Finding the right apartment is difficult anywhere, but it is even more difficult if you are looking for an apartment in New York City.
You can find a good apartment that suits your needs in the city. However, if you are not aware of the demands of the landlords and the latest regulations related to renting apartments in New York City, finding the right apartment can become tiring and, at times, an annoying task for you. So, in an attempt to make it a bit easier for you, we are providing you with all the required information that you must know before searching for the right apartment in New York City.
Serious Documentation Is Required
The real estate model in NYC is very bureaucratic in nature. A lot of documents and other information is required from tenants at the time of the lease agreement. Therefore, you should complete all the documentation beforehand. Some of the required documents include:
- Recent tax returns
- Bank statements
- Photocopy of your ID
- Sufficient balance to at least pay for the first and last month’s rent as well as the security deposit.
To qualify for an apartment, you must have a monthly income of at least 40% of the rent amount. However, this may vary from landlord to landlord.
Another thing that you must expect while searching for an apartment in NYC is that the landlords in the city are very picky. Potential tenants are required to provide a lot of information by the landlords. Every landlord will check your credit score before taking your application seriously. Meanwhile, you also need to have a secure job in order to get the desired apartment.
The landlords have a vast number of options, and they only choose what they see as best for them. In other words, you have to meet all the demands of landlords in order to secure the apartment you are looking for. The reason for such behavior could be the tenant’s rights in the NYC. It is very difficult to move a person out once he or she has made it in.
The city is famous as a city that never sleeps. New York is one of the busiest cities in the entire world. With 27000 people per square mile, NYC has the highest population density in the entire United States of America. People from within the country as well as immigrants, come to the city to earn livelihoods. As a result, in NYC, there are lots of people and very little space. It is for this reason that apartments in NYC are mostly on the higher end of the price spectrum compared to other cities in the US.
In view of this, it is best that you share your apartment in order to manage the rent expenses.
Stay away from scammers
Many people looking for an apartment in NYC try to save money by going after no fee apartments. However, the idea that one saves money by hunting for no fee apartments is just a myth. Companies have to pay the salaries of their leasing agents. How do you think they can afford this and other operating costs? Basically, the no fee listing includes apartments with much higher rents than the normal ones. So, the no fee thing is just a façade. In fact, the fee is embedded in your monthly rent at a much higher rate than normal. Therefore, it is advisable to stay away from these and other scam schemes. Most apartments in NYC have a broker fee of about 15 percent, which you have to pay. The best thing you can do is to make sure that you are not paying anything more than that.
If you are looking for your dream apartment in New York City, Zumper is the best way to go about it. It is already being used by millions of people to find their dream apartment, as Zumper has quality listings that keep on updating. The best thing is that Zumper is very simple to use. You can submit your application and credit reports digitally. Also, you can get notifications related to apartments according to your set preferences such as location, bedroom count, price, etc.