Are you looking to rent an apartment in Manhattan? Are you planning to move to Manhattan soon? If so, this article will tell you what you need to know. I am not personally looking to rent an apartment in Manhattan, but I decided to do some research since I know plenty of people who are.
When looking for your apartment, it’s important to consider location, neighborhood, price, space, pets, light, convenience and amenities. It’s going to be harder to find an apartment if you do have pets, and especially if you own a large dog.
The average base price for a studio apartment in New York City is above $1,200 a month. As a guideline, expect to pay around 25% of your income towards rent. If you can afford to pay $5,000 a month you’ll be able to see some of the best and most exclusive apartments in Manhattan. If you’re from outside of New York, it’s crucial to know that landlords don’t take out of state or personal checks. All landlords will require certified funds. If possible, have a bank account ready before doing an apartment search. You’ll need to prepare the necessary funds before arriving to New York.
Be aware of no-fee apartments. Changes are that you’ll get gouged by price premiums. It may be sound contradictory, but apartments with fees do tend to be cheaper in Manhattan than apartments with no fees. If you’re looking for a high-rise, a height premium can be charged for every floor.
To rent an apartment, you’ll typically need the first month’s rent and a security deposit. If you use a broker, you’ll also need to pay the broker fee. The fee is typically 15% of the first years rent. Since apartments aren’t vacant for long, it’ll be easiest to find an apartment using a broker. A broker will have firsthand knowledge of available apartments and the best locations in Manhattan to rent an apartment. A “special view” amenity can also be added for 10% as you go higher up in the building. A brand new apartment can also have a price premium of 15% to 25% simply because it has never been lived in. If you want an unobstructed Central Park view, you may have to pay a premium of up to 50%.
Having a broker will make it easier to find what you want. In Manhattan, there are many apartments you can only get using a broker. A broker can also get you approved by a difficult landlord. A broker can also get you the best financial terms possible, saving you a lot of money in the long run. Be aware that it’ll be easier to find a rent controlled apartment with a broker than without one.
A rent stabilized apartment limits the amount your rent can be increased on a yearly basis. These apartments can also be easily subleased as long as the terms on the lease are followed. A rent stabilized home is hard to find in New York City since rent controlled apartments were built from 1947-1974. A non-stabilized apartment isn’t subject to any rent guidelines. The rent is based on a free market guideline and is normally influenced by supply and demand.
You now know that finding an apartment in Manhattan can be a daunting task, but working with a broker will make the task a lot easier. You also know to avoid “no-fee” apartments if you don’t want to pay a lot for amenities and also be prepared to pay the first month rent and any applicable fees. Best of luck to you!