I entered a bidding war to land an apartment. It was way more brutal than I expected.

Wed, 10/11/2023 - 05:24

A auction gavel hits the top of a New York apartment, sending yellow sparks from its perimeter. Anonymous hands raise numerous prices as they bid on this apartment amid a light blue background — At every step of my apartment hunt, the message was clear: Being first in line may not be enough.
Arantza Pena Popo/Insider

When my roommate and I stumbled across an online listing for a spacious, reasonably priced two-bedroom apartment in Manhattan's East Village, we figured it was too good to be true. At an open house a few days later, we confirmed that it had practically everything we wanted: soaring ceilings, beautifully aged hardwood, and windows facing a tree-lined street that let in ample light. We were sure there had to be a catch.

The owner of the apartment, a soft-spoken former banker named Phil, delivered the blow: He had already gotten several offers for the place, including one for $100 a month more than the asking rent. A bidding war was brewing.