Moving to New York City is such an exciting – and nerve-wracking – adventure. Although you’ll have tons of things to prepare, one of the biggest items on your to-do list is going to be renting an apartment. While it can seem like an intimidating task, if you do your homework and have realistic expectations, you can make the transition without too much drama. Here are some of the most important things you need to know.
Do your research
Before you do anything else, you need to do your research. Each neighborhood in NYC has its own personality and finding one that fits your needs is key. To learn more about each neighborhood, check out the Platinum Properties website where you’ll find a breakdown of each. Check current listings to see what the prices are like in each area, so you can target the neighborhoods you can afford. Remember – most landlords require that you make at least 40 times the monthly rent annually. For many, this means living with roommates.
Consider a short-term rental
Although you can find out tons of information online, nothing beats experiencing a neighborhood in person. If you can, arrange to visit the city before you move and take a walking tour of the neighborhoods that interest you. You might even take it a step further and consider a short-term rental for a month or two to really get a feel for the place, like how long the subway ride is and how convenient it will be to shop for necessities. While there are many websites that feature short-term rentals, your best bet is to work with an agent or broker.
Have your paperwork together
The NYC rental market is competitive. If you find a place you like you probably won’t have the luxury of sleeping on it. Finding a great place means you’ll need to act immediately, so have all your paperwork together. Make sure you have:
- Recent pay stubs or letter from employer stating your salary
- Previous tax returns
- Recent bank statements
- Paperwork from other income like trust funds
- Personal and business references
- Contact information from previous landlords
- Credit report
Understand the costs
As we stated above, you’ll need an annual income that is at least 40 times the monthly rent. If you don’t make enough money, you’ll be required to have a guarantor – someone who makes at least 80 times the rent and who will pay your rent in case you default. Most landlords require that the guarantor lives in the tri-state area. If you don’t have someone who fits the bill, you can use the services of TheGuarantors. They will serve as the co-signer on your lease, essentially providing “insurance” that your landlord will be paid. This is a great choice for students, recent graduates, and those who are just moving to the United States. In addition, you’ll need to have money on hand for other costs including application fees, first and last month’s rent, a security deposit, and broker’s fees.
Know your rights
Finally, it’s important that you know your rights as a tenant in NYC. You have the right to live in a safe and well-maintained building. Read up on NYC tenant rights here.
Contact Platinum Properties
Are you ready to dive into the NYC rental market? Then please click here or call 646-681-5272 to speak with an expert agent from Platinum Properties. We have many years of experience working with first-time renters and are here to answer all your questions about the rental process.