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THE RENTAL PROCESS IN WESTCHESTER

Photo of Gail Fattizzi

Written By (Executive Director - Relocation Director, NYS Licensed Real Esta). Created on 05/28/2015.


Westchester's rental market and the process of renting a property in Westchester County and surrounding areas may be somewhat different than in other locales you have experienced. Here is some basic information to provide you with an overview of what you may expect.

Properties:
Westchester does have some complexes that are specifically rentals-only complexes. They are mostly located in the more urban areas of the county such as New Rochelle, Yonkers, Mt. Vernon, Tarrytown, Port Chester and White Plains, with others scattered throughout the county. Most are nearby to public transportation, mainly the Metro North train stations. Outside of these rental complexes, rentals can be found in condominium properties, co-op apartments, multi-family homes of 2 or more units, and single-family homes throughout the county. Each property is unique and offers different advantages.

The Process:
While some rentals are listed in our Multiple Listing Service(MLS) and the information is available to all agents, many others are proprietary listings offered through a specific real estate broker or brokerage, or through a building's managing agent, super, landlord or owner directly. Because there is no one single database for all rental listings, it becomes extremely valuable to work with a real estate professional who is a dedicated rental agent and is familiar with all area properties, has developed strong landlord relationships, and can best help you identify suitable rental properties.

Rental costs:
Rents can vary greatly depending on location, type of property, number of rooms & bedrooms, amenities offered including parking & laundry, maintenance & utilities that may be included, and terms of the lease. Rents in the Westchester market typically increase at least a small percentage year-over-year due to strong demand and limited availability. Studios can start at $900/month on the low end and go to $1500 , one-bedroom apartments usually start from $1200 on the low end, and two-bedroom apartments start around $1600 and can easily surpass $2500/month. Free-standing homes and newer or high-end luxury apartments in good locations and with upscale amenities are usually the priciest. It's not uncommon for a spacious 4-bedroom home in Westchester to rent for $5,000 - 6,000/month or well upwards of that, again dependent on location, condition, amenities and terms. All rentals will require a security deposit, usually a minimum of one month's rent. Additional security may be requested based on factors such as specific building or landlord requirements, pet deposits, tenants' credit, or other considerations. In some buildings there may be other fees such as move-in, move-out or Board application or review fees. Your agent will share with you the costs and fees specific to each property.

Broker's fees:
In some cases, broker's fees for rentals are paid by the tenants and in some cases by the landlords, or some combination of both. Broker's fees are variable and negotiable. You should have a discussion with your agent up front so that you understand your choices and obligations under any agreement you come to.


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