1. Your Budget
You only want to wiggle in your budget by coming in under your estimate. Before getting serious about your apartment search, sit down with your finances and decide on a hard number you don’t want to exceed per month.
Remember you may have other monthly fees associated with your living situation like utilities, insurance, parking or fees to use amenities.Of course, this is easier said than done in a real estate market where rents are rising and competition is heated. As of this summer, only 23% of New Yorkers can afford to pay the median rent price, and qualified applicants are queuing for available units in many neighborhoods.
In this scenario, the best move is to get a good picture of current rent prices and decide on your limit from there. This will give you time to think through your other expenses and make cuts to accommodate as needed. You’ll still go in with a plan to manage your total costs, and that helps.
2. Viewing the Exact Unit
You’ve found a perfect place online. It checks off everything on your wishlist and seems like a steal. You ask the landlord for a tour, but they tell you that one isn’t ready to move in yet. They can show you a similar unit in the meantime.
Sometimes deals seem too good to be true for a reason.
Steer clear of situations like this and avoid signing a lease for an apartment you haven’t walked through before. You could end up saddled with a unit in poor condition or utterly different from the one you toured. If you can’t see the apartment you want to rent, it may be better to walk away.
3. Proximity to Essentials
Location is everything, and it’s important to be realistic about what is important to you in a neighborhood. You’ll want to find an apartment close to your personal essentials. Are you a gym enthusiast or a Thai food addict? Look for space in a building nearby as many of your desires.
At the very least, you’ll want to be able to pick up pantry staples close by and do your laundry if machines aren’t available in your building. Being able to walk to a grocer or at least take a short subway trip will save you from lugging bags back and forth whenever you’re looking to cook.
You may need to compromise slightly when it comes to the wants on your list, but decide on the necessities you can’t live without and don’t wiggle on them.
4. Basic Amenities
Amenities can significantly increase the cost to rent in a particular building. While some are nice to have, you may be able to scale back on extras like in-house dry cleaning or a coffee cart. Weed through your list and sort them into “Nice to Have,” “Really Want” and “Must Have”.
After sorting, you should have a short list with just a few items you aren’t willing to negotiate. Perhaps you can let go of needing air conditioning, but a working elevator is necessary.
You should also check that basic appliances are included in the rental agreement, such as a stove, refrigerator and microwave. In-unit or in-building laundry is also a necessity if you don’t relish walking your laundry to a laundromat once a week.
5. Condition
A good landlord knows the lobby is their first opportunity to make a lasting impression, so looking around can tell you a lot about the long-term maintenance of the building. If the entry is filthy and appears in disrepair, you can probably expect a similar lack in the rest of the building.
On the other hand, well-maintained communal spaces are a possible sign of a landlord who pays excellent care and attention to their facility.
Likewise, you want to find a unit that’s in good condition. If major repairs need to be made, walk away or get the landlord’s promise in writing to complete them in a timely manner.
Trust Your Gut While Searching for Apartments
Knowing where and when to compromise is challenging, as is the NYC market. However, you need to know what you are and aren’t willing to live with. Establishing what you refuse to compromise on will help you as you start your search.
Hiring an apartment broker can save you time in your search and help you find the right fit for you without making too many compromises on essential items.
Author
Evelyn Long is the editor-in-chief of Renovated. Her real estate work has been published by the National Association of REALTORS®, Rental Housing Journal, and other online publications.
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From renewed competition in some neighborhoods to greater leverage in others, fall is exposing just how divided New York’s real estate market has become.