Determining housing in the New York City area can be quite stressful, especially for a newcomer or even an older resident who is out there for opportunities for change. Every borough has its share of luxury condos and high-end apartments. The perfect price to rent an apartment would be tough to find due to the many prices and places available. In this article, we will learn essential ideas and tips to better assist us with finding an apartment in New York City, an activity that, at times, can be very frustrating.
Research Neighborhoods Beforehand
New York is the largest city in the US, the fifth in terms of professional terms, and is composed of five districts. Each district offers different living conditions to its residents. However, before scrolling through participating real estate agents’ apartment listings, it is prudent to consider the localities one would want to live in based on one’s lifestyle and money. Manhattan is vibrant and a center of business with all the essential sights within your reach, but such convenience comes at a cost. On the other hand, Brooklyn has more of Williamsburg’s modern architecture, albeit with cheaper residential areas in Flatbush and a more friendly community feel. On the other hand, Queens and Bronx are more inexpensive and have rich ethnic communities, rather than urban living by Staten Island. If you do this, you will save your time and energy when you look for an apartment to rent.
Set a Realistic Budget
It is common knowledge that the prices of basic services, one of which is New York City housing, are really high. As such, housing is considered to be one of the monthly expenditures. It is important to determine a fair and reasonable economic ceiling before searching for housing. As a standard practice, a tenant’s income must usually be at least 40 times the monthly rent that the landlord charges. For example, if you wish to rent an apartment for a monthly rent of $2,500, then you will need to earn an income of about $100,000 on a yearly basis. On top of this, there are other unrelated expenditure items, such as utilities, internet, and even real estate agent fees, which one should bear in mind. A prudent financial strategy and structure will help you not exceed your limits while looking for an apartment.
Know When to Start Your Search
Timing is everything, as the old saying goes. This is especially the case in New York City’s real estate business. Many of the apartments are placed on the market for 30 to 45 days before the moving-in date. As such, planning the timing of your search is important. For example, if you are after a summer move-in date, look for good deals from early spring when the real estate lists are opened to the public. It’s also wise to remember that the rent prices change depending on the season of the year. This pricing pattern can be seen in summer, which is the peak season, while the winter tends to have slightly lower prices due to lesser available demand. This means that starting your search at the right time will give you the likelihood of locating an apartment you desire at a reasonable price.
Be Ready to Act Quickly
When you find an apartment you want to call home, especially in New York City, you must be ready for some quick decisions. The rental market is competitive, with Edgware rentals being advertised for hours or days; desirable apartments often get gobbled quickly. For this reason, make sure that you prepare some subs materials to avoid being outdone, such as employment verification, identification, and references. In addition, in some cases, the landlords might ask for a guarantor if the income is lower than the requirements, so it is good to have one ready. You will make it easier for yourself and even increase the chances of getting the apartment before someone else does.
Consider Working with a Broker
Although some buyers may incur extra costs when working with a real estate broker, this strategy is wise, especially in a competitive marketplace like New York City’s rental one. Real estate brokers are in a position to see real estate that is not published on the internet, and they can save you the trouble of looking at properties that are unsuitable or quite unaffordable to you. Apart from this, they know how the market is and what landlords expect from potential tenants; therefore, they may be helpful in the application process so as to enhance your chances with landlords. If all these things seem difficult and there is not enough time for the search, it is possible to mitigate the stress of the search by hiring a broker.
Explore No-Fee Apartments
For those who want to evade broker fees, no-fee apartments are their best bet. In such deals, tenants do not have to pay any additional charges for renting the apartment since the landlord takes care of the fees that brokers typically charge. No-fee apartments are frequently found with landlords or management companies and are commonly listed on property rental sites such as StreetEasy or Zillow. Finding these types of apartments may be more difficult because they are not usually advertised as often; however, if you are trying to reduce your expenses and not pay any deposits, this type of apartment is worth looking for.
