NYC is the third city I've lived in during my adult life, and has by far the most complicated rental market! We have a much better handle on the whole apartment-hunting process, having lived here for over 2 years and recently tackled our 2nd move. It's not easy, but with some patience and flexibility, you can find an apartment that meets
The NYC rental market is kind of like a sample sale. Tons of people scramble for a low amount of inventory, nothing is completely perfect, and you often have little time to make a final decision. Oh and on average, rental costs are higher then any other US city. When we first moved here, Husband's company partially subsidized the cost of a broker, who we met with several times to view apartments and narrow down neighborhoods. We ended up in a neighborhood we loved, with a decent apartment that was more expensive then we originally wanted. We found our current apartment online (without the help of a broker), and although not perfect, we're so much happier. We moved because we wanted a cheaper place (so we could start saving in earnest for future moves, purchases, and eventual kiddos).
Tip 1 - You don't need to use a broker.
I'm convinced that most people looking for NYC rentals don't need a broker. The only exceptions to this would be if you are new to the city and/or extremely short on time. Our original broker helped us narrow down desired neighborhoods by showing apartments all over the city. We got a good sense of what our money would get us (for example, the price of a 1BR on the Upper East Side is generally much less then an equivalent 1BR in the West Village). We also found an apartment in just a few days, and were able to move 2 weeks after that. The obvious downside to using a broker is the fee - anywhere from 8% - 15% of one year's rent. In worse economic times, you could negotiate this fee down, but I've heard it's not so easy these days with the market on an upswing. If you do go the broker route, use someone on a recommendation and one who you are comfortable with.
Tip 2 - Pick a neighborhood or two.
There are so many great neighborhood guides available...these should be a NYC newbie's first stop. It helps to have a few possible hoods in mind to focus your search. Consider your lifestyle and what's important to you. If you need to be close to the action, and love checking out trendy bars and restaurants, maybe Tribeca is a good fit. Maybe you're a runner and need to be close to the park...the Upper East (or West) Sides could work. The wonderful thing about NYC (cue the cheese factor) is that there really is a place for everyone.
Once we decided on moving to Brooklyn, we narrowed down our search to Cobble Hill and Brooklyn Heights. For us, being close to the 4/5 and F subway lines were important. We also happened to love the vibe in these neighborhoods...family friendly, clean and quiet, plenty of restaurants and bars, etc.
Tip 3 - Do your research.
I think I say this every time I give tips, but with NYC renting, it's critical. We were doing searches almost every day for months before our lease was up to get an idea of apartment costs and how quickly inventory was getting taken. Our main search vehicles were streeteasy.com and craigslist.org, though we also checked nybits.com. We even went to see a few apartments, 'for fun'. Doing this helped us decide that the East Village was out (most 1BR apartments were way smaller then we wanted, while 2BRs were still pricey), and confirmed that we were priced out of Gramercy. Craigslist can be hit or miss, but once you start looking through listings every day, you can easily separate the sketchy from legitimate listings. You'll want to lookout for the same listings that get posted every day (to ensure they pop up at the top of people's searches), and apartments that have been on the market for over 60 days (what's wrong with them?).
Tip 4 - Crunch the numbers.
Aside from considering rent, it's a good idea to factor in a broker fee and moving expenses to your final housing budget. We found that most decent listings on the above mentioned websites were for 'fee' apartments (as opposed to 'no fee' apartments). At first it seemed unfair...WE were finding these places, so why should we pay a broker? But, consider that for our current building, the landlord works exclusively with a broker to rent the 8 apartments in his building. The broker handles the listings and vets potential renters before the landlord ever knows about them - completing the credit checks, collecting the applications, etc. The broker for our building was very responsive, helpful, and accommodating, so we felt comfortable paying him a fee (albeit one we had negotiated down). We budgeted for a 10% broker fee. As for moving expenses, we budgeted for $1000 (to move from our 1BR), where we packed everything ourselves (pack and moves were at least $500 more expensive). Thankfully it ended up being less. It's not impossible to find a no-fee apartment...just difficult (in our experience), and we didn't want to pass up a great apartment just because of a broker fee.
Tip 5 - Be patient & flexible.
My flexible schedule really helped us for this move. We would find an apartment and be able to schedule a viewing the same or next day. If you see an apartment you like, call the broker immediately (many don't respond well via email) to express interest and set up a time to view the place. This would also be the time to ask 'make or break' questions (we always asked whether the place was pet-friendly or not). Most listing agents returned our calls within 12 hours. If an apartment is already rented (this happens often), be sure and ask if the agent has anything comparable or available within your budget.
Tip 6 - Talk to your friends.
We got broker recommendations from our friends, and even tips on available apartments in their buildings. Ultimately, we found our place without help, but our former next door neighbors happened to be friends we directed to that vacant apartment! I've learned that it's not really a faux pas to ask what someone's rent is (at least to your friends, not random people), like it is elsewhere. Everyone knows they're paying more then they should and most are happy to share.
Tip 7 - Make a list of what you need versus what you want.
Sure you may NEED a 1 BR, 1 Bath, but do you really also need a renovated kitchen AND bath? Decide on what you need versus what you want. Most people I know had to compromise in some way on their final place. Our list of needs was for: a 1BR 1Bath (at least), updated kitchen, and pet-friendly place. Our 2nd bedroom and outdoor space happened to be a wonderful bonus. Few places have washer/dryers I found. Strangely, I'd be willing to sacrifice a dishwasher for a washer/dryer!
