Don’t let movies and TV shows fool you. Renting in New York is tough and much more expensive than pop culture lets on.
1. This is less of a surprise if you live in New York. Allyson Waddell, agent success manager at RentHop, said the rental market is competitive this summer.
2. New Yorkers shouldn't look for an apartment alone. Carolyn Gagnon, a Compass real estate salesperson, recommends finding a trustworthy agent.
3. Don't apply for an apartment without key paperwork. Gagnon suggests collecting these documents.– Recent bank statements– Recent tax returns– A letter of employment with recent pay stubs– A copy of your photo ID– A guarantor
4. Depending on where you want to rent in New York, an applicant’s gross annual income needs to be substantially equal to or greater than their monthly rent.
5. Waddell says a broker's fee can be one month's rent to 15% of annual rent. When combined with the first month's rent and security deposit, this sum can be costly.
6. “Check the area around a possible rental at night to understand the city noise level you’ll be sleeping with every night,” recommends Gagnon.
7. Remember how competitive New York's real estate market is? Renters can't bookmark a listing and return to it later. Same-day listing loss is possible.