Scoring a Cheap Apartment in NYC

Are you new to New York City? If you are, finding an apartment in New York City is no walk in the park. NYC has a huge rental market and you really have to be on your grind to find a nice place to call home.  Your search becomes even more daunting when looking for a nice cheap apartment. Even though NYC is big, rest assured there are apartments to suit all budget levels.  Here are a few tips for finding a nice place that won’t break the bank.

Hire an Experienced Agent:

Real estate agents hold the key when it comes to real estate deals. Apartment, condo, townhouse–you name it and they can help you find your ideal place based on your desired price point. After all, many agents are well-connected with landlords and property managers in the city and have the deets on the latest available listings.
The trade-off: an experienced agent is going to cost you, primarily since you’ll have to pay them a commission on any sale or lease they help you secure.

Pound the Pavement:

Finding a new place is time-consuming, so do as much pre-planning as you can. Narrow down the key aspects of what you want beforehand so that you can limit your search to the borough or neighborhood that best fits these criteria. (i.e. on-site amenities, square footage, etc.).  Next, search rental websites for apartments that match your criteria.

Once you have a list of three or four places, strap on your most comfortable shoes and pay those apartments a visit.  It may be necessary to schedule an appointment to tour the apartment, so be sure to contact the property manager or share your wishlist with your agent (if you have one) so that you get a chance to view the interior on a date that works best for you.

Plan on Moving in Immediately:

Generally, people begin leases towards the start of the month.  Likewise, be mindful that some properties offer move-in specials like reduced rent as an incentive to fill empty units, so be on the lookout!

If you happen to find a vacant apartment that meets your criteria, express your interest, and pay any necessary security deposits immediately, as this secures it from anyone else snagging for at least a few days. Depending on your landlord or property manager, any funds paid upfront may be treated as a credit towards your first rent payment.

Be Mindful of Utilities:

There may be certain amenities offered by landlords that would increase your overall monthly rent payment.  Examples include security, cable, and WiFi packages. Know exactly what is included in the monthly rent and calculate whether the apartment is still economical with the added services.  You may come out better money-wise by shopping around and going with an independent service provider.

Settle for the Low Key Neighborhood:

Living in NYC is expensive.  In order to find a cheap apartment in New York City, you might have to make certain tradeoffs. One option is to not focus on living in or near the commercial hubs of the city.  Instead, consider apartments on the outskirts of the city or in more industrial areas.

You are less likely to find larger apartment complexes in these locations, but you will certainly find a cheaper apartment there. For example, consider apartments in boroughs like Brooklyn and Queens instead of Manhattan.

Improve your Credit Score:

Your credit score matters a lot when it comes to securing a nice but cheap apartment. Your credit score indicates your financial history and helps potential landlords or property managers weigh the potential risk of having you as a tenant.  The higher your credit score, the lower the risk (and, usually, better your deal).

Get your current credit score from any of the three credit agencies (Equifax, Experian, and TransUnion) and review your report for errors or possible fraudulent transactions. Be mindful that renters with lower or medium credit scores may have to pay a higher security deposit or higher monthly rent due to their increased risk to the landlord or property manager.

Stay Prepared:

Staying prepared is also a trick that can win you a cheaper apartment. Landlords may ask to see certain documents as part of their screening process. Such documents could include proof of employment, recent pay stubs, your latest tax return, and a current bank statement. Additionally, you may be asked to provide reference letters from your previous landlord or your boss as a prerequisite for renting the apartment.

Be Wary of the “No Fee” Apartment:

You might be tempted to save a few dollars by not paying brokerage fees, but don’t fall for the “no fee” trap. Many would-be renters don’t realize these apartments tend to be the most expensive apartments because landlords and property managers end up including the fee in the monthly rent. As a result, you end up paying more than you would have if you paid the broker fees upfront.

Get in Touch with Landlords Directly:

One of the less-discussed ways to secure a cheaper apartment in NYC is to get in touch with the landlord directly. Doing so saves you a substantial amount in broker’s fees, which is one of the most expensive line items added to closing costs. Investing your time and energy in meeting landlords directly could very well save you money in the long run.

Conclusion:

Try not to get discouraged by the NYC rental market.  Even though apartments here can be pricey, it’s not impossible to find a bargain when you know how, where, and when to look.