Rent Controlled To New Yorkers, the words rent controlled inspire a hushed reverence usually reserved for Oprah and people over 100. Basically, if you plan on staying long-term, make sure the actual monthly rent lines up with your budget. For example, this Prospect Heights one-bedroom is listed at $3,154, calculated from a gross rent of $3,785 and two months free. These types of listings usually also include the phrase net effective rent, which is what the rent comes out to after the concession and only for the duration of the lease.
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In real estate–speak, a concession is an advertised temporary rent reduction, like when a building offers one or two months free upon lease signing. (Basically, always read the fine print.)Ĭoncession No, this has nothing to do with that jumbo tub of popcorn at the movies.
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If a listing includes the abbreviation CYOF (collect your own fee), it means the broker might still expect a fee. When an apartment is advertised as no fee, it usually means the landlord is covering the fee-but there’s often a catch. No Fee If you’re apartment hunting, you’re undoubtedly familiar with the dreaded broker fee, that big chunk of cash you have to pay on top of your rent and deposit. The real deal accounts for only about 10 percent of the market (including this Williamsburg two-bedroom in a former Civil War munitions foundry). Of course, plenty of places try to mimic that loft appeal but aren’t true lofts. Typical characteristics include high ceilings, open layouts and big windows. Officially, a loft is a space originally built for industrial use (say, a textile factory) that was later converted to residences.
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Loft Not gonna lie: For a long time our association with the word loft hung primarily on Dan Humphrey’s apartment in Gossip Girl.