Samy Mahfar’s 5 Tips for Finding An Apartment in NYC!
Apartment hunting is stressful for any renter, but NYC dwellers encounter a different set of circumstances when finding a place to live. Also, every seasoned renter has their own horror story.
While the process may feel like survival of the fittest, with these five tips, you’ll be one step closer to finding a great place to live, even if it isn’t rent-stabilized.
1. Get your paperwork together before starting your hunt.
Renters who aren’t familiar with the NYC rental landscape can be often blindsided by how fast rental inventory is rented up by eager city dwellers. With such a competitive market, being organized and having your paperwork ready to go before you look is a necessity, not an option.
2. Beware of bedbugs.
Unlike other markets, NYC landlords must tell you if bedbugs have been detected in an apartment or the building. If bedbugs are present, the landlord should be upfront about how the building is dealing with the issue. If this information isn’t readily provided, that is a red flag that bedbugs may be a problem, or the landlord isn’t dealing with the situation properly and you should take precaution before signing a lease.
3. Bring along your skepticism — and your cash.
With the demand for rental units so high, you’ll run into a scam or two along the way. Does the deal seem too good to be true?
Other alarming red flags to back away from: if you’re asked to wire funds; if the landlord or broker is employing high pressure tactics; or if someone is attempting to sublet or rent out a place that belongs “to a friend.” All of these are signs that things may not be quite right, and you should take precaution.
4. Salary insufficient? You may need a guarantor.
Most New York City landlords require a resident earn approximately 30 to 50 times the monthly rent. If you don’t, you’ll need to have a guarantor or cosigner whose salary is 80 times the monthly rent and who is obligated to cover the rent if you happen to default.
Be sure to check that you’re not more than a 10-minute walk to the nearest subway and that the neighborhood is safe by searching the New York Police Department website for crime statistics. Other things to consider include the number of local restaurants, grocery stores or bodegas, laundry services and drugstores to make sure the neighborhood you’re considering provides the convenience you’ll need.
5. Don’t forgo renter’s insurance.
Once you have finally found your new home and signed the lease, be sure to get a renter’s insurance policy to protect your new place. A recent Rent.com survey found that 60 percent of renters do not have renter’s insurance, even though the average policy is only about $15 to $30 a month, according to the National Association of Insurance Commissioners. Renters in New York are already investing a lot to live in one of the country’s most expensive cities –why wouldn’t you want to cover potential damages to your belongings?
