RENT OWN SELL
Newyork
RENT OWN SELL
Newyork
Moving into a new apartment is as much fun as getting a tooth pulled…without anesthesia. From packing boxes to securing reputable movers, managing the logistics alone can be enough to make your current apartment look like heaven on earth.
Residents of New York City have even more to juggle when contemplating making a move. Rent in and around the city is astronomical. The median rent for a two-bedroom apartment in New York State trends close to $2,053/month so far in 2021. At the same time, you can find three-bedroom 2,700 sq. ft homes in Texas that have mortgages at that rate.
Plus New Yorkers have to tend with other unique challenges like the 40x rule, which requires a prospective tenant’s gross annual income to be at least 40 times the monthly rent.
But for all its unique obstacles, NYC is still a great place to live, and there are some great (and reasonably priced) apartments out there. It’s just a matter of finding them.
First-time renters think that searching for an apartment is simple. You just navigate to a reputable apartment search website, apply a few filters, pick the apartment with the coolest pictures, and sign a lease. But the reality is totally different.
Whether you are renting an apartment for the first time or last, don’t base your decision solely on the pretty images you see online.
Plus, listings you see online aren’t updated frequently. Chances are the apartment you bookmark has already been rented. However, the next best thing you can do to get accurate apartment information is to contact your real estate agent.
An apartment is something you should not shop for online. Instead, use your online apartment search to guide which apartments you visit in your actual rental search.
Popular sites like Rent Own Sell New York allow users to enter in their search terms based on their desired apartment criteria, be it neighborhood, amenity preferences, or average monthly rent range, so that they can view available apartments that meet their wants and needs.
There are professionals who specialize in doing nothing more than finding great places for people to live. One group of professionals is brokers and they can do apartment searching for you.
Brokers can be great resources. Just a note of caution and real estate etiquette: when you choose a broker, work with him or her throughout the entire process. Give them a chance to razzle and dazzle you with their real estate expertise and apartment finding abilities before breaking up with them and moving on to another broker.
You may also consider securing a real estate agent. Agents differ slightly from brokers in that they typically oversee the renting process. Agents can also work with you to narrow down your search criteria, and they often have the inside track on the best school and entertainment districts based on your needs. They may also have insight on property information, including landlord personalities.
More exclusive properties in NYC may limit their interactions with brokers and real estate agents – they don’t communicate with prospective tenants. In those cases, you will have to get one or both before you can even begin the rental process.
A broker or real estate agent is the key to a successful apartment search. They work as independent contractors which means they only get paid when there’s a successful transaction. So, to make their living, brokers put in all their effort to find a perfect apartment for you.
However, if the broker suspects that you are in touch with other brokers or are not serious about renting a home, he or she will be less likely to commit proper time and energy to find your apartment. Do you know what will happen next? I bet you do: you will lose your dream apartment to someone else who was loyal to their broker.
So be loyal to your broker. Work exclusively with them or an agent and ensure them you are committed to working with them throughout the entire process. Compliment them on their good work and, even if you are not satisfied with their work style, just BE HONEST. Tell them the truth and, part ways when the transaction is complete.
From getting good deals and avoiding obstacles to easing the hassles associated with completing paperwork, working with a real estate agent/broker can benefit your real estate transaction in many ways.
Most people think that they don’t need a real estate agent while renting or buying a home in NYC. They are right until they run into delays, uninterested parties, undesirable prices, complicated paperwork, and the fear of shady people or cons.
We don’t insist that you get a real estate agent. You can still have a successful real estate transaction if you are familiar with the market and have a lot of time on your hands. Otherwise, it is better to work with a good real estate professional. They bring value to your transaction.
Nowadays most real estate companies are paid by the property owner. When using a real estate professional’s services, they will charge a commission — usually 8 – 15% of the annual rent of the apartment. However, this amount varies depending upon the location and type of services your agent/broker is providing.
As a rule of thumb, your apartment search should start 30 – 45 days before your planned move date.
It’s best to strategize before diving into your apartment search. Think about your lifestyle do you prefer to be close to restaurants and shops or would you rather find a place far removed from the hustle and bustle of city life? What about your family and work? Are there members of your household who are sensitive to noises like sirens and car horns? Do you need to be close to a bus stop or subway station because you don’t own a personal vehicle?
NYC is unique in its diverse housing options, so take advantage and consider each before deciding on any particular one.
Keep the following in mind as you plan your next move:
This factor is a no-brainer and will probably be the primary driver of where you land, so it’s in your best interest to build the rest of your decision-making around how much apartment you can afford.
In December 2020, one-bedroom apartments in NYC averaged $2,649/month (down nearly 10% from 2019). Two-bedroom apartments averaged $3,416/month, also down approximately 10% from 2019. Of course, these rates vary depending on apartment location and size.
You’ll definitely need to consider rental rates in the early stages of your search given that prospective tenants often have to show that their annual gross income is at least 40 times the monthly rent. We’ll revisit this in the Rental Requirements section.
One of the many benefits of living in the NYC area lies in the diversity of its neighborhoods. Be it a high-rise or a brownstone, there’s something in the city for every personality and lifestyle. There are five boroughs in NYC, each offering a unique living experience. If you’re not familiar with the city, or even if you need a refresher, you can read more about each borough here.
Apartment size ranks up there along with price when it comes to determining factors. Depending on the size of your family, you’ll need to think clearly about what you actually need as far as space is concerned.
Can you survive in a two-bedroom apartment? Is having a private garage important to you? Do you want a backyard? Answer each of these questions is important before you set your sights on an apartment, but keep in mind you’ll have to pay for every extra inch.
