Renting an Apartment in NYC? Here are 3 Things to Know When Starting Your Search.
Intro:
Anyone who’s ever rented an apartment in NYC knows just how difficult and hectic it can be. Navigating the countless apartment websites can be confusing, and NYC rentals are constantly hitting the market, only to fly off the market practically instantly. In this market, it’s not uncommon for people to lose out on apartments they love and even wind up racing against other renters to get their applications in first.
There is such fierce competition in the NYC rental market that, “winging it” simply won’t cut it, especially if you want a good deal. With that in mind, here are 3 things to be aware of when starting your NYC apartment search.
Sorting Out Roommate Situation
Living with roommates is a great way to save money when renting an apartment in NYC, as the more roommates you have, the more people there are to split rent and other apartment costs. We all know saving money is ideal, but both living and searching with roommates also complicates things. The first step in an organized search is deciding who, if anyone, you will be living with (If you plan on living alone, this doesn’t concern you and can skip to the next section).
Who You Can Potentially Live With
Now, assuming you’re not in student housing or living alone, you will most likely be living with friend(s), a significant other, or even a (partial) stranger. Your apartment is literally where you will live and spend a huge portion of your time, so this decision is a big one, especially when NYC apartments are as small as they are. Want to learn more about the pros and cons of living with roommates?
Tips for Picking Roommates
When picking roommates, make sure you’re on the same page in terms of price and necessities. Apartments will vary in size, features and layout, so knowing what each roommate wants as well as what each roommate can compromise on is critical.
When starting out, you should discuss who can/wants to pay the most, and who wants to pay the least. If one of you loves having people over, make sure your other roommates are cool with that. If you need to shower/get ready for work at the same time, make sure you have a system in place, etc. The point is to set guidelines/boundaries before you decide to live together, and be open about your quirks/habits/hobbies that could potentially bother others. Do this early to avoid passive aggressive BS and bigger issues later on.
2. Locking Down Your Criteria & Favorite Neighborhoods
Whether you’re living alone or with someone else, locking down your criteria is essential.
NYC Apartments come in all shapes and sizes, so when starting your search, it may help to think about your criteria in 3 Levers: Price, Location, and then the Apartment itself. Doing this should help simplify how you think about each apartment and its tradeoffs. For example, if you want to be in a great apartment in an awesome location, you’re most likely going to have to pay a hefty monthly rent (plus a possible broker fee). If you’re willing to compromise on apartment features, size or location, you’re more likely to find cheaper options… and so on.
No apartment is perfect, so understanding tradeoffs will help you set your expectations early on (just be wary of fake apartment photos online). As you see more apartments, both online and in person, you can start to identify your top priorities neighborhood-wise and apartment-wise. It can get even more complicated though so we at ApartmentsTogether, tried to break it down in the section below. We are also here to help you with any questions you may have!
Price: Understanding Your Budget
Before you even start considering the apartment, the first step in narrowing your criteria is knowing what you can afford. When qualifying renters, most NYC landlords look for 40x the monthly rent in combined yearly tenant income. So if you and your roommates make 80K each (240K combined), you can most likely get approved for a $6000 apartment (6K x 40 =240K) without some form of guarantor. (You can read more on Guarantors here OR sign up to have us teach you everything.)
Don’t forget to factor broker fees into your budget. While not every apartment has a broker fee, those that do can cost renters an extra 1-2 month’s rent. Fee apartments aren’t always worse though. It’s just another tradeoff to consider. If you’re moving alone, you will have to meet these income requirements and pay these broker fees alone. In any case, knowing what you can afford is important before deciding which neighborhoods and what type of apartment you could see yourself in.
Location: Understanding Neighborhood Tradeoffs and Your Preferences
Each NYC neighborhood (and even block) has a unique vibe. Subtle differences block to block, building to building and even apartment to apartment will alter the price you pay significantly.
As you work to narrow your search, you can familiarize yourself with the neighborhoods, and the pros & cons associated with each(or have us teach you). Your budget may constrain you in terms of where you can look, but on top of that you should have a general idea of which areas you like and dislike. Once you have an idea, you can see what you can afford there, and adjust criteria accordingly. As you learn more about NYC neighborhoods, you should ask yourself: is location more important than saving money or having key apartment features I want/need?
The Apartment: Size, Layout, Quality and Amenities
Again, understanding your priorities is critical. In any given neighborhood and at any given price, apartments will still vary in size, quality and amenities. Knowing that these tradeoffs exist will help you really start to think about what’s important to you. Is a bigger apartment worth more to you than a dishwasher? Is a bigger living room worth more than a big bedroom? Is being in this neighborhood worth living in a shoebox? NYC apartments are NOT cheap so understanding what your top priorities are is huge. What is a want and what is a need.
3. Familiarizing Yourself With the NYC Rental Process
Touring, Applying and Using ApartmentsTogether
NYC’s apartment rental market is definitely one of a kind. It moves fast and is unforgiving, often leaving renters frustrating and confused. As mentioned, if you want to be set up for success, it’s crucial that you are organized. Now that you’ve figured out what your roommate situation is, what you can afford and what your top priorities are, it’s time to really lock in and get your search going…or is it?
If you’re actually planning on moving soon, before you go out and start touring apartments in person, you should make sure that your application documents are compiled and ready to go.
It’s also critical that you understand the different application procedures, when to negotiate and when you should apply to certain apartments. This process is typically stressful and confusing, but it doesn’t need to be!
With over a decade of experience in NYC’s rental market, ApartmentsTogether is a team of renter advocates who are here to walk you through the entire process. From getting organized, learning the neighborhoods and starting your search right, to negotiating, getting approved and signing your lease, we’re here to help and answer any question that may arise. Want to learn more about what we do?
