Things Every First Time NYC Renter Should Know
When searching for the perfect NYC rental property to meet your needs, there are several things that you should keep in mind in order to enjoy the best results. By having a clear idea of what you need in a rental while also knowing more about the NYC rental market, you will be better prepared to choose a realistic living space to meet your needs while also reducing your overall frustration with the search process.
Determine Your Budget
Before you start looking for a rental in NYC, you need to determine how much you can afford to pay each month toward housing. Since rental costs are much higher in NYC than they are in many other parts of the country, you need to be prepared to commit a significant portion of your income toward rent. In fact, you may even need to find a roommate to help you cover the costs. As you start your search, you should be prepared to pay $2,000 to $4,000 or more per month depending upon the size and location of your rental.
According to housing policy experts, anyone who pays more than 30 percent of their income toward rent is considered to be “rent-burdened.” Unfortunately, roughly 42 percent of renters in NYC are considered to be rent burdened.
Understand Landlord Expectations
In addition to knowing how much you are willing to pay toward rent each month, you also need to have a clear understanding of landlord expectations in terms of income. Generally speaking, landlords require their tenants to have a salary that is roughly 40 times the monthly rent. Therefore, for a rental that is available at the low-end of $2,000 per month, your household will need to have an annual income of $80,000. If you don’t earn enough to meet these criteria, you may need to get a co-signer on your lease. In this case, the co-signer will likely need an income that is roughly 80 times the monthly rent in order to qualify.
Know When to Look
With the demand for housing remaining bigger than the number of rental units available, finding an available rental can be tricky. Things tend to get even more difficult in August when recent graduates move to the city and look for a place to live before beginning their new jobs.
Research the Building
While you may be tempted to take the first rental that is available to you, you should take the time to do your research before signing a lease. Using sites like Rentlogic will help you to learn more about the building you are considering. Here, you can learn more about reports that have been made to government agencies, such as those related to construction violations, vermin infestations and mold problems. While a rental development may look great on the outside, you may be surprised to learn that it has a history of safety violations, landlord issues and heat and water problems. All of these are sure signs that you should look elsewhere for a rental.