Apartments in NYC: Renter Guide
Apartments in NYC
New York- The Big Apple- World’s Greatest Metropolitan- The land of opportunities. Getting an apartment in this city will not only provide you with all the opportunities of living in the biggest, fast-past, city of the world but will also help you build the foundations of your success.
Looking for an apartment in the New York city can be a daunting task. You will have to make sure that you find a place that suits your budget and your taste. In this article, we will answer three major questions that almost everyone has when they are planning to move to New York City.
Let’s not make you wait any longer and let’s begin!
Question 1: Is finding a NYC rental apartment as Tough as it Seems ?
The housing market in New York City is infamous for being cutthroat and competitive. Due to thousands of newcomers looking for a place to stay, the city has not only become densely populated but also one of the most competitive real estate markets in the world. After all that, New York is welcoming enough to provide you with plenty of apartment buildings and condos to choose from, so you can find the home of your dreams.
*Since COVID-19 nyc rental pricing have decreased 30%-50%, which is a significant savings post COVID.
Knowing your Neighborhoods
Knowing your neighborhoods within Brooklyn, Queens, The Bronx, Manhattan, and Staten Island will help you find the best apartment in the city. Since it is highly unlikely that you will end up staying next to central park, knowing your areas will help you narrow the hunting time for your new apartment. In New York, each neighborhood has a unique culture and vibe that will attract you towards it. A CRUM broker will help to educate you on what each area has to offer. This factor will help you in connecting with the community.
Several Price Points
There are plenty of things to think about when you are looking to rent an apartments in NYC. Things like deciding whether you want to share your apartment with a roommate or are you willing to pay for an apartment on your own. There is also the question of utility bills which can add up in your basic living expense. For this purpose, tiny one-bedroom apartments are made especially for single renters, which are easy on the wallet and the eyes.
Furnished or Unfurnished Apartments
If you are moving to New York for the first time, then it is better that you go for furnished apartments as compared to unfurnished ones. It is much more convenient as you will not have to haul your old furniture in the city by paying thousands of dollars to movers. If you are adamant about getting an unfurnished apartment then make sure it comes with all the necessary electronic equipment, like heating, oven, etcetera.
One of the most important things to have while hunting for apartments is your readiness. Make sure you are ready to decide once you have chosen your home. One of the most important things to do in these situations is to have all the necessary paperwork and cash required ready at the spot. You might end up losing that apartment if you delay matters too much.
Question 2: NYC Apartments for Renting Mistakes That Can Cost You ?
If you are a novice renter, looking for an apartment, then there are plenty of potholes that you need to be aware of. Deciding whether an apartment is right for you or not can be a big and daunting one. We have outlined some of the most common mistakes that newbies bake when they start searching for apartments in New York.
Using Questionable Listing Websites
Although there are plenty of websites that offer valid listings to their clients, there are still some websites whose experiences are not always ideal some sites might offer limited information which might lead you to make a very wrong decision, or even worse you might end up getting scammed altogether without getting to see any apartment.
Not Caring About Your Budget
Another thing new renters forget about is their budgetary constraints. Once you find a fancy apartment, it gets very easy to convince yourself that you can afford its price. Trust us, you cannot! This mistake is very dangerous as a decision made in the spur of the moment could potentially cost you thousands of dollars.
Not Asking Questions
When buying or renting a property, you need to make sure that you completely understand all the terms of the agreement. You should never assume that something is included or excluded from the contract. It’s always better to ask than to repent later. Make sure you take a tour of the apartment and ask all the relevant questions that come to your mind. A piece of good advice is to make a list of questions that you are confused about.
Making Emotional Decisions
Another big no-no is making decisions in the spur of the moment. We understand that searching for the right apartment can be a stressful task, but making an on-the-spot decision regarding the rent will only add to your difficulties. It is better to take your realtor with you and let him do the talking as he is way more experienced than you.
Not Revising Your Lease
We know how tempting it is to just sign the contract as-is. However, a lease is a legally binding document and should be treated as such. Therefore, you must understand everything before signing the contract.
Question 3: How to Find the Perfect Apartments In New York City ?
No doubt it will be a daunting task. You will have to pay attention to every little detail of the apartment. From the rent to the lease, to the million other things that need to be looked at when you are searching for a place to live. You will face several issues like sometimes the location will be great but the rent is too high, or maybe the neighborhood is not safe. So what can you do to find your perfect apartment in the big apple?
Hire a real estate agent
The first thing that needs to be done is hiring a broker. It should be obvious that they are way better at finding apartments than you. They know the area, the city, and most importantly they have access to all the local listings of apartments in the city. Hiring a realtor will make your apartment hunting a thousand times easier.
Set your Demands
The most important thing while looking for an apartment is to know what you want in an apartment. Set a list of demands for your realtor so he can look for such apartments only. It is very easy to feel overwhelmed by the different options provided by New York that you could end up forgetting your need and start focusing on peripherals.
If you are a student, then there are a few things you need to look for in an apartment. Easy accessibility and multiple transportation services nearby should be your priority. Since you are a student, you will probably be on a tight budget as well. so it is better to look for apartments whose owners are looking for a roommate so you can cut down on your expenses.
If You Are a Professional
If you are a professional looking for a place to stay, then you would probably want a separate apartment that is comfortable and private for you to focus on your job. You will probably require a studio apartment if you are single, which easy to maintain and clean and have very low rent.
Look for Comps
When finalizing your apartment, stop for a second and look for comparable apartments in the neighborhood to make sure you are paying the right rental for the property. Sign the lease only after making sure that you are paying a fair price.
Every year there are thousands of people pick up their belongings to move to New York, the land of opportunities, without knowing how they will find a place to live. We have tried to illustrate all the necessary steps you should take and all the potholes you should try to avoid when you are searching for your first apartment. Finding an apartment that you fall in love with might sound like a behemoth task but it is worth it. Once you start living in a place you love, you will be able to enjoy the beauty of this magnificent city in all its glory. We hope that this article has proven helpful to our readers.