Apartment Hunting Ideas for First Timers in NYC

Spring is the season when fresh pool of college goers flock to New York City to pursue their studies at some of the reputed colleges here. This is the time when they go for apartment hunting. Their dream revolves around a single bedroom-attached-bath apartment, that too for $2,000 a month.

According to Paul Hunt, a real estate agent who specializes in NYC apartment rentals says that first-time apartment hunters think that finding a place is a child’s game. All they want is a ‘Sex and the City’ apartment, that too in the countryside. Probably the first shock that they get is the ‘price’ and the second is the ‘terms of renting contract’.



An Insight into NYC Apartment Rental Market 

Here is an overall insight into renting an apartment in NYC. The average monthly rent for a one-bedroom apartment is more than $3000, while the average rent for a studio apartment is not less than $2000. Added to this, the average rent of an apartment in a doorman building is somewhere close to $3200 in Manhattan.

Mr. Hunt says that most prospective renters have high expectations, but they fail to judge their budget. All they think is that the agents try to squeeze money out from them, which is not true. Somehow they raise their budget, check out in neighborhood or get a roommate. The entire process can be frustrating because the renters are always fickle minded.

This year, thousands of students will be landing up in NYC. They majorly drive the city’s rental industry. They will soon learn that renting an apartment in this city is not that easy. Therefore, most rental agents advise students to do some home work before starting with the expedition, because prevention is always better than cure. Not only rent but they have other expenses to look into, like books and college fees. If they familiarize them with the entire rental process, they may save lots of money on this front.

Apart from the price and space realities, the NYC landlords have a different story to tell. They only want tenants that earn forty times of the specified rent. The calculation is quite simple, which means if you want to rent an apartment of $2000, you should have a salary of $80,000. The renters that do not come in this salary group usually require a guarantor. Just to get the keys of the place, you will have to spend some $10,000 for rent and broker’s fees. These are some stark realities, so you should be armed to deal with all the situations.

How to Hunt for an Apartment in NYC?

There are two vital points before going for NYC apartment rentals; first get your paper work in place and second is to discuss your financial and ‘pet’ situation. You will simply waste your time, the moment your landlord comes to know that you have huge bull dog and he too will reside in the apartment.

Many people have lost the opportunity to shift into their dream apartments, because most of the time, they were chasing different rental agents, the result of which was futile.

Ways to Track Down an Apartment in NYC 

Here are some ways to find rental apartments in NYC:

Real Estate brokers: This is one of the most common methods that most students go for. If you have certain neighborhood in mind then find a local broker. Many of them also have a website, so contact them online. Their websites also have photos and description about the apartments available on rent.

Grapevine Communication: If you do not opt to pay a hefty amount, you should rely on word-of-mouth. Most students in NYC find an apartment through their friends, relatives and acquaintances. Just spread the word that you are looking for a place and this will work.

Newspaper Ads: This will definitely work because there are thousands of classified ads, and most likely, you will be able to locate your dream apartment. You can go for the New York Times, the Daily News, community or local newspapers. Many ads are also published in some foreign language newspapers like the Jewish Press and El Dario, which can be some authentic sources for NYC apartment rentals. Now days, most newspapers have online website on which they post ads. Go for portals like newyork.craigslist.org where you can interact with brokers online.

Leisurely Walking: Some prospective renters find an apartment simply by taking a stroll around the neighborhood, where they find ‘to-let’ signs. This might work for some, but not always.

Local Community Groups: You can also go for local government offices or community that keeps an eye on housing notices.

Apartment guides: These guides provide information about recent housing leases and issues.

Vacant Apartment in Your Building: Some renters find an apartment in their building itself. For this, you need to socialize with the people in your neighborhood or building. Be proactive and ask your landlord, security, neighbors or the building management about any vacant apartment.

Referral service: Savvy apartment hunters also find a place through referral services. This works well for those who are comfortable using internet. With a nominal amount, you will be provided with a list of references in your preferred locations.

Application lotteries or waiting lists: Some prospective home hunters prefer going through waiting lists. If you have time in hand, you can enroll your name in waiting lists or in application forms for an affordable housing through any of these agencies like NYC Housing Authority (NYCHA), the New York City Housing Development Corporation (HDC) and NYC Department of Housing Preservation and Development (HPD).

The Final Lines…

Once you find the apartment of your choice, know well the lease terms, documentation, paper work, access to public transportation, nearby departmental stores and anything, which you might need. And it will undoubtedly be the time to celebrate, once your first-time apartment hunting mission is accomplished!