Every year in August, New York City — or otherwise known as the Big Apple — witnesses a massive influx of people, particularly newly-minted grads, looking for apartments for rent in the most popular neighborhoods of the city. While 2020 may be a lot more different because of the COVID-19 pandemic, the rental market of NYC is still the same — rental properties are on the upswing. And landlords have no other option than sweetening the pot with concessions, such as a month’s free rent or covering broker’s fee, to attract renters to their properties. But this doesn’t mean renters can have a sigh of relief; many other things can go wrong and land them on a property that is either too heavy on their pocket or doesn’t suffice their needs.
This is why it’s vital for rental seekers should always consider these things before renting an apartment in NYC:
Know Your Budget
First thing first — Understand what you can afford and what your landlord would like to see when it comes to your income. Many landlords prefer tenants with good credit and annual income of approximately 40 times the monthly rent. Your yearly salary can give you a rough idea of how much rent you can afford. In case the rent of an apartment is out of your budget, and you have a guarantor to co-sign the lease, know that the guarantor’s yearly income should be 80 times the monthly rent. When you are looking for an apartment for rent in NYC, you don’t want to be rent-burdened.
Do your research on the building’s history
No matter in which neighborhood you are planning to live or how many neighborhoods you have scoured, before signing the lease, dig into the building’s history to see if there are any red flags. For example, a beautiful, furnished apartment in Manhattan at a rent of $4,000 a month seems a pretty good deal. But it may have many safety violations, or heat & hot water problems, or pet issues, which can be troubling once you start living there. Researching other aspects of the building other than a simple evaluation of the apartment can save you from all the hassles that may come later.
Work with a real estate agent
Many renters don’t realize the importance of working with a skilled and experienced real estate agent until they find themselves stuck at finding a suitable property or rent a property that doesn’t meet their needs while putting a hole in their pocket. By working with a real estate agent, not only do you have access to legal listings in the neighborhood of your choice, but you also save yourself from the burdensome rental process. And today, you can get help from online platforms that let you discover furnished rentals in NYC and book in a few simple clicks. APT212.com is so far the most popular NYC platform that is known for its widest collection of rental properties and experienced, helpful real estate experts. Also, beware of frauds who claim to get you a rental property at a lower price. Chances are that they will get you an illegal property, which you may have to leave sooner or later. If something seems fishy, run to the other side.
While renting an apartment in New York City is no easy feat, you can have a smooth and hassle-free experience should you consider a few things before signing a lease. Also, you can save yourself from a multitude of hassles by getting help from APT212, which is NYC’s marketplace for the finest rental properties in the best of neighborhoods.
About APT212: APT212 started its journey as a traditional brokerage firm but later transformed into an online platform that helps you choose from a wide range of rental properties in the city and provide you with access to real estate experts who help you with renting the property, from start to finish.