It's arguably never been easy to find an apartment rental in New York --- specifically in Manhattan or Brooklyn --- and the latest economic indicators hint apartment hunting may be getting even harder.

After a five month lull, when it looked like the rental market was cooling again, prices for rentals in Manhattan and Brooklyn shot up in January, according to the most recent market statistics.

The average price of a Manhattan rental grew to $3,794, while the median price was $3,150, according to the yearly Elliman Report, which surveys the Manhattan and Brooklyn rental markets using data compiled by appraisal firm Miller Samuel.

The same report also noted vacancy rates in Manhattan dropped to 1.54 percent, down from 1.83 percent in January and that rental concessions averaged about 5 percent, usually converting to one month's rent.

The Elliman data showed Feb. average rental price in Downtown was $3,397; East Side, $2,908; West Side, $3,171; and Uptown, $1,998.

Meanwhile, in Brooklyn, average rental price was $2,958, up 4.6 percent from January 2012, and listing discount is an estimated 5.9 percent.

Landlords in both boroughs are seeing a boost from improving employment conditions, which tend to impact rentals faster than property sales. Also, tight credit and the rising apartment prices are keeping would-be buyers out of the home market, nudging demand for rentals higher and higher.

So what are renters to do?

Well, hiring an agent to find a unit could be the fastest option. And while many charge a finder's fee of approximately 15 percent of annual rent, there are others that offer discounted fees and in some cases have chosen not to charge fees at all.

The other alternative, of course, is to hit the pavement, educating yourself as much as possible about the markets --- the communities --- in which you're hoping to find your new home.

Of course, with the invention of smartphones and other wireless devices, renters have a virtual world of rental resources at their fingertip, thanks to an array of rental websites, including apartments.com, nakedapartments.com, nyvacancies.com, and zumper.com, which launched late last year and promotes itself as an alternative to craigslist --- the latter of which was selected as one of the "8 best websites for finding a no-fee apartment in New York City" by rental resource site brickunderground.com.

Those who already live in the Big Apple or are planning on moving to the region, says the website movingtonewyorkguide.com, can make the apartment search process much easier on themselves if they follow three main points: limit the searching to a few select neighborhoods, using as many available resources as possible to educate yourself, impress potential landlords with prepared, organized personal information and, lastly, asking to read through a lease before signing.

Another community-based housing resources network, Citi Habitats, emphasizes in its rental guide that if renters don't have their rental histories, employment records and finances in order, they might as well stop looking before they even start --- because they likely wouldn't get a fair shake from anyone.

"Many people have missed an opportunity to live in their dream apartment because time was wasted chasing down the proper paperwork," reads the Citi Habitats site, which reminds aspiring renters to always have the following on hand:

  • Letter from employer stating position, salary and length of employment (or start date if you have not yet started), and any information regarding bonus, guaranteed or otherwise.
  • Last two pay stubs
  • Last two years' tax returns
  • Last two months' bank statements
  • Name, addresses, and phone numbers of previous landlords
  • Two personal reference letters
  • Two business reference letters
  • Verification of other assets such as real estate, securities, etc.
  • Photo identification (driver's license, passport, etc.)

Citi Habitats also strongly suggests would-be renters discuss their financial situations --- and pets early into the search process.