Renting an Apartment in New York City

Are you looking to rent an apartment in New York City? Or planning to move to New York City soon? If so, this article will tell you what you need to know and where to start. There are ways to make this search easier on you. Let me explain how, read on!

When looking for your apartment, it’s important to consider location, neighborhood, price, space, pets, lighting, convenience and amenities. It’s going to be harder to find an apartment if you do have pets, and especially if you own a large dog.

The average base price for a studio apartment in New York City is above $1,200 a month. As a guideline, expect to pay around 25% of your income towards rent. If you can afford to pay $5,000 a month you’ll be able to see some of the best and most exclusive apartments in Manhattan. If you’re from outside of New York, it’s crucial to know that landlords don’t take out- of-state or personal checks. All landlords will require certified funds. If possible, have a 3 months worth of bank account documents ready before doing an apartment search. You’ll need to prepare the necessary funds before arriving to New York.

Be aware of no-fee apartments. Chances are that you’ll get gouged by price premiums. It may sound contradictory, but apartments with fees do tend to be cheaper in Manhattan than apartments with no fees. The cost is often hidden in the length of the lease. Be warned if you’re looking for a high-rise there could be a height premium charged for every floor.

Initially, you’ll typically need the first month’s rent and a security deposit. If you use a broker, you’ll also need to pay the broker fee. The fee is typically 15% of the first years rent. Since apartments aren’t vacant for long, it’ll be easiest to find an apartment using a broker. A broker will have firsthand knowledge of available apartment rentals and the best locations in Manhattan. There are some premiums to consider as well such as what is known as a “special view” amenity that can be added for 10% more as you go higher up in the building. If you want an unobstructed Central Park view, you may have to pay a premium of up to 50%. And a brand new apartment can have a price premium of 15% to 25% because it has never been lived in.

Having a broker will make it easier to find what you really want. Specifically in Manhattan there are many apartments you can only get using a broker. There are tons of advantages for using a broker such as their ability to get you approved by a difficult landlord, negotiate the best financial terms on your behalf; saving you a lot of money in the long run. Be aware that it’ll be easier to find a rent controlled apartment with a broker than without one.

A rent stabilized apartment limits the amount your rent can be increased on a yearly basis. These apartments can also be easily subleased as long as the terms on the lease are followed. A rent stabilized home is hard to find in New York City since rent controlled apartments were built from 1947-1974. A non-stabilized apartment isn’t subject to any rent guidelines. The rent is based on a free market guideline and is normally influenced by supply and demand. make the task a lot easier. You also know to avoid “no-fee” apartments if you don’t want to pay a lot for amenities and also be prepared to pay the first month rent and any applicable fees. Best of luck to you!

Useful Methods to Help Find the Perfect Apartment

If planning on moving or looking for a first-home, there are several different methods that can be used to search for the right property. A wide-range of options is available for the home hunter, which might consist of searching online, using apartment locators to driving or walking around the local neighborhood. Finding the ideal apartment that is situated in the right part of town, offers the right amenities, and fits within the available budget isn’t that difficult provided you have the right perspective about how to manage the process.

Here are some of the most effective methods used for finding the ideal apartment –

Brokers – If searching for an apartment to rent in any of the major cities, then you are likely to have the option of using one of the many real estate brokers. If you have a pretty good ideal of the neighborhood you wish to live in, it is often best to search out a broker based in that area, as they are likely to be more knowledgeable on the area and what might be available within your budget. Most brokers also provide a website which gives you the option to go online and view the latest luxury apartments to rent, often with full descriptions and photos. Although, if thinking of using the services of a broker, you might want to research the company well, as this type of service isn’t cheap, so you want to be sure of using a licensed and experienced provider.

Apartment Locators – An apartment locator is a quick and efficient service to help with finding local apartment to rent. Most of the locators are able to provide access to a large database of potential rentals all across the area you’re searching. This extensive database of viewable properties often makes it easier to find a property that is completely tailored to your particular requirements.

Word-of-Mouth – If wishing to avoid the potential hefty fees of an agent or broker, you might want to go the route of letting relatives, friends, or colleagues know you looking for an apartment to rent. A number of people are having success at using such a non-cost method for finding a new rental apartment. If you are searching for an apartment, it might also benefit to drive or walk around the local area to search for ‘For Rent’ signs, which can give a great idea of what might be available on the market.

Classified Ads – Another common method for searching for the ideal apartment is to read the classified ads, which might appear in local or community papers to online websites or message boards. Most of the local papers feature a specific area on their website to list the latest classified ads, so this means you are always looking at the most recent listings.

Apartment Building Loans – What You Need to Know For Today’s Market

It’s a tough time for the real estate market today. Mortgage banks are making their requirements more stringent in both residential and commercial markets, which make it harder for investors to invest in new properties. This means that those looking to buy apartment buildings need to be smart with their decisions and make sure that he is working with a reputable company that has experience with this type of investment when the economy is low. The following is some current information about how the mortgage banks are working.

The rules will not be bent anymore.

In the past, it was not uncommon for a borrower to be a little under the minimum requirements for a loan and still qualify. This is no more. Underwriters at these banks are becoming stricter when it comes to the requirements for getting these loans. In order to qualify, your net worth must meet the minimum requirements or you’re out of luck.

There’s aren’t many loan programs for commercial real estate acquisition or refinance left. In the past few years, it has become increasingly difficult to find a mortgage broker who specializes in apartment building sales. It’s much simpler to find one that specializes in residential real estate opposed to commercial real estate. Not too long ago, it wasn’t very difficult to find and qualify for an 85% loan-to-value mortgage for an apartment building, but the same is not true today. Those people looking to invest in this type of real estate really has their work cut out for there because although there are plenty of brokers out there, it has become increasingly harder to find one that specializes in this type of real estate. I, personally, have never found a broker that handles residential real estate that also has a good track record with commercial real estate.

When you finally do find a mortgage broker that specializes in apartment or commercial real estate, there are several factors that need to be taken into consideration.

First, it is crucial for the investor to understand the fees that will be involved. In most cases, commercial mortgage brokers will charge only one point in fees on an investment. In my past experiences, I’ve seen new apartment building investors try to contact the banks themselves in attempt to avoid this fee. This doesn’t work. Independent investors have to realize that any bank that handles apartment building investments is a broker and will sell their loans to the secondary market.

What most first-time apartment building investors may not realize is that by avoiding a broker to save money, it can cost more money in the long run.

Surprisingly, you will often find the best interest rates when going through a commercial mortgage broker. In addition, when you attempt to get the loan yourself, you’re cutting your options short. When going through a bank independently, you will normally be offered only one or two programs for this type of investment, but when you use a mortgage broker that specializes in this market, your options more than double. This allows you to choose the program that is right for your unique investment.