Finding your new place is only half the battle. You’ll need to officially make it yours by submitting a lease application and signing the lease.
Here’s an FYI: you’re probably not the only person who wants the apartment, so you’ll want to be decisive and be ready to move as soon as possible after finding the apartment you want.
Request a rental application from the property manager or landlord and make sure it’s completed, leaving no applicable section blank. If needed, you can also download an application form for free from the internet.
Be prepared to submit a small fee with your rental application. The fee is supposed to cover expenses related to conducting tenant background and credit checks.
By law, application fees for a rental property in the State of New York can’t exceed $20, so be cautious of continuing the rental process with anyone who requires a higher application fee. Also, the application fee should be waived if you provide a copy of background and credit checks conducted within 30 days of your application date.
Make sure you receive a receipt or copy of the invoice for the screenings – landlords and property managers are required to provide you with a copy before any money changes hands. The turnaround time for a response from the landlord or property manager can be anywhere from an hour to a week, so keep this in mind as you contemplate your moving timeline.
If you’ve found multiple apartments that you like, you may want to submit all the rental applications at or around the same time so that the responses arrive within the same timeframe. It’s possible that you get approved for one apartment but declined for another.
Whatever the outcome, commit to signing a lease as soon as you can once your application is approved. Real estate can be rather cutthroat in some neighborhoods, so the sooner you can claim the apartment as your own and get it off the market the better. All is fair in love and apartment hunting.
In order to move quickly when you find the apartment you want, you’ll want to ensure you have some key documents handy, as you’ll need them when you meet with the property manager or landlord to sign your lease.
These documents include, but are not limited to, the following:
In most cases, a prospective tenant will need to meet or provide the following:
Tenants should be at least 18 years old to rent property in NYC; on some rare occasions; however, a tenant can secure a lease at age 16. The NYC Human Rights Law prohibits discrimination based on actual or perceived age, but landlords or property managers are permitted to impose age restrictions for senior communities, reserving rentals for those 55 years of age and older.
Prospective tenants should have an official state ID (this includes a driver’s license) and a social security number. Individuals who don’t have a social security number will need to have someone who has a social security number co-sign on their lease.
Landlords want to be confident that they’ll receive rent payments consistently. A prospective tenant can best demonstrate that they’re not a financial risk by providing a verification of employment letter from their workplace that confirms that the tenant is employed with them, the length of time they’ve been employed, and, in some cases, their monthly gross income.
Prospective tenants have an increased chance of being approved if the landlord receives proof that they’ve rented before and, if they have, what kind of tenant they were. In other words, the rental history will include whether the tenant paid rent on time and whether they have a history of taking care of the rental property.
A future tenant needs to have a good track record of paying his or her bills on time, whether it’s in the form of rent payments or some other bill. This track record is best demonstrated in the tenant’s credit report and subsequent credit score. You’re eligible for one free credit report annually, and you can often check your credit score using free apps like CreditKarma.
Be mindful that rental requirements vary depending on the owner/landlord/property manager and the apartment building, so it’s a good idea to ask any questions you may have about them early on.
In the event you don’t meet the basic rental requirements for the apartment you want, talk to the landlord about other options for securing the apartment anyway. You may be able to proceed with the leasing process if you get a co-signer or if you pay some of the rent upfront (usually six months to a year). Services like a rhino or the guarantors can help you secure an apartment. These services must be accepted by the building. There is a fee to use rhino or guarantors.
Once you’re approved and you’ve met the rental requirements, it’s time to sign the lease. Before signing, discuss the lease terms with the real estate agent, landlord, or property manager and know exactly what type of lease you are signing.
Also, read through the entire lease document and ask questions about anything that doesn’t make sense or seems contradictory to what you discussed with the landlord.
A lease is a legal document, so it won’t be the most entertaining read. But behind all the legalese and addendums lies the rules you’re agreeing to abide by during the lease term. It may be worth going through the document line by line with the landlord or an attorney to get a “plain words” breakdown of what each provider is saying. Because once you and the landlord sign the document is legally binding.
Any additional document attached to the original purchase or sale agreement lies under the umbrella of an addendum. Typically addendums consist of any additional requirements/requests that aren’t mentioned in the lease.
A brownstone is basically a building material that has a dark look, so any apartment made of this material is labeled as brownstone. You will find a row of such apartments in all NYC neighborhoods, especially in Brooklyn and Manhattan.
A co-signer/guarantor is liable for any debt a borrower is not able to pay. In the language of leasing, a guarantor is a person who is responsible to pay your rent if you fail to do so. A co-signer won’t share or occupy the apartment with you. But they become liable for paying the rent or damages if you’re unable to pay. If you are not able to pay the rent, a landlord has a right to force your guarantor to pay the rent.
The owner of the property.
A written agreement between you and the landlord under legal terms and conditions is called a lease in real estate. In NYC, a lease is signed for 12 months but may differ in some cases (e.g.; short-term rentals).
Real estate agents/ brokers are professionals who help buyers/sellers navigate the buying or selling of property.
Just like you submit a CV for a job, the same is with the rental application – you complete the form submit it to the landlord to show interest in an apartment. Sometimes you need to pay some non-refundable fee before your rental application can be processed.
Try not to get discouraged during your apartment search. NYC is expansive and it’s hard to know at any given time all the available apartments in and around the city. As a general practice, start with a broad search and gradually narrow it based on your desired criteria. Use professional resources to help keep you on task and help ward off any feelings of anxiety about your upcoming move. We hope that this guide, along with any additional tools you have in your arsenal, will help you find an apartment in NYC.
