Emily Myers

Working with a broker for the sale of your NYC apartment is the norm in NYC. Usually, when you find a buyer, they will have their own agent, and the two agents will split the broker’s fee equally. This scenario—where each party is represented—is called co-broking.

“Hiring the wrong managing agent can adversely impact the building and its residents, cause unnecessary work, leave gaps in critical processes and procedures and create undue risk,” says Bonnie Reid Berkow, founding partner of Wagner, Berkow & Brandt.

Landlords are facing pressure to fill apartments and you can expect more rental apartments to come with some kind of concession, such free months of rent, owner-paid broker fee, or flexibility when it comes to move-in dates, pet policies, storage, and parking spots.

You can’t be evicted while the city is on ‘pause’ and there’s now pressure from senators for new laws to protect tenants well beyond the current crisis and into next year. Even so, many tenants are wondering what will happen to rents as this crisis continues as well as when the city begins to open up again. Anticipating what comes next is an important part of negotiating with your landlord.

Whether you rent or buy will be a personal decision based on your specific circumstances. Here are the considerations to make as you decide what’s best for you.

New York is among three states suing the Trump administration over a new rule that they argue could lead to predatory lending schemes.