The age old question: How do I, a 20 something moving to New York, find an apartment to rent?
I like helping people with the hunt – I wished I knew more about it the first time I was looking. But, there’s a lot of advice to give and I find myself giving the same schpiel over and over. Here it is, once and for all, Jen’s step-by-step guide to apartment hunting.
Hunt Logistics:
- Good starting points are craigslist.org and New York Times Real Estate. Try to look at these both before and during your hunt days.
- Be prepared to look at 3 – 10 apartments in one day of hunting. It only takes 10 minutes to see a place and another 10 minutes to ask all of your questions. So book a few so that you have standards of comparison and backup options.
- Apartments on the open market are typically advertised a month or less before they’re available. Leases typically start on the 1st of the month or the 15th.
- There is a quick turnaround on most places that a 20 something with “normal” income is looking at. If you like a place, put an application in ASAP.
- Having your paperwork together tremendously expedites the process and will result in you getting a place much sooner. Don’t ever give more than is requested, but have the following with you (for your guarantor as well, if you need one…see below): letter of employment or other proof of income, including last 4 weeks of pay stubs; credit check (they may do this for you for a small fee, or do yours for free at annualcreditreport.com. You can request up to 3 free credit reports a year.); last 2 years of tax returns; bank account statement.
Picking the right place for YOU:
- Take out a piece of paper. List ALL FACTORS related to an apartment. Here’s my core list: neighborhood, walk to subway, which subway, near grocery?, laundry in building, cost, elevator, windows/sunlight, super reputation, landlord reputation, bedroom size, kitchen size, age of appliances, living space, closets, neighbors in building, nearby construction?, AC, safety, yard/outdoor space, pets.
- Circle your three MUST HAVES. Only three. These are things you will not compromise on; they will also help guide and narrow your search.
- Box in three other characteristics. These are perks that, for the right place, you might go a tiny bit out of your price range.
- Get over the things you won’t have – no apartment has close to everything.
- See a lot of places; ask a lot of questions. Talk to building residents.
Roommate or not:
- If you’re new to New York and haven’t lived alone before, don’t start now.
- If you’ve lived alone and are comfortable with that routine, investigate it. If cost is an issue though, look for a roommate who is not often in the space or disruptive in it. Teachers, for instance, work long hours 9 months of the year and go to bed early.
- Be careful of “set-ups”. Think about who is making the recommendation, and if you generally see people the same way as them.
- Friends may be great friends and not great roommates.
- A random craigslist person can work well, but make sure you really discuss your habits together. Habits to discuss include: music listener?, shower time, general routine, messy v. clean, cook a lot?, friends over often?, style of communication, general attitudes, short term and long term plans
Broker? Guarantor?
- You (or you and your roommate combined) usually need to make 40 – 50 times the monthly rent. So, a studio at $1500 means you should make at least $60,000 annually. If not, you need a guarantor, who basically lends you their financial guarantee that the money to pay the rent is somewhere. tip: a good credit score and a clear demonstration of stability and maturity can trump the need for a guarantor.
- Sometimes, a broker is unavoidable, as they often do have quality listings. If you go through a rental company like CitiHabitats, each broker will have access to the same listings. Other brokers work independently for one management company, and will show you buildings owned only by that company.
- A broker asks for a fee, upon signing, of usually 12-15% of the annual rent, which you can try to negotiate at the 11th hour, often with some success. It is completely free to look with any broker.
- Brokers usually have other similar listings. You can always ask to see others, and usually you’ll see some a little above your price range and some a bit below, which can narrow down what you want.
Signing the Lease:
- Before you sign, check for a red flag with the management company. Google them. If you see a lot of negative feedback about them, I urge you to reconsider. Housing NYC can also be a good resource if something smells fishy.
- If you ask about the building’s history of bedbugs, it is illegal for the management company not to share the last year’s history with you.
- If the lease starts on the 15th, the monthly rent should be prorated, although you will probably pay a full month upfront and then pay half for the second month. Make sure this is clear in the lease agreement.
- Read the lease in full, and ask all questions. Most leases are written using stock language, and you may want to figure out the degree to which they care about certain attributes. (for instance, rugs or carpeting covering 80% of your space, which helps prevent stomping noise)
- Money – have with you bank checks (you go to the bank, and they cut a check with money that they take from your account; this ensures that it won’t bounce) for security deposit (may be one or two months worth…. try for one), first month, last month, a credit check or application fee (not always, but not uncommon, usually $30 – $75), and your broker’s fee (if that applies).
- Always leave the lease signing with a copy of the lease and one for your guarantor, if applicable, too. Make a copy for any roommates.
With this guide in tow, you’re well on your way to finding a great apartment! Good luck!
Jen Bokoff 