Manhattan is an island of transplanted persons. It’s a global city and the center of the financial and cultural world in the United States. Walk down any sidewalk and you’ll hear at least ten different languages. That stated, there is an apartment shortage in Manhattan and renting is highly competitive. If you’ve never rented in Manhattan, it’s easy to quickly get confused, bewildered, frustrated, and distrustful. I’ve listed some common questions you should ask yourself in your search. My advice immediately follows each question. The proffered advice isn’t all encompassing, so you should exercise your own wisdom when looking for an apartment. The information is given with the hope of alleviating some of the frustration, confusion and bewilderment.
1. What can you afford? Determine what you can afford and know the market rates for apartments. It’s common for studio apartments (no bedroom) to rent at $2000.+. Rental apartment prices will change with the neighborhood, the amenities of the building, the nearness to public transportation, and the even with the view and floor of the apartment. Additionally, it’s common for the building to require the tenant to earn 40x the rent. If you don’t meet this requirement, you may be rejected, you may be asked to get a guarantor, you may be asked to pay more towards your security deposit, or pre-pay your rent.
2. What can you live without? Create a list of what you need and what you want. Do you need a bedroom? Do you really need a powder room or a washing machine in your apartment? Do you have a pet you want to move with you?
3. Where would you like to live? If you live outside of Manhattan, make a trip to get acquainted with the city. Manhattan is an island of many different neighborhoods, all with unique flavors and personalities. Some examples of neighborhood names: Hell’s Kitchen, Tudor City, Alphabet City, Soho, Yorkville, and the Garment District. Hell’s Kitchen is now known for its restaurants along 9th Avenue, where you’ll find restaurants from all over the world. Tudor City is a small enclave, near the United Nations and the surrounding streets have many international residents.
4. When should you start looking? Vacancy rates continue to be less than 1% in some neighborhoods. Rental listings normally become active one month before the present tenant leaves. If you’re looking for an apartment, then you normally want to start 5-6 weeks prior to your move. Searching for your apartment too far in advance means that you will either have to begin your lease earlier or miss out on a great apartment. You should also be prepared to immediately apply for an apartment as good apartments may be rented the same day they’re put on the market.
5. How much money will you have to pay upfront? You’ll be asked to pay a minimum of your first month’s rent and a security deposit. There may be additional fees and requirements. For example there may be: application fees, pet fees, moving fees, credit check fees, last month’s rent, and broker fees.
6. How do you find your apartment? You can check the internet and conduct your own search, you can hire a broker (tenants will generally pay 15% commission on the 1st year’s annual rent), or ask your friends and co-workers for vacant apartments in their building. There are advantages to each option. Working with a broker, for example, will get you access to new listings, they can preview listings for you, they can provide you a tour of apartments in your budget, and they can guide and organize your application process.
7. What shouldn’t you do? Don’t assume what you’re reading on the Internet is real. Craig’s List is a great resource for apartments, but it’s also a great source for scammers. Don’t assume the person you’re emailing or speaking with has the right to rent the apartment they’re advertising or that the advertised price is correct. Ask for information that can be verified with the NY state government or public records.
Don’t give any money up front. If a person is demanding that you send money, prior to seeing the apartment or helping you find an apartment, then that’s a red flag.
Basically, exercise common sense. Scammers and con artists are everywhere. It’s important you protect yourself and your confidential information.
8. What will you need when applying? It’s safe to assume you’ll need the following: Your last 2 years of tax returns, personal and professional references, your current employment information, employment and residential history for the last 2 years and more, money for the application fee and credit check, landlord’s name and contact information, your social security number, driver’s license. You also may need to have your state-issued identification.
These are just a few tips. My motto is, “forewarned is forearmed.” In Manhattan real estate has become a popular spectator sport and seemingly a contact sport, in some instances. If you exercise patience and are prepared, then you shouldn’t be as stressed in looking for your new home.
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