says that many people just get so caught up with the headaches of apartment hunting that they come across badly during the open house. You may be tired or frustrated after a long day of looking at places, but don't be rude to the landlord! If all applicants are financially equal, a landlord is probably going to choose the person who seems friendliest.

The role of lady luck

In the end, getting a great apartment may mean stocking up on rabbits' feet: Sometimes it all comes down to luck, or fate, or happenstance. Charney found an apartment he liked a few years ago in a tough market in Cambridge, Mass. Forty other people wanted it, but he won out. His strategy? He had none. While waiting for an interview with the realtor, he sat down next to another prospective tenant who he noticed looked especially scruffy. They talked for a few minutes about his job and life in general. After a while Charney realized he was late for a meeting and had to leave, but expressed regret to his companion that he would have to give up the opportunity to live in the place. His partner on the couch looked over to him and asked if he really wanted the place. Charney said yes. The man looked at him and said, "Jeff, I think you'll get it. Don't worry." Charney had sat down next to the right guy. Turns out the owner of the building regularly dressed down and pretended to be a apartment hunter so that he could learn first-hand about the people who were looking to rent his place. Charney had found the golden lease jackpot, the landlord in disguise.
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