Flexibility in the apartment search

New York City has a vacancy rate of about 1%, by far the lowest in the country. (To see a more specific breakdown, check out page #8 of the Black & White Report.) Whether you're buying or renting, this can sometimes make it tough to find what you're looking for.

But don't dispair! Options abound! In general there are three big knobs you can turn should you not find anything that matches your initial requests: size, location, and price point.

SIZE Trouble finding a one bedroom? Try a studio! Sometimes you can get more square footage in a studio than in a one bedroom, but the one bedroom is priced higher simply because it has a separate bedroom. Maybe you can convert a studio into a one bedroom by putting up a wall. There are, by the way, companies in New York that specialize in partitioning apartments in creative ways, such as Refined Maintenance. (Be sure to confirm that the building allows walls.) Maybe you don't even need that wall, just a screen. Be creative! Try IKEA!

LOCATION You don't have to live in Chelsea or Greenwich Village to enjoy life in the Big Apple. Expand your options to different neighborhoods, where you can have a more enjoyable living space and still be within easy subway access to your favorite nightspots! Check out the average rental prices per square foot on pages 6-7 of the Black & White Report. Take a tip from Gossip Girl and head to the Upper East Side, where you can get some great real estate value that you would never find in Chelsea. Thought about the boroughs? In Brooklyn, for example, certain neighborhoods such as Brooklyn Heights, Park Slope, Cobble Hill, Carroll Gardens, Dumbo, Boerum Hill, and Fort Greene are becoming almost as pricy as Manhattan because people are realizing that these areas are just as accessible as parts of Manhattan, and they have the added bonus of Brooklyn charm! Astoria and Long Island City in Queens are also becoming very popular. Count subway stops, and look at the express trains. Keep your options open.

PRICE POINT Let's face it - this knob isn't as adjustable for must of us as the other two. However, if you really can't find what you're looking for, bump up the search to a different price point! Or find a roommate and expand your options!

By all means, go for your wishlist first. See what's out there. But don't feel cornered and optionless!! You have plenty of options, and your friendly neighborhood real estate agent, whose name might happen to be Jake, can help you discover those options. He might even bring in some actual knobs from the hardware store and label them to ease the learning curve.