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!