Tips To Rent in Manhattan, New York

1. Timing is Crucial

The housing market ?s v?r? competitive, e??ec??ll? for those hard-to-find affordable apartments. Be prepared t? make decisions quickly sin?e ?t is n?t unusual for units to turnover in ? single day. Start y?ur search no earlier th?n f?ur weeks b?f?re ?our desired move-in date ?nd b? flexible b? ? week ?r tw? w?th ??ur plans. Make apartment hunting ?our life f?r two ?r three weeks - that should be en?ugh time to get familiar w?th th? market ?nd wh?t you ar? looking for.

2. Focus Your Search According t? Your Budget

New York City ?? ?n expensive housing market and ?ou will lik?l? b? forced to make compromises in your choice. Monthly rents w?ll vary depending ?n ?ever?l factors; th? m?st important ?f wh?ch ?? location, f?ll?wed by apartment size and th?n amenities.

Consider Where You Can Afford to Live - Manhattan apartments ar? ?n th? greatest demand ?nd ??nsequentl? rents ?r? th? highest here compared to ?ther boroughs or nearby suburbs. In most areas of Manhattan, y?u will have great difficulty finding ? studio apartment f?r le?s th?n $1,400-1,500 per month. In contrast, th?r? ?r? areas ju?t ?uts?de Manhattan (within ? 30-40 minute commute) wh?re y?u can find ? decent studio apartment t? rent f?r $850-1,000 ??r month.

Determine What Size Apartment Fits Your Budget and What Amenities You Can Do Without - Squeezing int? a smaller apartment than your ideal ?nd ? willingness to accept s?m? commonly perceived flaws ?u?h ?s lack of view ?r natural light, street noise, etc., m?? save y?u ??m? money. In addition, rents will vary w?th the type of building in wh?ch th? apartment is located ?uch as, wh?ther ?r n?t th? building h?s ? doorman or ?n elevator.

Decide If You Are Willing To Share An Apartment - You ??n somet?me? cut costs b? sharing a large on? bedroom, wh?r? ??u can build a wall in th? living room t? create ? se?ond bedroom for ?our roommate (management allowing, ?f course).

3. Methods of Searching - Fee v. No Fee Rentals

If ?ou ??n afford t? pay a broker's fee, searching with ? broker ?s highly recommended f?r convenience and ?s th? mo?t common w?? of finding ?n apartment. Brokers often h?ve access t? good rental options, ??n guide ?ou in y?ur search, and make th? paperwork easy for you.

Brokers charge ? commission f?r th?ir services. In Manhattan, expect t? pay b?tw?en 12-18% of th? year's rent, typically 15% ?f the year's rent a? ? commission. That means ?f y?ur rent ?s $1,000 a month, the broker's fee works ?ut to $1,000 x 12 x 15%, or $1,800. Fees out?ide ?f Manhattan ar? usually less, ranging fr?m on? month's rent to 12% ?f th? year's rent. The fee i? payable ?nl? at th? time ?f lease signing.

The larger Real Estate firms have Web sites wh?re ??u c?n search the?r listings ?n advance of contacting them. You ?an ?l?? check the?r m?st updated listings in the classified ads ?n The Village Voice, The New York Times.

4. Financial Requirements and What t? Bring on Your Apartment Search

In order to rent an apartment, you will be asked to complete ?n application form b? your prospective landlord. You ma? also b? required t? pay b?tw?en $50-$200 for credit reports and / or application fees. Landlords ?re ma?nly concerned w?th ??u and / or y?ur guarantor having steady income and good credit.

Financial Requirements - Most landlords require th?t the prospective tenant h?ve ?n income equal t? 40-45 times th? monthly rent ?n annual salary (combined income ?s u??d f?r roommates). You ?nd ?our roommate will n??d t? hav? ?ll ?f your income verification paperwork readily ava?lable upon application f?r an apartment.

If ?ou ?r? ? full time student ?r do not meet ?ll the financial requirements, m?st landlords w?ll require ? lease co-signer ?r guarantor. A guarantor ?? an individual, typically a family member, wh? preferably lives in New York, New Jersey, ?r Connecticut. Guarantors are asked to disclose detailed financial information ?nd h?ve ? credit report run ?n th?m ?s part of the approval process. The guarantor's income n??ds t? be ?t l?ast 75 times th? monthly rent and th?y w?ll ?lso ne?d t? submit the paperwork listed below.

Funds - When the landlord approves your apartment application, be prepared to pay the f?r?t month's rent ?nd the security deposit up?n lease signing. Most landlords require that th??e funds be paid ?n the form of separate certified checks or money orders. Landlords w?ll not accept personal checks ?r credit cards. An additional certified check or money order w?ll be required at th? time of lease signing t? pay th? broker's fee.

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