Renting in the City
Right now is a crazy time to rent: here is everything you need to know about renting an apartment in NYC this summer.
Rent is high and inventory is low - it’s the perfect storm for paying a premium.
Now that the city is bouncing back after COVID, new graduates and people who fled the city during the pandemic are coming back. Competition is at an all time high for apartments in the city and landlords know this. Application competition is high and so are prices - here are a few tips:
Don’t start looking at apartments until you are actually ready to move, anything you see now will be gone in a week (or even sooner).
Be prepared with a guarantor in case it’s needed - most places make you prove that you take home around 40x the monthly rent. If you apply and don’t get accepted, the faster you can provide a guarantor the better. I know multiple people who lost out on apartments because they needed to provide a guarantor and couldn't do it fast enough.
As everything here is expensive, so is moving! Be prepared to have at least two months rent upfront, for first month’s rent & security deposit, as well as another thousand for moving fees and other expenses.
When inquiring about an apartment make sure to check if there's a broker's fee. This tends to be a percentage of the rent and will add to your total moving expenses - it's good to know this upfront before finding out in the lease agreement.
If your lease will be up in the coming months, think about your options and whether staying in your place is worth the price.
My friend’s lease was going to be up this July and her property management company wanted her to notify them by May 31st if she was going to re-sign. They raised her rent by $400 a month and were completely unwilling to negotiate. Right now, renters have no negotiating power because property management companies know that someone out there is willing to pay.
If you're in the process of looking for apartments, or will be soon, make sure to scour all of the typical websites, my favorites being: StreetEasy.com, Apartments.com, and SpareRoom.com. Here is my Guide to Apartment Hunting, where you can find Facebook groups and other websites to help you search for available apartments.
As I stated in my previous article, don't be afraid to look at all options and don't be afraid to hunt down apartments. Reach out to real estate agents, view apartments and in this climate: be ready to sign for something you want asap.