Basics of Renting New York City Apartments
New York City is one of the most exciting and fast moving cities in the world. It’s no surprise that one of the most important factors in finding a Manhattan apartment, is staying on top of a fast-moving market. An experienced broker will help you keep up with the ever-changing New York City real estate market. Our agents will also lead you to the most desirable Manhattan apartmentsthat are available for rent.
Cost of Brokerage Services
When using the service, convenience, and advice of a real estate broker in your apartment search, there will be a commission fee paid. The standard fee is approximately 12-17% of the annual rent of New York apartments. Make sure you are comfortable with your broker and the broker serves your interests. Brokers have access to the best and most apartments, this is just a reality.
Know What You Want Before You Start Your Search
How much can I afford? It is important to figure out how much your budget will allow you to pay towards each month for rent. New York City is one of the most expensive cities to pay rent, with a modest studio apartment averaging at about $1800 – $2500 per month. The rental price of Manhattan apartments vary according to various factors such as size, Manhattan Neighborhood location, features and the condition of the apartment. Keep in mind as you figure out your rental budget that as great as your new apartment will be, you will still want money left over to take advantage of all that New York City has to offer.
Which Manhattan Neighborhood Should I Look To Rent In? With so many unique areas within a small geographical region, you need to know which area of Manhattan will best meet your individual needs and tastes. This will ensure that in the weeks after you move in you still have the same great feeling you did the day you signed the lease. Build a plan to research the different areas of NYC, and explore the different New York City neighborhoods before you sign.
What Type Of New York City Apartment Will Meet Your Needs? There are many styles of apartments to choose from within New York City, including ones that you won’t find anywhere else. This is sometimes a great thing, as it allows you to express your individuality. But you also need to be sure that it meets some of your other needs. Do you like to cook? If so, is the kitchen big enough? Do you often have visitors? Do they need their own bedroom while they stay over? Make sure you know what you like and need, and be sure to ask these questions as you look for your next dwelling.
How Soon Should I Start Looking for an Apartment? It is suggested that you begin your New York City apartment search approximately 30-40 days prior to when you wish to move in. On account of the market turnover, apartments you may see before this time will most likely not be available at the time you’d like to move in.
Finding and Securing Your Next New York City Apartment
When you’re out looking at apartments with your real estate broker, it’s important for you to be prepared to rent the apartment you would like on the spot. Due to the nature of the market, most New York apartments are not available for much longer than a couple of days at most after they are shown. You don’t want to lose out on the New York apartment rentalyou want, so follow the below guidelines for preparation before you set out for the day:
- Make sure to have pay stubs, bank statements, a check book and letter(s) from previous landlords on hand.
- Be prepared to write a check for a deposit of one month’s rent.
- Be prepared to spend $50 – $100 for Application Fee.
- Carefully inspect the layout of the New York apartment rental, paying attention to the quality, space and feel of the interior.
Requirements for Prospective New York City Renters
In order to rent one of the many New York City apartments, renters need to have the following:
- An income of at least 40-50 times the monthly rental price of the apartment
- Good credit history. For free credit reports visit AnnualCreditReport.com
- A social security number
- Stable employment history
- Students must have a guarantor or co-signer
Signing of the Lease
When you’ve found an ideal New York City apartment, you’ll want to be ready by having the following prepared:
- Have at least one month’s rent in the form of a check in addition to pay stubs, employment verification, tax returns and stock portfolios ready.
- Fill out the application thoroughly knowing all the specific requirements that your landlord is looking for in terms of income and employment.
- In most cases, you will be asked to secure the Manhattan apartment with a deposit equal to one month’s rent; this amount is refundable in case your application is rejected.
- Request and obtain a receipt stating your deposit money will be refunded if you are rejected.
- Understand what type of lease you are signing. There are many kinds of New York City apartment rental leases such as rent stabilized, short-term, standard and self extending.
[ Recent Manhattan Rental Listings: http://manhattan.postlets.com/ ]