Not Knowing Exactly What Youre Looking For
I advise all to narrow their search down to one or two neighborhoods, says Jason Burke, an agent at Citi Habitats. When you are not 100% sure about where you are looking to live, you make the process that much more stressful for yourself.
Burke isnt the only agent to stress the importance of having specific requirements in mind before you begin looking at listings or working with an agent. Do not view anything that is above your budget, says Hernandez. In fact, he recommends giving your broker a price range that is below your budget to gain perspective. As he points out, your $3,000 budget looks great when you know what $2,500 gets you, but if you look at units above your price range, you wont be thrilled with what you can actually afford.
One of the key factors in having a successful — and not horrific — apartment search is maintaining realistic expectations. Be educated about how far your money can go in the neighborhood you want to live in, reminds Warshawer.
Paying A Few Months Upfront
Another way to skirt around the job issue is if you can pay extra securities or extra months of rent upfront.
Most property owners will not fret if you wish to pay the entire year upfront.
Your income will have minimal bearing on your application if the landlord is already receiving the entirety of the years rent .
Likewise, agreeing to pay five to six months of rent upfront could also be a big help.
Just be cautious with this approach because some landlords may want this rent money to apply for the last five to six months of the lease, so youll need funds to make it through the beginning of your contract.
Why Do Renters Need Bank Statements & Other Documents
Its a lot to pull together! But landlords need to know that youll be able to pay your rent every month. Generally speaking, the more proof you can show of your stable income or assets, the higher chance youll have of getting the apartment.
If you dont have any savings or assets to show, thats OK its usually more of an extra, not a necessity. But the more assets you can show, the better, says Hiro Matsui of Corcoran. Nowadays, with COVID, some folks are in between jobs, so its helpful to show some savings or liquid asset of some sort, he says. That gives the landlord some assurance that you have added security to pay rent.
When researching how to apply for an apartment in NYC, youll probably come across the 40 times the rent rule. Landlords like to see that renters are making an annual income of 40 times the monthly rent. If youre a new employee and havent worked previously, though, dont panic. Steven Irizarry of Compass says you can forgo the paystubs as long as you can prove you are working with a letter of employment from your company. You may also need a guarantor to secure the apartment.
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Be Loyal To Your Broker
Broker loyalty is an important factor in finding a great apartment. Most brokers work incredibly hard to find you that perfect apartment. They are motivated to do this in the hopes that if they are successful, a transaction will be consummated at which time they will be compensated for their efforts. If you give a broker reasons to suspect that a transaction is not going to occur , he/she naturally will be less inclined to invest the time required to find your dream apartment. As a result, you will be putting yourself at a competitive disadvantage versus other apartment renters as your broker will not be as motivated as those brokers whose buyers are committed to both them and to renting an apartment. The best thing you can do is to work exclusively with a single broker and make sure they understand that you are committed to working with them. Of course, the goal here is for you to find the perfect apartment, so if you are not comfortable with the broker you are working with or otherwise question his or her ability to find what you are looking for, you should let us know so that we can discuss this with the broker and, if necessary, find a more appropriate broker for you.
How Do I Plan For The Lifestyle Change
Renting in New York City as a college student means you will most likely undergo serious lifestyle changes. The biggest issue isnt the partying or the grocery store trips, but the transportation.
In most cases, students end up ditching their cars because they end up being very expensive to maintain and store in the city.
Unless youre willing to spend hundreds for parking and keep a keen eye on parking rules, youre best ditching the car in favor of public transport.
Choosing a commute-friendly apartment is a very, very wise idea. A good rule of thumb is to avoid apartments that require more than a 45 minute college commute.
Certain bills will be much pricier than you may have initially expected them to be, and this is especially true with food and liquor.
Food can be up to 33 percent more expensive at grocery stores, and if you go out, expect to see prices be far higher than what youre used to at home.
Its really important to look for close proximity to laundromats and grocery stores if youre about to move.
Doing the walk to these two venues can save you a lot of money in the long run, if youre willing to put up with it.
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Not Understanding Your Credit Score
Im surprised to find out how many renters are not aware of their credit score, says Eliasi. Its one of the main determining factors in the approval process and its very important to be on top of it.
Before you begin your apartment search, be sure to run your own credit report. You can most likely do this for free through your credit card, though according to the Federal Trade Commission, everyone is entitled to one free credit report every 12 months. It can be ordered online at AnnualCreditReport.com.
