From where to look to what to bring, we’ve got you covered
There are many websites that can tell you how to look for a new place to start your new life in New York City. From comparing rent prices in various neighborhoods to determining which areas are better for buying versus renting, all the information you need is pretty much just a few clicks away. But just in case you want a bit more guidance in your quest for finding the perfect city dwelling, here are a few main things to look for when moving to NYC:
Cost
Obviously, cost is a huge issue for most new New Yorkers, since a good chunk of your disposable cash will likely end up going straight to rent. The general consensus is that no more than a third of your annual income should be put toward your housing costs, and in New York City, most landlords will only approve renters whose gross annual income is 40 times the monthly rent. (The New York Times breaks down what that means.)
Knowing how much you can expect to pay may help you decide which boroughs to focus on. New York newbies may think of Manhattan when they think of “the city,” but the median rental price in the borough is now $3,500. Brooklyn isn’t much better; there, the median rent is just over $2,800, and in Queens, it’s a similar story. That doesn’t mean deals can’t be had—particularly in this concession-happy period for rental developers—but it’s helpful to know nonetheless.
Still, whether you end up living the dream in Manhattan or winging it in the boroughs, it’s important to keep these next things in mind.
Transportation
Given the MTA’s current state of crisis, you’re probably rolling the dice no matter where you end up. It’s possible that your commute could be a complete nightmare no matter what neighborhood you’re living in. But there are some ways to tell if your prospective transit options will be run-of-the-mill irritating or truly terrible.
For example, Straphangers releases its State of the Subways report card each year, giving the MTA’s subway lines a grade based on factors like cleanliness, timeliness, and reliability.
Knowing the long-term transit plan for a neighborhood is helpful; for example, if you’ve been considering Williamsburg or Bushwick (or any other neighborhood along the L train), ask yourself: Do you want to deal with the inevitable mess that the L train shutdown will create? If you’re a bike commuter, is the infrastructure you need in place, or will it be soon?
Basically: Do your research, and make sure you balance what you want out of transit—a short commute to work, a quick walk to your station, myriad options—with the reliability of nearby options. (Oh, and don’t rule out the bus as an option.)
Convenience
You’ll probably want to be in a place that is convenient to banks, shopping, restaurants, laundry, and maybe even your job. (Our advice: Keep your job close, but your ATM and sandwich places closer, and make sure you know where the necessities are.)
Average commute times vary depending on where you choose to live. WNYC has this handy interactive map that helps you get an idea of how long it’ll take you to get from point A to point B in the neighborhoods you may be eyeing.
A couple other questions to ask yourself when choosing a neighborhood: Do you mind having to travel for your restaurants and nightlife? Would you rather be right in the middle of everything or have a quiet place to go home? Do you value outdoor space?
Most of all: do you feel comfortable? Go back at night with a buddy and take a stroll. If you feel unsafe, follow your instincts.
Documents and info to bring on your search
NYC’s rental market is a perfect metaphor for the city itself: fast-moving, expensive, and sometimes difficult to navigate.
Say you’ve already made sure your rental broker isn’t screwing you and you’ve found your dream apartment. Now it’s time to put in an application, and as any New Yorker knows, good apartments go in a split second. If you’re lucky enough to find something that you know is a diamond in the rough, you better have yourself together. Gather the following paperwork before you even put in the application:
- You’ll definitely need some form of photo ID: Either a driver’s license or a passport should work nicely.
- A letter of employment on company letterhead. Make sure it has your salary and start date. If you’re going to college or grad school, get your letter of acceptance handy.
- Copies of recent pay stubs and bank statements. Three months back is usually enough.
- Landlord reference letter saying that you’re a dream tenant. (You are, right?)
- Depending on how intense the building is, you might even need other letters of reference, but it’s not that common. Just in case, keep in mind people from both your personal and business life who could speak highly of your character.
- Your most recent (or even the last two years) tax return(s): If you’re self employed, you’ll definitely need this, perhaps along with a letter from your accountant.
- Though the management company will probably run a credit check on you as well, it can’t hurt to run one on yourself first to make sure there are no glaring problems on the horizon.
If for some reason you don’t have any of these financial documents, you better have a top-notch guarantor—i.e., someone (probably a parent or guardian) who will pay your rent if you mess up. Landlords generally want a renter who makes 40 times the rent, so your guarantor should make 80 times the rent (living in the tri-state area helps). If you can’t get someone to sign for you, there are companies that act as “surrogate” guarantors, though proceed with caution with those.
Once you’ve decided on a place, the management company or landlord will likely ask you to fill out an application; prepare to also have enough cash on hand to cover the first and last month’s rent and a security deposit (equal to one month’s rent). There is a possibility that you’ll be paying a broker’s fee, though that should have been agreed upon already. Before you write any checks (and really, before you apply) make sure you know if the management company is offering any concessions, like free month’s rent or a Vespa.
And finally: Get all your ducks in a row before you go rental hunting, because the last thing you want is to find the perfect apartment only to have someone else get a hold of it because they were better prepared.
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