In tight rental market, a condo may be your best bet

With Manhattan rental inventory at its typical summer lows and professional landlords squeezing every last dollar out of renters, the smart money may be on renting a condo.

Gus Waite, a longtime Manhattan rental agent and the co-founder of Renting

NewYork.tv -- a video-based insider's guide to New York real estate -- explained the pros and the cons of condo rentals:

Pluses:An individual owner is more likely to negotiate rent than a big landlord.

If you behave yourself, individual owners are more likely not to raise the rent at renewal time.

Individual owners are more likely to accept foreign nationals with no U.S. credit history.

Condo units typically have higher-end finishes than built-to-rent apartments, and the buildings are often nicer.

Minuses:Individual owners tend to use a broker to rent out their units, so you will probably need to pay a broker's fee.

The application is more thorough and costly than a rental. In some cases, total fees -- not including broker's fees, first month's rent and security -- can approach $2,000.

An individual owner is more likely than a professional landlord to decide to sell the unit.

You may be asked to leave when the lease is up and/or let your apartment be shown while it's on the market.