As Eliasi notes, you may lose an apartment over something as small and correctable as a $50 medical bill or parking ticket.
When To Work With A Rental Agent
If you don’t have time to do the legwork yourself and want access to a broader pool of listings, consider working with a real estate broker.
Other reasons to work with an agent: You’re new to New York, you can’t find what you want on your own, your employer is paying your broker’s fee, you are interested in subletting a co-op or condo , and/or you plan to live in your place for more than a year .
Expect to pay your broker a fee that could range from one months rent to 15% of the annual rent . You will need to discuss the exact amount with your agent and get it in writing before you start your search.
Bear in mind that the quality of NYC rental agents is notoriously uneven. The agents you want to avoid–and there are many–tend to attract clients through the “bait and switch” technique of listing a too-good-to-be-true apartment that isn’t actually available for rent.
One final note on brokers’ fees: Landlords who are eager to rent may pay all or part of a brokers fee. In industry parlance, an “owner-paid fee” is known as an OP. Theyre more common during the slower rental season of November through February where the building is new and needs to be filled the unit is particularly undesirable or the rent is particularly ambitious. You have a right to know whether your broker stands to collect an OP on a particular apartment and to have it credited against the fee you have agreed to pay your broker.
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What Are Some Of The Better Neighborhoods For Students
The cool thing about New York City is that you can always find a cool place to live in the area of your choice if you search long enough. Some neighborhoods are definitely more popular with students than others.
In Manhattan, historic East Harlem, Inwood, and Washington Heights tend to be the two neighborhoods college students who do off-campus housing tend to gravitate the most.
They are relatively safe, affordable, and offer excellent commute options for students who are going to Manhattan-based schools like Baruch and City Colleges.
Brooklyn neighborhoods offer a lot more affordability in most cases, but it can be a bit of a journey if youre based in Manhattan.
Even NYU students have been renting in places as far as Bushwick for years.
The Fort Greene and Clinton Hill areas, while have become more expensive, are still teeming with students as it’s home base for many colleges like Pratt University, St. Joseph’s College, and Long Island University’s Brooklyn Campus.
In Queens, Flushing and Jamaica are always good places to consider. That said, its usually a very long commute.
They may be more ideal for Queens College and St. John’s student who campuses are based in those neighborhoods.
The Bronxs Concourse is a good option for people who study in northern Manhattan or the Bronx itself.
How To Find Cheap Apartments In New York City
New York City isn’t exactly known for its rock bottom rents. However, you can still find deals and bargains around the city if you’re flexible. Move-in specials are one way to lower your rent. Some New York City apartments will run deals in December or January when landlords need to fill space quickly.
Locals will also tell you that finding a good deal is about who you know. Asking around can yield information on apartment or roommate openings. Even if you find a deal, you’ll still need to make sure you’ve got your budgeting checklist for all of the apartment essentials like moving expenses and utilities.
The farther away you get from Manhattan and other trendy neighborhoods in the outer boroughs, the more reasonable your rent becomes. Come prepared with these tips for finding an apartment you can afford.
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How Much Rent Can You Afford In New York City
New York, New York, if you can pay rent here, you can pay rent anywhere. But how much you shell out can skyrocket, depending on what address you end up calling home.
But hey, dont worry. Theres a perfect apartment out there for every budget. I myself have lived in five rentals in two boroughs at varying income levels. And I loved each one, whether it was a duplex in Brooklyn or an Upper West Side walk-up.
The first step, of course, in finding your perfect New York City apartment is determining how much rent you can pay. So before you start looking at subway maps and comparing the Bowery to Bed-Stuy, lets crunch the numbers.
Furnished Apartments In Manhattan
Manhattan is the core of The Big Apple, and is often described as the cultural, financial and entertainment capital of the world. As the home of Wall Street, the United Nations Headquarters, Times Square and Broadway, its certainly hard to dispute this claim. Living and working within the soaring skyscrapers and tightly-packed apartments and townhouses are an estimated 1.6 million people, making Manhattan the most densely-populated area in the United States. Simply put, living in Manhattan makes you feel like youre at the centre of everything.
Realistically, if youre looking for affordable furnished apartments in Manhattan, you should certainly expect to compromise on space due to the high value of real estate in the borough. However, whats lacking in size is certainly made up for by incredible access to all the amenities you could possibly need. For a relatively affordable area thats bristling with trendy bars, music halls and exquisite eateries but hasnt been completely gentrified, look no further than the East Village. Here, the median rental price is $2,500, which is reasonable considering that rent in parts of Lower Manhattan can exceed $4,000.