Tip 8 - Make sure your stuff will fit.
We saw some East Village walk-ups with stairwells that would never accommodate our couch (no matter how skilled the movers were). Similarly (and often in the same apartments), we saw bedrooms that would never fit our queen-sized bed. I could sacrifice a table or chair, but not our custom-ordered Pottery Barn couch or solid wood sleigh bed.
Tip 9 - Know when you can move.
Most apartments are listed to be rented within 30 days. You'll have some difficulty finding rentals beyond that. We found ours about 45 days out, and managed to pro-rate the rent for the half month. The summer (May through July) was really slow, and then things picked up in August (I'm assuming due to the influx of the newly employed). I was told by numerous brokers that things slowed down September through December, and picked up after the New Year.
Tip 10 - Have your materials ready to go.
Things you might need: a bank statement, letter from your employer verifying your salary, and letter of support from current or previous landlord (usually a form letter affirming that you were a good tenant who paid rent on time). Be ready to give your social security # and $ to run a credit check. You might also need to pay a security deposit, application fee, first and/or last month's rent, or a broker fee. We made sure we had enough $ in our checking account to cover these up-front expenses.
Tip 3 - Do your research.
I think I say this every time I give tips, but with NYC renting, it's critical. We were doing searches almost every day for months before our lease was up to get an idea of apartment costs and how quickly inventory was getting taken. Our main search vehicles were streeteasy.com and craigslist.org, though we also checked nybits.com. We even went to see a few apartments, 'for fun'. Doing this helped us decide that the East Village was out (most 1BR apartments were way smaller then we wanted, while 2BRs were still pricey), and confirmed that we were priced out of Gramercy. Craigslist can be hit or miss, but once you start looking through listings every day, you can easily separate the sketchy from legitimate listings. You'll want to lookout for the same listings that get posted every day (to ensure they pop up at the top of people's searches), and apartments that have been on the market for over 60 days (what's wrong with them?).
Tip 4 - Crunch the numbers.
Aside from considering rent, it's a good idea to factor in a broker fee and moving expenses to your final housing budget. We found that most decent listings on the above mentioned websites were for 'fee' apartments (as opposed to 'no fee' apartments). At first it seemed unfair...WE were finding these places, so why should we pay a broker? But, consider that for our current building, the landlord works exclusively with a broker to rent the 8 apartments in his building. The broker handles the listings and vets potential renters before the landlord ever knows about them - completing the credit checks, collecting the applications, etc. The broker for our building was very responsive, helpful, and accommodating, so we felt comfortable paying him a fee (albeit one we had negotiated down). We budgeted for a 10% broker fee. As for moving expenses, we budgeted for $1000 (to move from our 1BR), where we packed everything ourselves (pack and moves were at least $500 more expensive). Thankfully it ended up being less. It's not impossible to find a no-fee apartment...just difficult (in our experience), and we didn't want to pass up a great apartment just because of a broker fee.
Tip 5 - Be patient & flexible.
My flexible schedule really helped us for this move. We would find an apartment and be able to schedule a viewing the same or next day. If you see an apartment you like, call the broker immediately (many don't respond well via email) to express interest and set up a time to view the place. This would also be the time to ask 'make or break' questions (we always asked whether the place was pet-friendly or not). Most listing agents returned our calls within 12 hours. If an apartment is already rented (this happens often), be sure and ask if the agent has anything comparable or available within your budget.
Tip 6 - Talk to your friends.
We got broker recommendations from our friends, and even tips on available apartments in their buildings. Ultimately, we found our place without help, but our former next door neighbors happened to be friends we directed to that vacant apartment! I've learned that it's not really a faux pas to ask what someone's rent is (at least to your friends, not random people), like it is elsewhere. Everyone knows they're paying more then they should and most are happy to share.
Tip 7 - Make a list of what you need versus what you want.
Sure you may NEED a 1 BR, 1 Bath, but do you really also need a renovated kitchen AND bath? Decide on what you need versus what you want. Most people I know had to compromise in some way on their final place. Our list of needs was for: a 1BR 1Bath (at least), updated kitchen, and pet-friendly place. Our 2nd bedroom and outdoor space happened to be a wonderful bonus. Few places have washer/dryers I found. Strangely, I'd be willing to sacrifice a dishwasher for a washer/dryer!
Tip 8 - Make sure your stuff will fit.
We saw some East Village walk-ups with stairwells that would never accommodate our couch (no matter how skilled the movers were). Similarly (and often in the same apartments), we saw bedrooms that would never fit our queen-sized bed. I could sacrifice a table or chair, but not our custom-ordered Pottery Barn couch or solid wood sleigh bed.
Tip 9 - Know when you can move.
Most apartments are listed to be rented within 30 days. You'll have some difficulty finding rentals beyond that. We found ours about 45 days out, and managed to pro-rate the rent for the half month. The summer (May through July) was really slow, and then things picked up in August (I'm assuming due to the influx of the newly employed). I was told by numerous brokers that things slowed down September through December, and picked up after the New Year.
Tip 10 - Have your materials ready to go.
Things you might need: a bank statement, letter from your employer verifying your salary, and letter of support from current or previous landlord (usually a form letter affirming that you were a good tenant who paid rent on time). Be ready to give your social security # and $ to run a credit check. You might also need to pay a security deposit, application fee, first and/or last month's rent, or a broker fee. We made sure we had enough $ in our checking account to cover these up-front expenses.
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