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Tips on Apartment Hunting
When to Start your Housing Search Successful navigation of the New York City housing market requires some basic knowledge. Most advertised rental apartments are generally available immediately, though some landlords advertise with a month's lead time. You may want to acquaint yourself with the New York City area two to three months prior to your desired move date. Become familiar with factors such as neighborhoods, pricing, amenities, location of mass transit and commuting time. If you do your research more than 60 days prior to moving to New York, keep in mind you are just getting an idea about what is available. Any specific apartments, that you see months in advance, may already be rented when you are looking to sign a lease. Most leases only require 30 days notice of intent to vacate. As a result, some landlords will begin looking for new tenants a mere 30 days before the current tenant moves out. 60 days prior to moving is a good time to get in touch with OCHAP, realtors, property management companies, private owners, or tenants looking for roommates. New York City Housing: An Overview Affordable housing in New York City is scarce. OCHAP can help you to sort through the variables to locate an apartment that meets your needs and budget. The major considerations are location, size and amenities. Location: Housing near the hospital will be more expensive than housing farther away. For example, housing Downtown, on the Upper West Side of Manhattan, in Queens or in Brooklyn is more reasonably priced. A longer commute would be necessary. Size: New York apartments come in all shapes and sizes such as studio, junior one bedroom, one bedroom, junior two bedroom. One way to bring down housing costs is to consider a smaller living space. Elevator Building with Doorman Elevator Building Walk-Ups How to Search for an Apartment Gabriel's Apartment Rental Guide is a book listing hundreds of buildings where you can rent directly without paying a broker's fee. The buildings listed, however, tend to be the more expensive high-rises. Brokers and agents are an effective way of finding an apartment especially if your time is limited. Brokers do the legwork, find the apartments, make appointments to fit your schedule, and often prepare the necessary paperwork. A broker's fee is due at the time the lease is signed and is usually 12 to 15 percent of one year's rent. The agency CitiHabitats is a preferred broker for NYU affiliates and it discounts commisions for NYu affiliates. Here is a direct link to CitiHabitats at med.nyu.edu/ochap/resources.html In order to determine what to rent, think very carefully about your budget and how much you can afford. Take into consideration all sources of income, such as job income, money from loans, grants etc. when calculating what you can afford. Generally your rent should not be more than one-quarter to one-third of your total monthly income.This calculation is just an approximation, since individual spending habits vary widely. Estimate that after New York local, state and federal taxes only about two thirds of your base salary may actually be left for you to spend. Remember to consider at least the following when you are determining your total monthly expenses:
This is a popular alternative in New York. This is a situation in which the leaseholder of the apartment lives in the apartment and makes a portion of the apartment available to another renter. The typical cost of this type of apartment is much less than a lease or sublet situation. An apartment share is usually an "informal verbal agreement", although written contracts are often a good idea if you are moving in with someone you do not know. Picking the right roommate is very important and should not be done in a hurry. What to Look for When Inspecting a Living Space Location. Accessible to/from the Medical Center? Near subway or bus route? Near stores for shopping? Is there sufficient closet space for one or more people? The appliances. Do they work well? Are they clean inside and out? Check all appliances, including the stove, oven, refrigerator, oven vent fan, air conditioning, the doorbell, the intercom, and all electrical outlets and phone jacks. If the phone or internet connectors are not in good working order or are not where you want them, you will have to pay the telephone company to have one installed. Is the refrigerator self-defrosting or not? How well does the plumbing work? Flush the toilet and turn on the shower. Do you see signs of cockroaches, ants, mice or any other pests? How often are extermination services provided? Are pets permitted? If you don't have pets yourself, do you mind if others do? Are there enough electrical outlets for your needs? Is there a parking garage? If so, what is the charge? Is there a waiting list? Is street parking available in the neighborhood? Is the building or neighborhood quiet or noisy? Will it suit your lifestyle? Where are the nearest laundry facilities? If they are on the property, are they adequate? Are they clean? What is the procedure for requesting a repair after you move in? Is the smoke detector working? Once a detector is installed, it's the tenant's responsibility to replace the batteries. Questions to ask Safety and Security Does the landlord routinely re-key all locks once the apartment has been vacated? Where are the keys kept? Who has access to them? How secure is the building? Are there deadbolt locks, a peep-hole on the door, and locks on the windows? A peep-hole is required by law. Is there an intercom, and how does it work? If there are doormen or security guards, what are their hours? How secure are the vestibule, elevators and laundry, storage, and parking areas? How is the outside lighting, doorways, common hallways, etc.? (Stairwells should also be well lighted.) Are the front doors always locked? You may want to revisit the building at night to check. Will you need to install security gates on any windows? Is there a fire escape or internal stairway for emergency exit? When you move in, your landlord is required by law to provide you with a fire safety plan. Do the vestibule and elevators have mirrors that allow you to see in front of you or behind you? You may wish to add your own locks, but give the landlord a key in case of an emergency. If you wish, give the landlord a copy of your key in a sealed, labeled and dated envelope so that you can monitor its use. If you lose your keys, the landlord may charge for changing the house lock. If you want to install security gates on your windows, notify your landlord in advance. Make sure a licensed locksmith installs Fire Department-approved gates. Never leave your door unlocked for any reason. If you have a child under the age of ten living with you or visiting you, you are obligated by law to inform your landlord in writing so that he can install window guards on your windows. These are to prevent children from falling out of windows, and are not the same as security gates. In buildings built before 1978, landlords have obligations concerning the possible presence of lead paint hazards. To get more information click www.nyc.gov/hpd
Financial Requirements and What to Bring on Your Apartment Search In order to rent an apartment, you will be asked to complete an
application form by your prospective landlord. You may also be required
to pay for credit reports and / or application fees. Financial Requirements - Many landlords require that the prospective tenant have an income equal to 40-45 times the monthly rent in annual salary (combined income is used for roommates). You and your roommate and/or guarantor will need to have all of your income verification paperwork readily available upon application for an apartment. If you are a full-time student or do not meet all the financial requirements, most landlords will require a lease co-signer or guarantor. A guarantor is an individual, typically a family member, who preferably lives nearby. Guarantors are asked to disclose detailed financial information and have a credit report run on them as part of the approval process and they will also need to submit the necessary documents listed below. Funds - When the landlord approves your apartment application, be prepared to pay at least the first month's rent and the security deposit upon lease signing. Most landlords require that these funds be paid in the form of separate certified checks or money orders. Most Landlords will not accept personal checks or credit cards. An additional certified check or money order will be required at the time of lease signing to pay the broker's fee, if applicable. Necessary Documents Bring the following items with you when you start looking for apartments: Letter from your current employer stating your salary or from CPA
if freelance or business owner, or a recent paystub. Leases are important for clarification of the responsibilities of the landlord and tenant. If you don't have a lease, the landlord could ask you to leave or raise your rent on short notice. In addition, factors such as when your rent is due, if pets are allowed and who is responsible for maintenance need to be clear. The type of lease you will be asked to sign can vary with the type of apartment and building in which it is located. Any changes to the standard lease are usually included in a separate lease rider. Leases are for one or two years and generally begin on the 1st or the 15th of the month. Typically, the apartment will be located in a rental
building that is owned by a landlord and all of the apartments are
available for lease. Some apartments may be governed by rent regulations.
A rent regulated apartment is subject to limits on the amount that
owners can raise the rent for vacant apartments and renewals of
existing leases. A tenant in a rent regulated apartment has the
right to renew the lease and the right to sublease the apartment
with the landlord's permission.
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