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Short Term Furnished Apartment Rentals In New York
Short term rentals in New York City are popular with people that have the type of job or career that requires lots of travel for extended periods of time. It is unwise to rent a long term apartment in new york city if you will be traveling for 8 months of the year. Thus, a short term furnished rentals in New York City is ideal as it firstly removes the hassle of finding furniture and homeware for people who do not have the time, and it is temporary, meaning no long term rent whilst traveling to other places.
Long term contracts are usually a year, some will offer six months but his is less common, thus if you want to rent an apartment in New York short term then you can and you wont be stuck with it after you leave. Short term means less than 6 months, typically between one and three months. Many of the short term apartments on offer are advertised by the long term tenant who will be way for an extended period of time and needs to pay the rent whilst traveling.
How Do I Avoid A Bad Apartment
With prices being the way they are, most students are going to have to give themselves a little wiggle room when it comes to amenities.
However, there are certain things you really cant tolerate in an apartment.
Every New York apartment is required to have safe equipment, heating, electricity, and livable conditions. Building codes need to be adhered to, and all apartments are expected to be pest-free.
If you notice something visibly wrong with the apartment right off the bat, it may be a good idea to keep searching.
Not all problems are immediately visible, especially if the problem is pest control or sanitation.
Before renting your next apartment, check to see if it was reported on the Bedbug Registry or if the landlord is a known slumlord. It may save you a lot of time and money.
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Do You Really Need Credit
In a city that runs on money, even landlords need to know that they are making sound financial choices with tenants.
In turn, these tenants need to show that they are making sound financial decisions and know how to handle their finances.
This is because when an owner lets his or her property to you, they are in a sense becoming a lender to you.
At lease signing, you actually agree to pay the landlord the full years worth of rent, but in monthly installments, not dissimilar from taking out a mortgage.
Not having credit may bar you from doing so many things in life or delay many opportunities for you such as getting a phone, buying or leasing a car, buy or renting property, or taking out a loan.
You might say youll avoid this avenue by simply paying for things in cash, but remember that youll need a lot of cash that most people dont ever have lying around to buy a car or a house.
Essential Questions To Ask When Renting An Apartment In New York City
Lets say youve gone through the hassle of browsing listings and looking at apartments, trying to find a great place to live in New York City, and youve finally found something you like. We know that the competition is tight, and you should waste no time showing your interest and landing the apartment you want, but its crucial to get a few things straight before signing any papers. So, before you get going on your application checklist, be sure to have this next list of questions ready to ask your future landlord. As the saying goes, its better to be safe than sorry, so its good to make sure youve got everything covered before you move in. Check out below the most crucial questions to ask when renting an apartment in NYC:
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Renting A Cheap Apartment In New York
The epitome of big-city living in America, New York is the cultural center of the nation and a place where things are always happening. From its early days welcoming millions of immigrants to Ellis Island, the Big Apple has been a place for business, entertainment, and diverse urban lifestyles. Finance, banking, the stock exchanges, fashion, media, art and myriad other industries contribute to the citys economy. The five boroughs, each housing many diverse sub-neighborhoods, are home to millions of residents. New York became one of the leading cities of the world following World War II, and an estimated 50 million visitors come to see the city each year. From Broadways acclaimed theatrical performances to the early morning television programs produced in Times Square, New York is accustomed to being in the public eye.
Short Term Lease & Sublet In New York City
Short term leases in New York City are in high demand. There is less hassle signing long term contracts and renters are willing to move in to the short term sublets on short notice. The cost of the short term apartments vary depending on size, quality of location of apartment. Another factor in deciding whether to rent short term housing in New York City is roommates/flatmates/housemates.
It is common for someone with a two or three bedroom apartment to sublet the rooms out to people for temporary periods in order to help pay for the overall rent and running of the property. This would mean moving in with people you dont know, if you are moving to new york city looking for contacts and to network this is a great way to start. These type of sublets also occur when the main tenant of a one bedroom or studio apartment will be going away for an extended period of time and will rent out their entire apartment for the duration of their trip, hence the market for a short term sublet in New York City. Short term leases are typically a little more expensive than long term per month as they are temporary and the landlord or tenant has to go through the process of finding people to live in the apartment more regularly.
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