What to expect when renting in New York City
Are you considering a move to New York City? The city that never sleeps is just one of the few nicknames used to describe one of the greatest cities in the world, and rightfully so. New York City is known for many things, but one thing is certain; there is no other place like it in the world and certainly like no other place you ever lived in before. To better prepare yourself for this transition, continue reading our list of what to expect when renting in New York City to better prepare for this adventure.
- Know your budget! Renting in NYC provides lots of options, depending on what you can afford. Landlords looking to occupy vacant apartments in NYC require potential tenants to have good credit and earn an annual salary of roughly 40 times the monthly rent. Keep that in mind when you are apartment hunting.
- Expect to live in the least amount of residential space in the country, and because there is a high demand, even the tiniest apartments will set you back several thousands of dollars.
- If one of your family members is a four-legged one, particularly a rather large one, expect to run into difficulties when looking to rent in the City. One of the most challenging aspects of securing a rental in the city is having a large dog. Once you do, expect to pay a monthly fee for your beloved, which will be added to your monthly rent.
- Rent-stabilized apartments may not be so hard to find. Rent stabilized apartments may not be significantly cheaper, but they are lawfully protected against sudden rent increases or evictions. In addition, security deposits are also limited to only one month’s rent.
- Many New Yorkers live with roommates, no matter the age or occupation, it is a fact of life for many renting in New York. If your dream apartment is out of your price range, you may want to consider sharing the space with a qualified roommate. Don’t rush this process of finding the right roommate. Make sure they are responsible and live a similar lifestyle.
- Unlike in L.A., subletting laws in the City are rather lenient. This process can take some time and requires you to have the name and contact information of your subtenant available.
- Rental scams don’t occur too often, but are not unlikely. If it seems too good to be true, it probably is. Know your rights and how to spot illegitimate apartment listings.
- The lease can be broken if you can convince your landlord that it is worthwhile. Consider finding someone to take your place. If the apartment is rent stabilized, the landlord may even make more money if a new tenant comes in.
- In New York, there is no legal limit to how much a landlord can charge tenants for security deposits if the apartment is an unregulated apartment. Therefore, be ready to potentially shell out a large chunk of money upfront. This includes the total amount of the first and last month’s rent in addition to a one-month security deposit.