The Biggest Mistakes People Make When Renting an Apartment in NYC

It is not easy to rent an apartment in New York. In fact, you might spend hours searching for your dream apartment online just to discover you’re not eligible for the apartment you want. This frustrates people and they end up making mistakes which could be avoided. Another reason people make mistakes is that they have the least amount of resources and guidance and in some cases, they’re desperate to find an apartment which leads to a mistake they will never forget. Also, it's better to contact a moving company NYC prior to finalizing an apartment to help you shift to your new apartment such as ExpoMovers. It will help you avoid the last-minute hassle. However, there are certain things or mistakes that can be avoided easily. Let’s have a look at some of the biggest mistakes everyone makes when renting an apartment in NYC 1 – Not Coming Prepared:Most people never carry all the essential documents when looking for an apartment. Ensure that you have all the supporting documents with you (soft-copy is also fine). The documents include a letter of employment, last two pay-slips, Income tax return, and photo ID. Also, these documents mustn’t be more than 30 days older. rnYou’ll need to pay first and last month’s rent and a security deposit (at least one month’s rent) in advance. Make sure you have enough money available or get a guarantor who makes at least 40 times your monthly rent. 2 – Not having Guarantor’s Paperwork in-hand: You need to make at least 40 times your rent in order to get an apartment in New York without a guarantor. For example, for a $3,000 one-bedroom, you need to make at least $120,000 a year. That is people who don’t make 40 times the rent needs a guarantor. A guarantor will pay the rent if you are unable to pay the rent for any reason. Therefore, make sure you have a guarantor and keep his/her paperwork (a letter of employment, last two pay-slips, Income tax return, and photo ID) ready to avoid any last-minute problems. 3 – Unrealistic Expectation: There are people who think they could find a rent-controlled $1500 studio in the West Village. Seriously? Who told you, buddy? Do your market research before actually visiting the house or starting the apartment search with a broker. Try to know things such as how much the size of an apartment will cost you in which locality or neighborhood and with what amenities. If something is priced too low, that could be a red signal that the apartment has flaws (maybe bed bugs or cockroaches or something worse). Also, you’ll get an idea of what type of apartment you exactly want. 4 – Renting in the Summer: New York’s peak rental season is summer. This is the time when internships end, new internships start, students graduate from the college and new admission comes, and many leases expire (since most of them rented their apartments on last year’s summer). This results in an overall increase in rent per month and it decreases your chances of finding your ideal apartment. Renting an apartment in winter has lots of benefits. Some landlords cover the broker's fee while some give multiple months free, which can be a huge benefit for clients (especially if you are a student or have just landed a new job). 5 – Having a bad credit score: Credit score is one of the important things landlords check. If you don’t have a good credit score it is extremely difficult to rent an apartment in New York. Even if you earn 40 times the rent, if you have got a bad credit score, you’ll need to have a guarantor. Make sure you know your credit report before going for an apartment hunt in New York. There are several websites where you can check your credit report for free once every 12 months. Final Thoughts Whenever looking for an apartment in New York make sure you have all the paperwork and money in hand. In fact, it’s better to keep a minimum of three month’s rent before moving into an apartment. Also, make sure you have a guarantor who earns 40-45 times your monthly rent and has his paperwork in place. Do a little research about the kind of apartment you want to live in and make sure you don’t go room hunting during summer. Maintaining a good credit score can save you a lot of trouble. Ensure that you have everything (each and everything mentioned above) in place before going for apartment search in New York.