Tips on Finding a Great NYC Apartment
Finding an apartment to rent in Manhattan can be one of the most stressful things you’ll ever have to do. The process is time consuming, extremely exhausting and also very competitive.
After 7 years on West 51st Street, I decided it was time to move on and start a new chapter of my life in a new apartment. It took a lot of hard work and persistence, but ultimately I finally signed a new lease on an apartment I will be moving into on May 1st.
As the memory of the apartment-hunt process is still fresh in my head, I want to provide some tips and guidance for those who may be searching for a New York City apartment.
Before you get started on your search, here are some helpful tips to ensure you are prepared:
1. Know the desired location you want to move to
In the beginning of my search, I was opened to a wider proximity; however the closer it came to my move-in-date, the more I realized that location was my number one priority. I decided that I would only look for apartments between 45th and 59th Street on the West Side. This is my preference, but it helped narrow down my search and concentrate on a specific area.
2. Know your budget
Do some research on apartment websites and apps to better understand the current market and discover what is realistic. My monthly rent budget for an apartment was between $1,800 and $2,000. In my desired neighborhood, this was considered the very lowest bracket, which I knew would make my apartment-hunt, that much more difficult.
3. Know what may be a deal breaker
Continuing with being realistic, come up with a list of things your new apartment must have or must not have. I knew I wanted my new apartment to have a full size refrigerator, oven and at least two windows in the living area. I also knew I did not want an apartment in a walk-up building, above the 4th floor. Coming up with a “must-have” list will save some time when viewing apartments in person. Why waste your time on seeing an apartment, you know you’re not going to like before you even see it?
4. Have your funds in order
To apply for an apartment, you will need to have the funds for: the first month, security and the realtor fee. Although rare, you may find a no-fee apartment during your search occasionally. No-fee apartments are more common during the renting off-season, which is October through March. Typically a realtor fee is 15% of your annual rent. For example, if the monthly rent for your new apartment is $2,000, the 15% realtor fee would be $2,000 x 12 (months a year) x 15% which equals $3,600. Yes this may seem like a lot of money for a fee but unfortunately this is the norm in New York. Occasionally you will be able to negotiate the fee to a lower percentage or even just the cost of one month’s rent; but you want to be prepared financially to have the 15% fee in your budget before you start your search. In summary, for an apartment with a $2,000 month rent, you will want to have $7,600 saved. Be sure to also budget extra money for movers.
5. Have your paper-work ready
Required-documents for apartment applications may vary but for the most-part, they require similar credentials (plus an application fee which is usually $75-$100.) You may see an apartment in person you’re interested in and have to act quickly in applying. There will most likely be many other people interested in the same apartment. Here is a laundry-list of things to have prepared before you start viewing apartments:
Colored copy of Driver’s License and Social Security Card
Print-out of last 3 bank statements
Copy of last 3 pay stubs
Letter from employer on company-letter-head confirming job title, salary and time at company
Letter from landlord on company-letter-head confirming years in current apartment and confirmation of rent paid on time
Copies of last two tax returned (first two pages only)
Copy of recent W2
Brokers will also tell you they are looking for an applicant who makes an annual salary of 40x's the monthly rent plus someone with a good credit score (700+.)
6. Sign-up with apartment search apps/websites and brokers
I’ve looked into a bunch of apps and websites and my favorites are Zumper, StreetEasy and Naked Apartments. You’ll also want to check good old Craig’s List. Set alerts to your phone/email when new apartments in your search criteria become available. Make an appointment to view an apartment you are interested in ASAP. You will also want to connect with a broker from the big agencies in New York who seem to have the majority of the listings. Once you are linked up to a broker from the agency and they have your search criteria, you can access any of their listings. To save time, be sure to contact the offices of Bond New York, Bellmarc and Citi-Habitats. I must have spoken to about 40 different brokers from different agencies throughout my search and I wanted to note who I had the worst experience with and the best experience with.
Worst Experience: City Urban Realty
Not only was the person I worked with here rude and unprofessional but I am almost certain they scammed me out of $100 for an apartment I applied to. I wont mention any names, but I highly recommend you do not look into any apartments connected to City Urban.
Best Experience: Caliber Associates
I think more than the agency, the broker from the agency I worked with made for the best experience during my search. Daniel Kisin, Licensed Real Estate Agent was an absolute pleasure to work with. He was patient, professional and always went above and beyond to accommodate me and show me available apartments. I highly recommend getting in touch with him if you are looking for an apartment.
When all is said and done, only you can find your ideal home. The search apps and brokers will help you and play a big part in your search, but ultimately the more searching and work you put in, the quicker and better chance there will be of finding your apartment.
After six weeks of apartment hunting and after viewing eighteen apartments in person, I finally signed a lease for a great place located in my ideal neighborhood and for a rent lower in price than I planned for. You never know what you’re going to find out there and although the process is intense, you can only hope it will all be worth it in the end. I got to see a lot of great apartments (and a lot of bad ones) and met some really cool people along the way. I can’t wait to move into my new home and I am pretty sure I am never leaving…
Check out this hilarious Instagram account for NYC Apartments.