Vertical living: The rise of the rental apartment

Long Beach apartments for rent. (January 26, 2010)

Long Beach apartments for rent. (January 26, 2010) (Credit: Bruce Gilbert )

Given the difficult economy, some are deciding to rent instead of buy. And many are flocking to apartment buildings with three floors or more.

That's the case at the moment on Nassau County's South Shore, says Joyce Colletti, licensed sales agent with Prudential Douglas Elliman in Long Beach. "Renting in low-rise buildings offers people the feeling of safety, with neighbors right next door if they need them, appealing to young women and senior citizens," says Colletti.

Most apartments are near a Long Island Rail Road station in a downtown area, making them appealing to young professionals who commute and are saving up to buy a home, but want more of a city-feel nightlife. Some come with amenities, such as an in-building gym and doorman service.

"We need more low-rise rental buildings designed around transportation, especially if we want to keep our young professionals from leaving the area and relocating to places with more housing options," says Pearl Kamer, chief economist with the Long Island Association.

Apartments are being grabbed up less than 30 days from being listed on the market, says Dougall Fraser, senior vice president and manager with Daniel Gale Sotheby's International Realty in the Garden City and Cutchogue offices.

On the North Shore of Nassau County, the demand for rentals is up 15 percent over last year, says Wendy Sanders, licensed sales associate at June Shapiro Realty Laffey Associates in Great Neck. "Rentals that are priced right can be gone in a day," she says.


>>Photos: If you want a house for $250,000
>>Selling tips: Advice from real estate experts to help you sell your home
>>Buying tips: Experts offer pointers to help you navigate today's homebuying process
>>Money: Learn more about mortgages, taxes and other real estate money matters
>>LI Real Estate search: Click here to find the latest listings and prices on homes in LI.


schoolgirl

CORAM

RENTAL PRICE $1,870

LOCATION 1 Charles Pond Dr.

SECURITY DEPOSIT One month's rent

PETS Yes

NUMBER OF FLOORS Three

FEATURES Two bedrooms, two bathrooms, washer-dryer in the apartment, walk-in closets. The Avalon at Charles Pond community, where this is located, offers an outdoor pool, fitness center, clubhouse, gardens with barbecue and picnic areas, nature trail, on-site package receiving.

AGENT Contact on-site leasing office at 866-588-1901

schoolgirl

GARDEN CITY

RENTAL PRICE $2,925

LOCATION 365 Stewart Ave., Apt. C12

SECURITY DEPOSIT One month's rent

PETS Up to 35 pounds

NUMBER OF FLOORS Three

FEATURES One bedroom, one bathroom, large entry foyer, renovated kitchen and bathroom, washer-dryer combination in the apartment, double walk-in closets

AGENT Irene Blair, Daniel Sotheby's International Realty, Garden City office, 516-248-6655

schoolgirl

GREAT NECK

RENTAL PRICE $2,950

LOCATION 720 Middle Neck Rd., Apt. 4F

SECURITY DEPOSIT Generally two months, but can vary contingent upon renter's credit rating

PETS Up to 15 pounds

NUMBER OF FLOORS Four

FEATURES Two bedrooms, two bathrooms, stainless-steel appliances and granite countertops in kitchen, marble bathrooms, hardwood floors, washer-dryer in unit, gym in the building and 24-hour doorman.

AGENT Wendy Sanders, June Shapiro Realty Laffey Associates in Great Neck, 516-482-1111

schoolgirl

LONG BEACH

RENTAL PRICE $1,550

LOCATION 10 Monroe Blvd., Apt. 2L

SECURITY DEPOSIT One month's rent

PETS Cats only

NUMBER OF FLOORS Seven

FEATURES One bedroom, one bathroom, oceanfront building with pool, apartment has a terrace and eat-in kitchen.

AGENT Diane Blum, Prudential Douglas Elliman Real Estate, Long Beach office, 516-432-3400

schoolgirl

MINEOLA

RENTAL PRICE $1,750

LOCATION 101 Jackson Ave., Apt. 3D

SECURITY DEPOSIT One month's rent

PETS Yes

NUMBER OF FLOORS Four

FEATURES One bedroom, one bathroom, doorman building, oak floors, renovated kitchen with granite countertops, maple cabinets and stainless-steel appliances; laundry room on each floor.

AGENT Rosanna Piazza, RE/MAX Village Properties, Mineola, 516-741-5960



IF YOU'RE A RENTER

You will need to fill out a credit application.

*Plan to have up to two years of W2 forms or 1099 forms to verify employment or self-employment.

*Plan to provide information on any foreclosures or bankruptcies, as well as if you were ever convicted of a felony.

*One to two months' rent as a security deposit.

*Two landlord references.

Source: Neil Garfinkel, partner in the law firm of Abrams Garfinkel Margolis Bergson LLP, which has offices in Jericho and Manhattan


>>Photos: If you want a house for $250,000
>>Selling tips: Advice from real estate experts to help you sell your home
>>Buying tips: Experts offer pointers to help you navigate today's homebuying process
>>Money: Learn more about mortgages, taxes and other real estate money matters
>>LI Real Estate search: Click here to find the latest listings and prices on homes in LI.


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