Mr. Daniel Kahn This is Me

 Web References

1. 1. Citi-Habitats New York City Apartments - NYC Apartments - Manhattan Lofts, Real Estate Rental

   www.cityhabitats.com/press/vie - [Cached]

   Published on: 8/17/2006   Last Visited: 9/24/2006

   Today, only about one in 220 of these units are available for rent, according to a sales agent with DJK Residential, Daniel Kahn. "Inventory is so low that, even people who have the money, and have all the paperwork prepared, are still having trouble finding places," he said.
   
   So tight is the market in the one-bedroom category that it can be a challenge just finding listings to show clients, Mr. Kahn said. "We used to be able to go out and show clients 10 places, and now we can only show them, maybe, four."
   
   As a rule of thumb, New York landlords require their would-be tenants to earn a gross salary of 40 to 50 times the price of one month's rent. By those standards, a person looking to rent a $3,000 one-bedroom apartment would have to earn between $120,000 to $150,000, or else secure a co-signer to guarantee the rent will be paid. Mr. Kahn said he recently worked with a couple, both professionals in their late 40s, who had to secure a guarantor to seal a rental deal. "I'm constantly dealing with people who don't want to have to ask their parents," he said. "To avoid this, some offer to pay six month's rent upfront."
   
   While luxury one-bedrooms will generally run closer to $3,000 in areas like the West 40s, the East 30s, or the Upper East Side east of Second Avenue, an asking price of $4,000 is not uncommon in some of Manhattan's more sought-after areas, Mr. Kahn said. During the last six months of 2005, the average price of a one-bedroom unit in a doorman building in the West Village or Chelsea -two of the priciest rental neighborhoods - was more than $3,200, according to the "Black & White Report."
   
   The skyrocketing cost of a one-bedroom in a full-service building also means fewer people can afford to graduate to two-bedroom apartments. The lack of transfers further cuts down on the number of available units. "It used to be you could raise your budget $400 or $500 and get a bigger place," Mr. Kahn said. "These days, people are raising their budget, and they're not getting anything different."
   
   Even at the higher price points, Manhattan one-bedroom rentals are generally spoken for within five days, he said.