Apartment hunting in New York City is incredibly stressful.
Due to its extremely competitive market, rental homes will often be snapped up in just a few hours, and if you’re lucky enough to secure a viewing, you may turn up to see a huge queue of other potential renters.
You may be tempted to just grab any apartment you see online to beat the competition, but this could mean you end up with poor quality and overpriced apartments.
So, what should you do instead? Here are the top tips for renting an apartment in New York City.
Choose Your New Neighborhood
One of the best things about New York City is the wide variety of neighborhoods you can experience.
Each neighborhood in NYC offers something different and unique, so no matter what you’re looking for, you’ll be able to find an area that suits you and your needs.
Narrowing down your search to your favorite neighborhoods will help you focus on the best apartments for you, so whether you want to find a new home in Brooklyn for rent or rent an apartment in Queens, make sure you research the area first to set limits for your search.
Set a Budget
The obvious next step is to set an appropriate budget to narrow down your search even further.
Consider how much you could comfortably afford to spend on rent each month, bearing in mind that the general rule suggests you should try to keep your rent below 30% of your gross income.
Since apartments in NYC are so expensive, this could be difficult to do, so you may have to live with roommates to afford a nicer place.
Remember that you’ll also have to factor in the cost of moving to this new apartment, including broker fees, security deposits, and transportation costs. To afford this, you may have to start saving in advance.
Prioritize
Since there’s so much competition for apartments in New York City, you have to deal with the possibility that you might not be able to get the perfect apartment for you.
Therefore, it’s a good idea to write down a list of needs and wants so you can prioritize what’s most important to you.
This will help you eliminate apartments that don’t offer what you need and compromise on things that aren’t as crucial.
Get Your Documents Ready
The rental market moves extremely fast in New York City, so you need to be prepared to move quickly with it.
To help you secure an apartment, you should have all of your necessary documents ready to send as soon as possible.
You’ll need bank statements, recent pay stubs, tax returns, reference letters, a credit report, and a photo ID. Make sure you gather all of these documents when you decide to move to a new apartment.
The process of renting an apartment in New York City is notoriously difficult and fast-paced.
To give yourself the best chance of finding an apartment you love, make sure you follow the advice in this helpful guide.