Securing an apartment in New York City can be a stressful and daunting task. Finding your way through a competitive and expensive real estate market is intimidating for most, especially after living in a college dorm.This guide will equip you with the knowledge and strategies to navigate the labyrinth that is apartment hunting in NewYork City, from filtering online listings to understanding the intricacies of broker fees and guarantors.

One month ‘free’ rent policy 

If you scroll through any New York City rental website, you’ll probably be overwhelmed by a barrage of listings offering a month of free rent, typically in the last month of your lease. So, if by some miracle you are able to find a place in the West Village for $1,500 a month, the landlord might offer one month for free to “sweeten the deal” or act as what they might call a “concession.”

While this offer may present itself as an appealing no-brainer, it’s just another gimmick landlords and websites dangle in front of prospective renters like gift cards and negotiable broker’s fees. You’re gonna be told you’ll be paying $1,500 with a month of free rent, but what that really means is that you’re paying $1,625 a month for that extra month in your year-long lease. It’s a trick. Do not fall for it.

Someone to back you up

The minimum income requirement is a barrier for renters in New York City. To rent an apartment, the renter themself needs to show proof that their annual income exceeds 40 times the monthly rent. If the monthly rent is $2,500, then the renter needs to make at least $100,000 anually to satisfy the requirement. In the case of most undergraduate students who do not have a full-time job that would generate enough income, renting with a personal or institutional guarantor becomes the only available option.

A guarantor is a person who can ensure that they will pay your rent in the case that you do not. The minimum income requirement for a guarantor is 80 times the monthly rent — double that of the renter themselves. If the monthly rent is $2,500, a guarantor needs to make at least $200,000 a year to qualify. For undergraduate students, guarantors are often older family members or family friends. Sometimes landlords prefer guarantors to live in the tri-state area — New York, New Jersey or Connecticut.

All that said, it is better to ask family, friends and trusted acquaintances to see who could potentially qualify as your guarantor. Ask them if they would be willing to share their pay stubs if they are an employee, or tax returns if they are retired or self-employed. Double-check with landlords and real estate agents to see whether they have preferences on using guarantors in general, the type of document to prove income, or using institutional guarantors.

On the other hand, renting with suitemates or roommates can drive down the monthly rent, which makes it easier to find a guarantor who can qualify for the requirement. Most landlords renting multiple bedroom apartments are willing to take different guarantors for each of the renters in the unit.

More than just a roof and walls

Utilities are important to consider when budgeting for your new apartment. By understanding what’s typically included in the rent and what you’ll be responsible for, you can avoid surprise costs. In most New York City apartments, landlords are required to provide heat and hot water. It’s always a good idea to double-check your lease agreement to confirm what’s covered. You’ll likely be responsible for setting up and paying for your own electricity bill and gas if your apartment has a gas stove or oven. Wi-Fi is a separate expense altogether and is usually a fixed monthly rate. Be sure to ask your landlord or building manager which utility providers service the building so you can set up accounts in your name.

Electricity bills can fluctuate depending on the season and your usage. Research average costs for your desired neighborhood to get a ballpark figure. Factor in the cost of cooking with gas, if applicable, and Wi-Fi to get a more accurate picture of your monthly utility expenses. This will help you determine how much to allocate in your overall budget for a comfortable off-campus living experience.

The extra cost to make sure you don’t pay even more 

When you first choose to move into an apartment, there will be a lot of things you don’t think about ahead of time. You won’t know how to move all of your things to a different borough, how much exactly your utilities bill will cost, how to fix your ever-dysfunctional fan or what to do when a part of your kitchen counter is mysteriously missing when you move in.

One thing you can get ahead on is purchasing renter’s insurance, preferably before you even open your apartment’s front door. You might think you’re invincible and that you have no need for renter’s insurance; surely you must be impervious to fires, injuries, leaks, flooding, theft and any other apartment-related maladies you can think of.

Even if you think the odds of something happening to you or someone else in your apartment are low, renter’s insurance is a good enough deal that it is definitely still worth getting. While monthly costs and total coverage varies by carrier and insurance plan, you can usually get around $50,000 in coverage for a monthly fee of $18, give-or-take. With renters insurance, if disaster strikes in your apartment, it won’t be on you to pay for the damages.

To anyone out there roaming the world without renter’s insurance: Please make the investment, it might just save you from having to pay a nightmarishly large bill.

New York City is one of the most unaffordable places to live. Adding all the aforementioned costs together, along with the time and effort you would spend in seeking and securing the apartment, you should consider if the cost of renting in the city is a worthy endeavor for you. Renting an apartment allows you to tailor your living situation to your needs, but it does come at a price. Exploreoptions in different neighborhoods at different times of the year to maximize your chances of finding a good place at a good price. Remain diligent and vigilant at apartment hunting, and hopefully you can find your ideal New York City apartment.

Contact WSN Management at [email protected].