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Guide to renting in NYC

HomeEducationalGuide to renting in NYC

Looking to rent a new house or apartment in NYC but don’t know where to begin? Well, you’re not the only one. NYC is a big city, with plenty of places to rent an apartment or a house. But there are a lot of things to consider before you say ‘I do’ to your new home. To help with this, we have put together a guide to renting in NYC.

Prepare your budget

Before you do anything else, you should prepare your finances and figure out a budget. Renting can get quite expensive, especially in NYC, so you need to have enough money designed to cover all of the costs of renting and moving into a new apartment. There are also some up-front costs. The holding deposit, which is typically one week’s worth of rent. The tenancy security deposit, usually equal to 5 weeks’ worth of rent and, of course, the first month’s rent. So, remember to ask yourself: how long do you want the tenancy for? A tenancy can vary in length, and you can generally sign for terms between six months and three years. Additionally, you might want to start considering ways to save money when moving, to off-set some of the initial costs.

Required documentation

Any guide to renting in NYC would be incomplete without a list of documents needed to rent. So what do you need? It’s pretty simple:

  • proof of ID 
  • pay stubs
  • bank statements (to prove you have enough money to cover the first few months of rent)
  • proof of insurance
  • social security number
  • rental history
  • job history or resume
  • information about pets
  • references (if any)
  • recommendations (if any) 

On top of this, you might want to bring a checkbook if you need to pay a fee to apply or secure the apartment until you sign the lease.

Find the best neighborhood for you

A big part of renting and even buying an apartment is finding the right neighborhood for yourself. Fortunately, New York City has many good areas to offer. For example, Riverdale, Bronx is an excellent choice. While buying property here tends to be expensive, renting is quite affordable, starting at $1,910 for a one-bed apartment. Generally, when considering neighborhoods to rent in, you need to look at a few things. The average rent, neighborhood safety, and, of course, if the atmosphere suits you. As such, when looking into neighborhoods, it is generally best to look at areas renters love. After all, if a lot of people consider an area in NYC renter-friendly, it’s probably a good place to settle in.

Check your landlord

When renting in NYC, it is a great idea to check your new landlord. Why? There are many horror stories of bad landlords, from changing the rent at their whim to evicting tenants for seemingly no reason. As such, it is a good idea to look into their history. There are many resources online which offer reviews on landlords from past tenants. So, do your homework and make sure you’re not walking into a nightmare.

Start preparing for your move

When you start closing in on a rental, it is an excellent time to start preparing for your move. At this point, you should begin packing your things and organizing the transport of your belongings. You might want to start considering the advantages of hiring a moving company. But, remember, you don’t want to set any actual dates for the move before signing the lease.

Read the lease

A common mistake first-time renters make is rushing the lease agreement and signing it without reading it. Never sign the lease before reading through it carefully. Because a lease is a legal contract between you and your landlord, to make sure nothing will come back to haunt you, take the time to understand everything in it, all of the legal language included. Make sure the lease includes all of the critical information about the property and the landlord.

Deal with things at your old home

Before you move, there are some things you need to do. If you are already renting, you should inform your current landlord that you will be moving away. If you own your current home, you should cancel all of your subscriptions and services a few weeks before relocating. Dealing with these things relatively early can help you keep a cool head. After all, this is a complex, and your aim should be to reduce the stress of moving as much as you can.

Short term rentals

If you find a place you like but are still unsure, a short-term rental is your best choice. This will allow you to check out the property and neighborhood without committing to a long-term lease. It should be noted, however, that short-term rentals are much more expensive. Also, they might not require as much documentation, but different restrictions might apply.

Find reliable movers

If you choose to hire a moving company, you should do your best to find experienced and reliable movers to help you simplify the process. After all, they will be handling all of your belongings. You don’t want to hire movers who will damage your things in transport. Experts from bestmovers.nyc recommend always looking into your moving company thoroughly before hiring them. Look at online reviews and triple-check that they’re not scammers.

Guide to renting in NYC – afterword

New York City is a wonderful place to be. There are plenty of opportunities for work, and many things to do. More importantly, the renting market is alive and well here. We hope that you found this guide to renting in NYC helpful and wish you luck finding your new residence.

pearls of wisdom
Freddie Barrett
Freddie Barrett
Freddie Barrett is a blogger by profession. He enjoys writing about the city life he loves. When not working, he loves taking relaxing walks with his dogs.

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