Over 250,000 people move to New York every year. Despite the competitive job market and the harsh winter weather, people cannot get enough of the history and opportunity in this city.
Though New York real estate can be lucrative, most people are renting in New York rather than buying. So, if you are moving to New York or want to try out a new neighborhood, you should know that it can be tough.
But it’s worth it. You will never live in another city quite like New York. So, prepare yourself before you set foot in any New York apartments with these tips.
1. Start Searching One Month Before You Move
Most people who are renting in New York have to give 30 days’ notice to their landlord if they want to move out. So, if you want to move in on July 30th then you need to have everything ready to start your search at the end of June.
You do not want to view rooms for rent in New York that are lurking on apartment listings for over 30 days. There is something wrong with them.
2. Get Your Documents and Finances Organized
Before that all-important 30-day period, you need to have your documents and finances sorted. Here is everything you need to get before you rent in New York:
- An annual salary 40 times larger than the monthly rental cost
- References from your employer and previous landlords
- Agent and broker recommendations
- Guarantors
- Bank statements
- Pay stubs
- First month’s rent
- Security deposit
- Application fees
- Brokers fees
You don’t only need a broker when you are buying in New York, like if you were looking at these apartments for sale. You need one when you are renting in New York, too.
3. Choose Your Ideal Neighborhood
New York is a huge city and if you don’t narrow down your search you will be casting your net too wide. Remember, you only have one month to search!
Create a shortlist of five to eight neighborhoods. Walk around them during the day and at night to get a feel for them. If you are moving to New York from a different city, it’s worth finding a short-term lease first so you can make an informed decision.
4. Find a Roommate on the Same Page
Are you a Rockefeller or are you moving in with a partner? If not, chances are that you cannot afford the apartments for rent in New York without a roommate.
Make sure you have the same type of apartment, neighborhood, and costs in mind. Finding out three weeks into the process that they want to live in a different neighborhood and pay $200 less rent will be a huge setback.
Renting in New York Is a Tough Game to Play
You need to play by the rules when you are renting in New York. Prices on the listing are non-negotiable and landlords often have 50 other people begging for the same place.
So, develop a strong stomach and a determined attitude and you will find the place of your dreams in the city that never sleeps.
Moving is expensive. If you need personal finance advice, browse our website for tons of helpful tips and tricks for all budgets and lifestyles!