Tips for first-time renters in Manhattan
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The first-time renters in Manhattan are usually shocked by the prices. They are expecting gorgeous apartments with stunning views. Unfortunately, they are quickly getting unpleasantly surprised. This is especially true for those who have to rely on a limited budget. If you also intend to rent your first apartment, here are a few tips. First of all, the apartment rental market in NYC, Manhattan including, is constantly changing. This makes it unique even in the USA. That’s why timing is very important when looking for an apartment. As well, it is important to contact a rental agent on time. This means at least a month before you would like to relocate. Also, let the agent knows what your monthly budget is. That will help him to concentrate on the right apartments for you. Besides the agent, also contact moving companies NYC, to book their services on time.
Why right timing is important?
When renting in Manhattan it is very important to be in the right place at the right time. The demand for apartments in Manhattan is huge. If you follow the logic that applies to other cities, you will generally be late. In Manhattan, if you like an apartment, you take it right away. Otherwise, if you return in an hour, it will already be rented out.
Finding the right agent
In such a turbulent real estate market, it is impossible to find an apartment without help. That’s why it is necessary to have a real estate agent. However, when choosing a real estate agent to represent you, be careful. Make sure to check the online reports about him. A good agent is supposed to help you in all ways possible. And to make you feel relaxed with the apartment search. Once you find the right agent for yourself, your apartment search is almost done. If you are not sure about the online reviews, contact movers Manhattan. They are cooperating with real-estate agencies. So, they will be able to recommend you a really good agent.
Tips about documents for the first-time renters in Manhattan
Once you have the right real estate agent to represent you, be ready for the next step. In this fast-paced city, the competition is stiff, and the supply is short. And you can expect other equally qualified people looking at the same apartment as you. So, in order to act quickly, have all your documentation ready. And what documents do you need as a first-time renter? The landlords are usually asking for:
- Photo from the Government-issued ID
- Letter of employment, or an offer letter
- The CPA, if you are self-employed, that states your annual income
- Summary pages of your three most recent bank statements
- Three most recent paychecks
- Your two most recent tax returns
- Application fee, which is $20 per person (and non-refundable)
- Current landlord reference letter (or written statement if you were not renting before – like living in the dormitory, or in your parents’ home)
- Security deposit (one month’s rent)
You must have sufficient funds to qualify as first-time renters in Manhattan
Qualifying for a first-time apartment renter is more difficult in NYC and Manhattan than anywhere else. Besides the above documents, you must have an annual salary equal to 40 times the monthly rent. In case your annual income is less than required, you have to find a guarantor. However, in that case, the guarantor must have an annual income of at least 80 times your monthly rent. Only when you meet these conditions, you can give a call to local movers in Manhattan NY. They will safely move you to your new apartment.
What if you can’t get a qualified guarantor?
Under a qualified guarantor, landlords are considered parents, relatives, or friends living in the USA. So, if your parents are living in any other country, they can’t qualify. There are two solutions to such cases:
Split the costs with one or more roommates
In case you decide to share the apartment with roommates, your combined annual salary still has to meet the minimum threshold. Besides, all your roommates should have all the required documents.
Hire an institutional guarantor
This is not a cheap option. Such third-party guarantors will help you. However, they will charge an average fee of about 85% of a month’s rent. And this is for the USA citizens. If you are a foreign national, you will have to pay 110%.
Are there some other options for first-time renters?
Well, there are. You can talk to commercial movers Manhattan. They know the area and the people well. So, they might help you with finding other options. They can recommend you some parts of Manhattan where housing rents are lesser. Or they might know some more flexible landlords. Such landlords might not be so strict about guarantors, work history, and rental history. Also, they might be willing to adjust your space by fixing temporary walls. So, you can share the apartment with roommates, and still have your privacy.
Safety concerns of the first-time renters
In case you are a parent with children and renting in Manhattan for the first time, you will be concerned about safety. However, the agents are strictly forbidden to discuss safety subjects. Some of them bypass the rules by giving the parents a hint. Things like “my good friend lives here”, may show parents that the area is safe.
Short-term renting in Manhattan
Most leases in Manhattan run for a year. However, there are companies offering furnished apartments on a short-term basis. There are as well the co-living arrangements. Such short-term arrangements are more costly. On the other hand, you don’t have to submit all the documents required for long-term renting. However, be careful when renting online. Some websites come with offers where the owner is absent for less than 30 days. It is illegal by law. And you don’t need such complications.
As first time renter, you may reconsider your expectations
Are you ready to pay more and get much less, just to live in Manhattan? Then, you should also know that recently, the Manhattan rents went up. The rates at the newer buildings went up to a median of $5,170. In the older buildings, the apartments are about $3,200 a month. So, as first-time renters in Manhattan, maybe you will reconsider your expectations. Or even look for some more affordable city parts. And later, when your annual income gets up, you can move to Manhattan. That way you wouldn’t give up on your dream of living in Manhattan. You would just put it off for better times.