Renting in New York City

 

New York City is the most exciting and fast paced city in the world. Renting a home here is no different. While there are thousands of apartments, low vacancy rates and a competitive marketplace can make the process daunting if you are not prepared. Whether this is your first time renting or you are a lifelong New Yorker, contacting The Nicole Gary Team will shed light on what is involved in the rental process and answer any questions that you may have. 

Where Should I Live?

 

The first step of renting in Manhattan is deciding where you want to live. Manhattan is made up of vibrant neighborhoods and micro-neighborhoods, each one special and unique. Begin by doing some research into these different neighborhoods. Ask yourself what is important to you: proximity to transportation, accessibility to parks, a quiet residential neighborhood, bustling nightlife, being close to work? 

A Town representative can guide you through the process and help you decide what neighborhood is right for you. Town has representatives certified in all Manhattan neighborhoods. Therefore, they can offer you valuable knowledge no matter where you want to live. 

When Do I Start To Look?

 

First decide when you need to move. Do you need to be settled in by a certain date to start a new job? Do you need to be out of your current lease by a certain date? What is your optimal move date? 

Ideally you should start to look at apartments 30-45 days before you need to be in your new home. Vacant apartments are available immediately and occupied apartments are usually listed 30-45 days prior to vacancy. If you start looking too soon, the apartments may not be available for your ideal move date. 

How Much Rent Can I Afford?

 

A general guideline for many New Yorkers is to spend approximately 25%- 35% of their gross annual income on rent. For example, if you earn $100,000 per year, you might end up spending around $25,000 per year in rent, or about $2,000 per month. Landlords generally require prospective tenants to make 40-50 times the rent and have a good credit score/rating.