Vertical living: The rise of the rental apartment
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.
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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
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
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
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
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.