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Loading ...Ask the Expert: “I’m moving to Manhattan for the first time. Help!?”
I just finished my undergrad and am moving to Manhattan this fall for work. I visited a few months ago to see what was available in my budget (omfg, teeny tiny!!!). I’ve never rented an apartment; my parents can cosign and want to be in a fun and SAFE neighborhood.
Will the real estate guru help this apartment hunting newbie??Of course! Summer is my favorite time of the work year. It reminds me of being in my early 20s and that feeling of awe and excitement when anything is possible. Although you are asking specifically about New York City, these tips apply everywhere.
1. Don’t believe everything you see online (also applies to online dating). Online ads may be deceptive and false to lure you in. If it sounds to good to be true, it probably is.
2. Prepare your documents ahead of time and have them with you. You will almost always need: a letter of employment, a bank statement, photo identification, application/credit check funds, last year’s tax return, a landlord reference letter, a pay stub (the last 3 if applicable). Gather the same documents from your guarantor/cosigner.
3. Ask friends for their building management’s contact information.
4. Canvas buildings in the neighborhood you like and contact them directly.
5. The further you are from public transport, the cheaper the apartment will be. A10-20 minute walk to the subway equals a 10-20% price break.
6. The same applies to: walk up buildings, irregular layouts and outdated appliances and finishes. If you don’t cook, do you need a brand-new stainless steel stove and granite counter top? Can you deal with a 10-year-old oven and Formica? Bank the savings for a rainy day.
7. Look for a local real estate office or agent as they often have roots in the community. Talk to a few different brokers. Work with the one that understands your needs. If they’re not helpful or knowledgeable, move on to someone else.
8. This is your first apartment and if you don’t get everything on your wish list, you have time to move upwards. Your home is a process, like everything else in life. I’m 32, cook 4-6 times a week and still don’t have a dishwasher…someday!
9. Keep your eyes open and your nose on the ready from the curb onwards. If something is off, go with your gut and move onto the next.
10. Stick to your budget, but look below and above so you are well educated on the price scale.
11. If you or your cosigner have the resources, offer to pay the years rent in advance in exchange for a price break. Only do this if you absolutely, without a doubt know that you want to call the apartment, neighborhood and building home for the duration of the lease.
12. Inquire about a two-year lease. Landlords like long-term tenants and will often discount the rent for someone looking long term.
13. Ask your new employer if they have a relationship with any landlords or brokerage firms. Big firms often work with landlords and their employees can get a price break.
14. Turn a big one bedroom into a convertible 2 bedroom with a pressurized wall and share with a friend. Cut your expenses in half! Make sure the building allows this.
15. Don’t get pushed into a situation you’re not comfortable with. Remember, this is your home, your sanctuary and after the long hours you are about to put in, you want the right place to call home.
Inside the City, look in Brooklyn and Queens. Might also wanna look further north in Manhattan. Staten Island…well… Bronx–if you’re up for a truly urban area, look around. Bklyn and Queens will cost more than Bronx, but you’ve got a wider range to choose from in the latter two. Jersey also good idea–especially Jersey City and Hoboken (both on PATH, which runs 24/7), but much of Hudson county is just as convenient as far outer parts of the boroughs.
Might also wanna look at small stuff. Ideally you could talk to a current tenant. If it’s an old building, can you run a window a/c unit and a microwave at the same time? Pay attention to utility stuff, because NYC is not known for low utility costs and it is known for bouts of hot muggy summer and blizzardy-cold winter.
The city is still astonishingly expensive compared to almost any other place in North America (except San Francisco). Prices haven’t dropped like they have in other places, and six months ago, a 1000 sq ft, 2BR co-op in Midtown Manhattan was still running an AVERAGE of $1.1 mill. Unless there’s a trust fund involved, chances are purchase is not an option.
If you are going for a rental, you need to remember , some charge a fee, some no fee. Go for no fee. My very nice & cozy East Village, small two bedroom ran me around $325. a month, back in the 80’s. Good luck!
WOW! I can’t believe how much rental property is these days in NYC. In 1965 at the tender age of 21, I struck out on my own. I landed my first job in an international public relations firm at 53rd and 3rd. I needed an enexpensive place to live and found my first room in a boarding house on Hicks Street in the Heights for $7.00 a week. In the coming weeks I would move up in the world and on Hicks Street to a better room which ran me $10.00 a week. Got the E train, at $.15 per token, at the St. George Hotel, which is where I ate most of my meals as well. Cup of soup and a sandwich cost $.75. WOW! What memories. That was my beginning of living and the beginning a new career in NYC. Good Luck!
My advice is to do your homework. Google and learn about the different areas of the tri-state area (there are a lot of good trend reports based on area). Narrow it down to three areas max. Engage 3 realtors one for each area your interested in and get their perspective. Review listings and then choose your primary target area, hit the streets with that Realtor. Do as much work before you actually come to NYC and look otherwise it can be overwhelming.
Seriously consider areas surrounding NYC. My partner and I were living in a studio (500sq’)on 60th and 2nd for $1,800 per month. We moved a year ago to Roosevelt Island and now live in a brand new luxury (1200sq’)apt with 2 bedrooms, 2 baths, washer dryer (;), top of the line kitchen, water views, terrace, etc. for $2,850 well worth the one stop train ride to NYC. And the apt set up is really easy to share if you decide a roommate makes sense.
Good luck!
NYC is dog eat dog world. I want to warning anyone who want to live in NYC. NYC only hired best employees ever as they can get. This is not your average employees.
I live Poughkeepsie, NY AKA End of North MTA lines. I ‘m tired of NYC people moved up here for a lot of reasons. Unfortunately NYC already cause our houses and rent went up too high not even the min. income can not afford the rent!! And our MTA parking lot is overrunning. We have to pay 33 cents ever 100.00 dollar we earn for MTA mismangement. I only used North MTA less four time a year. TELL me Is NYC is friendly to lower income class??? NOPE!!!
I would think it is a great time to buy in the city. I don’t follow the market there so don’t know for sure. Perhaps if the rents are so happy to co-sign, they might do the same on a mortgage, and you could get the huge tax incentive.
(check this advice out first!..is it really a good time locally? Can you get that incentive if your parents are on the deed? and of course being NYC there are many other costs to consider than those of us buying simple homes in neighborhoods with no maintanence, co-op fees etc).
May be worth checking out. I bought instead of rented right our of college and it was the best decision I’ve ever made, way ahead on equity and knowledge from that experience.
I live in the Manhattan area, you may consider living in Jersey City, NJ. It is across the Hudson River from Manhattan and it significantly cheaper. It has some great neighborhoods and is only a train or water taxi ride away from the city. Good Luck and welcome to NYC.