So you just moved to New York City and you’re here to stay. Finding an apartment in this crowded city is not an easy feat. The city boasts an expensive and fast-paced real estate market. In some areas, the average rent is higher than your monthly income. You’ll need to quickly secure an apartment, and we have some tips to make the process pain-free.
Affordability
Most of us set a budget when we are searching for an apartment. Living in New York City is expensive and renting an apartment usually takes up a significant portion of our income. So how do you gauge how much rent you can afford? Use our rent calculator to find out. Most landlords require your annual income to be 40 times your rent. Based on this 40x rule, the calculator will determine how much rent you can afford. All you have to do is to just provide your annual gross income and monthly debt (if you have any). For example, if your annual gross income is about $40,000, you should be able to afford to pay $735 for your rent, and you’ll be left with about $1,660 for entertainment, clothing expenses or savings.
Neighborhood
There are five boroughs in New York City – Manhattan, Brooklyn, Queens, the Bronx, and Staten Island. Each of these boroughs come with distinctive neighborhoods that have different features. Ranging from the energetic and lively East Village in Manhattan, the edgy and industrial Bushwick neighborhood and to the peaceful and quiet Astoria neighborhood in Queens.
The atmospheres in these different areas influence your daily life, and you may prefer some neighborhoods over others. Beyond that, figuring out what the neighborhood amenities are and whether it would be convenient to travel by public transportation also play a huge role in your apartment search. We have narrowed down a few of the common considerations most renters take note of when it comes to selecting their neighborhoods
Safety
Safety typically precedes all other factors. Some 
neighborhoods are known to have higher risks of crime rates than the rest. The NYC Crime Map details the crime rate in various areas. You can also hop on to the NYPD website for crime statistics in New York City. It is important to figure out if the neighborhood is safe and if you’re comfortable with walking down the street, especially at night. Sometimes the vibe in the neighborhood may be very different in the evening as compared to how it appears to be in the day. After attending an open house in the day, you might wish to return to the apartment spot at night to check it out again to fully determine if the place is really safe. This is a more time consuming process, especially when trying to secure an apartment quickly, but it’s worth the extra step.
Transport Options
Another point to consider is the convenience in getting to places via the subway. If the apartment you’re looking at is just a mere five minute to ten-minute stroll away, then you don’t really have to worry about having access to the subway. But do also take note that some subway stations only provide local subway lines, which means that you should anticipate longer traveling times as these trains stop at all stops as compared to express subway lines. Additionally, you can expect to pay more to live near an express stop, or a stop with multiple subway lines.
The upcoming 2019 L train shutdown is also another consideration to take note of. Moving to a neighborhood near the L line might affect your transport options, and you might have to search for other transport means to get to places. The MTA has a comprehensive website with upcoming projects, and the app provides real-time updates about delays and scheduled interferences.
Food
Unless you’re a dedicated cook, it is unlikely that you would be cooking every single day. Sometimes, eating out might be a more convenient option. Look out for restaurants, bars or groceries shops in your neighborhood. Most neighborhoods have a wide variety of restaurants and cuisines to choose from, but there are some neighborhoods with slightly fewer options. For some of us who tend to be lazy to head out for food, food delivery options might do the trick too. Luckily, researching the food scene is an easy step when you’re trying to quickly secure an apartment.
Fee vs No-fee
In New York City, an apartment is either “fee” or “no fee.” If you’re working with a real estate agent, you may have to pay them a broker fee, which typically ranges from one month’s rent to 15% of the yearly rent. Some apartments do not have broker fees, even if you work with an agent. If you’re subletting directly from a tenant or working with a landlord, you will not have to pay a broker fee.
When you’re searching for apartments, you can specifically search for no fee listings. However, the landlord may charge a higher monthly rent to offset the cost they pay the agent.
Roommates
Should you share the apartment with roommates? Or do you want to have the entire apartment to yourself? What are the things to take note of when you are sharing the apartment with roommates? Having roommates is a great way to save on your rent and interact with others at the same time. But of course, there are compromises and rules to follow.
Signing the Lease
Once you have settled your eye on the apartment that suits you the most, it’s important to move fast and confirm your spot. Before you submit an application, you’ll need to do the paperwork and prepare a few necessary documents such as your ID, recent pay stubs, bank account statements, any references from previous landlords or roommates and guarantor information (if required).
You should also be going through the lease agreement together with your broker or landlord. Before you sign the lease, check that your personal information is accurate, terms of the lease, rent amount, security deposit amount is accurate. Look out for other rules and policies that you’re expected to follow. Speak to your broker or landlord if you encounter any ambiguity or issues with it. While you’re trying to quickly secure an apartment, you’ll thank yourself for taking time to read through the entire lease.
Editor’s Note: We updated this article to enhance readability.
