The first of the month arrives as an excited student going into her junior year of college gets the keys to her first New York City Apartment. Thinking of all the memories waiting to be made, she makes her way up to her fourth-floor of the walk-up, opens the door, and…wait, is that…a broken cabinet with…A ROACH!
Looking for an apartment in New York City can be one of the most stressful times for anyone, from first-timers to seasoned professionals. There is no guidebook to write it out for you, but there are some helpful tips to get you started on this exciting journey to your new home.
1. Photos aren’t enough! See the place in person.
Apps like StreetEasy and Zillow are great tools for finding listings and apartments that fit your needs in your budget, but pictures can only say so much. The pictures often use wide angles or filters that can give a false sense of what to expect in the actual unit. This is why taking a tour is crucial in making sure you know what you are signing onto. Not everyone will be in NYC when apartment hunting especially if it is summer break or a time when you are back at home. If you or a roommate can not make an in-person tour, many agents will send real-time videos or even give a virtual tour over Facetime. Although not ideal, you are still getting a better look than what the pictures show. Understanding the layout, and seeing how things function like the lights, stove, and fridge, ensures you won’t be shocked by any unwanted surprises when you get the keys.
2. Decide on your guarantor: Family member or third party.
As college students, in order to rent an apartment in New York City, you will need a guarantor, a person that guarantees something. In this case, it is typically a family member who signs on to basically guarantee the rent can and will be paid on time each month. The guarantor has certain qualifications that need to be met to qualify, this is typically good credit and an income that is 80x the annual rent. Now, if this does not seem possible for you, fear not! There are online third-party services that most landlords will accept as a third-party guarantor. These are platforms that you can use on your lease as that safety net in case anything happens. Insurent.com is a widely used third-party platform by many landlords and residents in this process with a very reliable reputation.
3. Have all your paperwork in a file and ready to go!
This process moves fast, and once you find the place you want, the application momentum moves at a rapid speed. To ensure you can be a first applicant, having everything together and ready to send will make a world of difference. Every apartment will have a different application but something every place will require are these key documents: two recent pay stubs, the last two years of tax returns, proof of good credit, recent bank statements, a form of ID, proof of employment, or proof of enrollment in the university. If you are using a family member as your guarantor, they will also need to fill out a separate application and provide the forms mentioned above. Being prepared with these documents ready to send can be the factor making you top of the list or send you back to StreetEasy.
This process may seem daunting to anyone looking to rent their first apartment. There are many more factors to consider: roommates, living alone, location, neighborhood, and what appliances are a personal necessity, but having these tips in your tool belt will put you steps ahead of the rest. Feeling lost during the process is completely normal, but empowering yourself through research and asking questions can brighten the horizon, even if it’s just a few shades.
Contact The Monitor with any more questions or tips about apartment hunting in New York City, we are here for you MMC! Best of luck finding your new home.
