New York City is a very popular city to move to and is filled with transplants from all over the world. With today’s websites and apps, it’s very easy to view rental properties online and decide if you’d like to reside there for the short or long term. That may work in many other cities, but it is not a smart move in New York City. In New York City, space is a huge issue when it comes to renting an apartment. Many times when you view an apartment online the real estate agent has taken the photo at an angle where the space looks much larger than it is, so it’s best to go in person before you decide to rent. Fraud is also an issue that comes up often in New York in many ways. There are fraudulent people who pose as real estate agents who seem to be legit and they are not. There are fraudulent apartment postings for an apartment unit that may not actually exists or the unit may exist, but someone is already residing there. In an incredibly fast paced city like New York, apartment hunting, the apartment viewing process, and the application process can be very overwhelming. So, we put together a short article filled with everything a prospective tenant needs to know and the proper apartment viewing etiquette so you get the apartment you want in New York City.
The Lay of the Land
New York City is huge and every borough has its own flavor. So, first thing is first, why are you moving to New York City? Is it for a new opportunity, for fun, for a new experience? Why you are moving matters because you will want to find an apartment that makes your daily life convenient. Some people choose to live close to the new opportunity that prompted their move for this reason. New York City is also such a densely populated area that most people decide to rent an apartment because of its proximity to the specific train that they need. This is a very common practice in New York City. New Yorkers typically do not rent apartments where it will take them more than two trains to get to a destination they frequent.
Preparation
Preparation is key when you don’t want to be taken advantage of or waste your time. It is a good idea to know what you want before you start your apartment search because there are many distractions that can delay finding the right apartment for you. Preparation means doing your research on the apartment building you are considering renting a unit in, doing research on your future landlord if that information is available, preparing a list of questions for the leasing agent, taking a virtual tour if available before the in-person tour, view floor plans, reaching out to previous tenants if that information is available, considering the security deposit, potential brokers fee, and moving costs, and if you really want to be prepared research whether there have ever been any claims reported against the apartment building or management company.
Only Show Interest in the Apartments You Qualify For
A lot of times, a listing agent will not show you an apartment if you do not qualify for it. This is because showing an apartment to someone who will not qualify is a complete waste of time for the agents, you, and potential landlords. The qualification process for a NYC apartment varies depending on the apartment building. At the bare minimum, you must have these two things. A gross income that is 30-50 times the rent (some apartment buildings are okay with you making close to 30 times while others will require you to be making closer to 50 times). For example, if the apartment you’re interested in is $3,000, your gross annual income should be $90,000 – $50,000 ($3,000 x 30 = $90,000; $3,000 x 50 = $150,000). You should have a credit score above 700. It’s important to know that some landlords are flexible and are willing to accept a lower credit score if you can show a higher earning and vice versa. However, if the apartment you’re interested in has a line of other interested people, the landlord will be more stern with potential tenants meeting these qualifications.
Contact the Listing Agent
Always contact the listing agent and build a rapport with them before scheduling a viewing. When you can connect with people and build a rapport with them you stand out from the rest and they are more likely to look out for you in the future. In the event you put in an apartment application and it comes down to your application and another potential tenant’s application, the listing agent is likely to recommend the application of the person they have a rapport with.
Bring Copies of Required Documentation to the Viewing
Bringing copies of the required documentation for renting to the viewing will show the real estate agent that you are serious, you qualify for the apartment, you are not there to waste the agent’s time, and will be a responsible renter. In New York, the required documents typically are a government issued identification, tax returns, credit report (or score), letter of employment, 2-3 pay stubs, and proof of income. if you’re super serious, a letter from your current or last landlord will be a cherry on top.
What an Open House Viewing Really Means
Whenever you see an apartment unit with an open house, know that this unit is highly sought after, and competition to actually snag this apartment will be tough. Your best bet in landing an apartment unit that has an open house is to schedule your appointment with the listing agent first thing in the morning and come prepared for your appointment. Go prepared enough to make an offer and show all documents for qualification before you leave the viewing. This is the level of preparation it will take to land a popular apartment in New York City.
Make an Offer on the Spot if You Are Serious
New York City is a very densely populated area. There will be lots of people looking for an apartment at the same time you are looking for your new place. Snagging many of these apartment units comes down to timing and decisiveness. If you find an apartment and it’s your dream apartment or the perfect place to call home, chances are there are many others who feel the same. So, schedule your apartment showing as soon as possible and as early as possible in the day. if you can view an apartment at 9 a.m. and make a deposit by lunch, the person who made their appointment at a convenient time later in the day will likely receive a phone call that the unit has been taken off of the market because someone made a deposit. This deposit is known as a Good Faith Deposit and will take the apartment off the market.
Follow Up with the Listing Agent
It’s in your best interest to follow up with the listing agent if you did not make an offer during the apartment viewing for two reasons. First, maybe you decided later that you like the apartment and want to know if it is still available. Second, that listing agent probably has other vacant apartments that they are actively seeking new tenants for that may be a better fit for you.
Final Thoughts
New York City apartment hunting can be a full time job if you let it overwhelm you, but you don’t have to let it. Make an informed decision and take the etiquette rules in this article and make the process of getting your new apartment seamless. Bring your questions to the viewings and make sure you are only renting a space that will work best for your needs and lifestyle. If few things that non-New Yorkers learn usually after they’ve already rented their perfect apartment are an in-unit laundry or laundry room, parking lot access, and a building elevator are luxuries that New York City apartments come off the market very quickly for. Additionally, the policies of your potential apartment complex for pets, renters insurance, and noisy neighbors are all things to seriously consider before renting an apartment.