Renting in New York City is no easy task. After all, it’s one of the most nuanced and complex markets across the country. Whether you’re looking for your first place or are a veteran renter, here are some tips and reminders to structure your search before you head out the door.
1. Decide what you want
Everyone has a laundry list of things they want in their dream home, but chances are you’re going to have a hard time finding a place that checks off every single box. Determine your absolute must-haves versus “things that’d be nice to have, but don’t necessarily need.”
2. Narrow down your neighborhoods
Not only do you have to think about the things you’re looking for in your apartment and building, but the location is just as important. Do some research online and visit the area, if you can, to get a feel for your potential future surroundings. Take into account your commute to work, access to transportation options, and proximity to grocery stores, restaurants, and bars when deciding on a neighborhood.
3. Set a budget and stick to it
While it’s important to be flexible when it comes to weighing your needs and wants, something you should be firm on is your budget. Take the time to sit down and review your finances in order to set a realistic budget that won’t break the bank.
4. Know the standard requirements
Keep in mind that most landlords require you to make at least 40x the annual rent and have a credit score of at least 650 in order to qualify for the apartment. If you don’t meet the credit score requirements, there are ways to rent with bad credit, such as getting a guarantor or paying a couple months of rent upfront.
5. Start your search early, but not too early
Getting a head start on your search by browsing online is a no-brainer. However, if you start your search too early, the apartments you want may already be rented by the time you’re actually looking to move. The absolute earliest you should start your search is 30 to 45 days prior to your move-in date– that way the listings you see will be more accurate regarding availability and pricing.
6. Beware of sketchy listings
Unfortunately, the convenience of advertising online brings up the issue of fraudulent listings. If you come across an apartment that’s drastically cheaper or with much nicer amenities than others in the are, chances are it’s not real. Often times, fake listings include images from completely different apartments, incorrect pricing, or unavailable inventory to bait-and-switch renters (the practice of attracting renters to one unit and taking them to see another).
7. Prepare your documents in advance
Time is of the essence when it comes to apartment hunting in the city, especially with the busy summer season approaching. Have everything organized so that once you find the perfect place, you can apply immediately. Landlords typically ask for copies of:
- Photo ID
- Letter of employment stating salary and position
- 2 most recent bank statements
- 2 most recent pay stubs
- 2 most recent tax returns
8. Have your money ready, too
In addition to having all your documentation in one place, having funds prepared to cover all potential related fees is just as important in locking down that perfect apartment. Be prepared to front the application fee, at least two months of rent (to cover the security deposit and first month of rent), and a broker’s fee (if applicable).
9. Consider using a broker
While apartment hunting in NYC is definitely something you can do on your own, working with a trained professional can streamline the process, especially if you’re not familiar with the city. Brokers offer their knowledge of the real estate industry, ability to negotiate on your behalf, and can offer feedback to structure your search. However, it’s important to note that working with a broker comes with a price, ranging anywhere from one month’s rent up to 15% of the annual rent.
Keep all of these tips in mind and you’re sure to find your next home in no time!
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