Want To Rent An Apartment In New York City? Heed These Advice
Searching for a place to rent in New York City is very challenging because it’s so costly. New York City is actually the most expensive city in the United States according to an article in Investopedia. It’s also quite exhausting, since you need to be persistent so as not to get tied to a lease that you can’t really pay for. There are strategies that you need to study again or read up on to find the best deal even if you’re an experienced renter.
The market this summer will be a more competitive one. Some employers are requiring workers to come into the office at least part time so renters who left the city to work remotely are coming back now. Some landlords are increasing rents and offering fewer freebies than they did before with the increased demand for apartments. If you’re a qualified tenant and ready to rent right away, lock in a long term lease now at a favorable rent because there are deals available.
Here are a few tips to remember for renting an apartment in New York City:
A. Determine the difference between advertised rent and what you’ll actually pay.
Know that discounts being offered may be used to advertise apartments at a lower rent, aka the net effective rent that you would pay if the amount you saved from your free month(s) was spread throughout the term of your lease.
Free month’s rent are usually given in the beginning or at the end of your lease and what you otherwise actually pay each month is a higher gross rent. You can calculate or check the actual rent with a rent calculator at Calculator.net.
B. Find a good broker.
It’s vital to work with a trusted broker especially if you’re only using virtual tours to check out apartments or else you might fall for bait-and-switch schemes where potential tenants are tempted with pictures but realize that the apartment has been changed to a sub-standand one when it’s time to move in.
Be able to decipher if agents are advertising too-good to-be-true apartments that are not actually available or at least not at that price. Rather than looking for an agent through a listing, get a personal recommendation from a friend or your company’s relocation office. Another good resource is Zumper which is used by many to find houses, rooms, condos, or apartments for rent.
C. Be open to short term rental.
If you need a temporary apartment to live in, consider short term rental. Short-term corporate rental apartments are available for as low as $99 per night so it’s ideal for New Yorkers who are in-between apartments or for those renovating their apartments.
D. Negotiate.
Although it may be hard to negotiate during spring and summer still try to do so especially if there are signs that the rent may be negotiable. An example of which is when an apartment has been on the market longer than usual. Another instance is when it’s in bad condition. Many renters find they have greater success negotiating perks rather than rent. Always do your research though. According to Zumper, the average rent for a 1-bedroom apartment in New York, NY is currently $2,660 which is a 7% decrease compared to the previous year. This knowledge will come in handy when you’re negotiating.
E. Examine the amenities against your lease.
Make sure your access and any other fees to the amenities in the building are included in the lease. Also inquire if all of the amenity spaces are open and what safety protocols are being observed due to the pandemic.
F. Do a soundcheck for late-night noise.
Always do a soundcheck around midnight to see if any nightclubs might pose a threat to your peace and quiet. Also check for noise during daylight especially if you’re working from home since this can be a nuisance. Don’t sign the lease if you haven’t checked these things.
