Top 10 tips to Rent an Apartment In Manhattan (Part 1 of 2)

Posted on April 18, 2007. Filed under: Uncategorized |

New York is one of the most expensive property markets in the world. I am currently in the process of searching for a new place to live. I’ll be honest with you– it is frustrating, it is expensive, it is shady, and did I say it was expensive? I’ll rundown the 10 best tips on finding a good deal on an apartment in NYC.

 10. Pick Your Location and Be Realistic

This is something you have do decide for yourself. Which area of New York City do you want to live? Upper East Side, Soho, Brooklyn, Queens, Financial District? From my research, these are rough figures I came up for the cost of currently market rates per bedroom per month in a basic apartment. This list does not include all the areas, but you can get a basic idea of the costs.

$900 or less =Boroughs (Brooklyn, Queens, Bronx), Alphabet City, Inwood, Harlem, Washington Heights

$1100 or less = Lower East Side, East Village, Midtown East, Upper East Side, Upper West Side, Hells Kitchen, Chelsea

$1200 or more= Union Square, West Village, Greenwich Village, Soho, Noho

9. Hire a Broker?

If you are searching for an apartment with a group of people, you should discuss whether or not you will hire a broker. Listed below are the pros and cons:

Pros:

– Make the apartment hunt easier for you

– Access to exclusive listings you can’t find anywhere else

Cons:

– Expensive, a broker will charge anywhere from 1 months rent to 15% of the yearly rent if you decide to rent an apartment through them.

-After a broker shows you an apt in a certain building, if you rent another apt in that building, you are liable to pay a broker’s fee.

It is possible to find an apartment without a broker but you will have to be prepared to do a lot of your own research and a lot more work. The following tips assume that you are deciding to search for an apartment with the help of a broker.

8. Sublet or room share?

Another option is to sublet or rent a room in an apartment. This is a good option if don’t have the credit or the cash to rent an apartment outright. The best places to find these listings are on craigslist on room shares and sublets. You can also try backpage.com, its a craigslist knock off by the village voice.

Sublets (rent the entire apartment) usually run anywhere from a few weeks to a few months.

Room shares (rent a room inside an apartment) run anywhere from a few months to a year.

When you respond to the poster, make sure you sell yourself and come off as a good person. Include a few lines about yourself, a link to your myspace page, and maybe even a picture of yourself. This way, you’ll have a better chance at them responding to you. 6.

7. Read Craigslist’s No Fee Section Everyday

Craigslist’s listings change everyday so be sure you check at least once a day. Listings go fast so make sure you’re check often! Again, when you send a response, make sure you sell yourself.

6. Ask Everyone 

Asking everyone you know–friends, friends of friends, colleagues at work, if they know of any apartments opening up soon. Who knows what will turn up. Its a great way to find leads and deals.

Tomorrow, I’ll list top 5 topics and all the no-fee apartment resources I found during my search. Remember to come back tomorrow!

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