To many New Yorkers familiar with the real estate scene, Cash Jordan needs no introduction. His YouTube channel has over 34,000 subscribers, and most of the videos he produces have tens of thousands of views. He’s entertaining, charming, and gives people inside access to some of the best rental deals that NYC has to offer. In short, if you’re looking to rent in this city, there’s no better person to help you find the perfect apartment than Cash Jordan.
We’re thrilled to announce Cash Jordan and RentCity have partnered to share insights into the world of NYC real estate, how to find an apartment that is best for you using our data and the opportunity to win free rent!
I recently got the opportunity to sit down with Cash on our RentStories podcast and discuss everything from his career to his thoughts on how the rental market will be in a post-COVID world. Here are some of the best insights he offered!
#1: Cash Jordan Has a Depth of Experience in This Field
If there was ever an awkward time to get into the rental market, Cash unintentionally picked it. He started working in real estate in mid-2008. As he stated on the podcast, this was a boom time for the New York rental market. The market was sizzling, and unless you sold four apartments per month, the brokerage wouldn’t even give you a desk at the office. Of course, since he had just started, he didn’t have a desk to begin with.
When the real estate market collapsed, it hit the rental market hard. Pretty quickly after that, anyone could have any desk they wanted in the office.
Since that time, the rental market has rebounded, only to be met with the devastation of COVID-19. Now, with 12 years in the real estate market, Cash uses his resilience to teach others about how to master the real estate world through viral videos on TikTok, Instagram and YouTube.
If there’s someone who knows NYC like the back of his hand, it’s Cash!
#2: It’s a Renter’s Market
Anyone looking for an apartment in NYC should know that this is a renter’s market, meaning there are opportunities to find great apartment deals with lower rent and/or increased amenities. With high vacancy rates and a global pandemic, many landlords have to provide perks and incentives to secure a lease. After all, any respectful renter is better than no renter!
There was little incentive for building managers to be fully transparent with their practices when it favored the landlords. After all, if a prospective renter didn’t like something about the place, there was a line of other willing, capable renters who would be thrilled to snatch up the apartment. This encouraged landlords to set opaque prices, backroom deals happened without any public knowledge, and landlords could instill a sense of urgency in buyers. Some landlords also wouldn’t budge on improvements or repairs. For these reasons, people who would sign these leases would later express regret about not knowing all the facts and getting terms that were less than favorable.
Today, innovative apps like RentCity and creators like Cash Jordan, are harnessing transparency to shift the power to the renter for the very first time. As Cash points out, the landlords that are honest and willing to throw in a couple of perks (like upgraded appliances or fixing some issues before the person moves in), those are the ones that are still thriving, despite the broader downturn in the rental market.
Therefore, if you want to avoid having renter’s remorse and genuinely get the best terms for your lease, now’s the time to look for an apartment and negotiate!
#3: Cash Jordan Believes Videos Are Here To Stay
Practically every real estate website has added the capability to search for listings only with videos. StreetEasy has added it. Zillow added it as well, although those are for sale listings, not necessarily for rent.
Videos are the future for real estate. In a market where authenticity is essential, videos show how the apartment actually looks. People can “stage” photos a lot more easily than they can videos. They can take hundreds of photos and only post the best ones at the optimal angles. However, with video, you have to show the full apartment, good and bad.
This property of video listings not only helps with transparency, but it also helps buyers get better deals. After all, to make appealing videos, landlords will have to do things like upgrading the appliances, repairing holes in the wall, and apply a fresh coat of paint. These extras go a long way to making an apartment much more enjoyable and livable.
Cash surmises that companies won’t remove these newfangled video capabilities post-pandemic after spending millions of dollars implementing these features. Plus, prospective renters love looking at these videos (look at Cash’s YouTube channel as a prime example). As a landlord, if someone across the street has a virtual tour with video, you have to have one to remain competitive. These videos are here to stay.
#4: Do Your Research
Before even going out to look at an apartment in-person, do your research. Looking at one or two units won’t give you the same breadth of experience as looking at ten. You can do much of that research online using sites like RentCity.
Part of the research involves going to multiple units, reviewing what others have to say, and exploring the neighborhood. Always imagine yourself at that apartment. From what you’ve read and heard, will you be happy? Is there something missing? Is the price reasonable?
Those are the types of questions that will guide your research endeavor and give you confidence that you’re picking the best unit.
#5: Frequently Review the Market and Re-Negotiate Your Lease!
Renters often accept the terms that their landlords give them. The landlord sends out a notice saying that rent will go up 5%, and the renter signs it back and accepts the increase. In doing this, you might not be getting the best value for your money!
Instead, research the market (especially at lease renewal time) to see if you’re overpaying or underpaying. If you think you’re overpaying, point that out to the landlord, including the comparable and research you’ve found. Many times, landlords blindly send out those increase notices without deep diving into the market state. They’re just hoping people sign back the lease without doing their research as well.
You don’t need to move away if you feel your rent is unjust — there’s a chance that you can negotiate and remain with your current apartment!
Of Course, There’s More!
The above insights represent a fraction of what we talked about on the podcast. However, each of those points represents a critical insight that will, hopefully, make your apartment hunting experience much more enjoyable.
We thank Cash Jordan again for the interview and look forward to continuing our partnership in the future!
