A short guide to New York apartment rentals

According to a recent report in The New York Times

, first time apartment hunters in New York are flabbergasted by the deals they get when they search for apartment rentals here.

The rates of New York apartment rentals are soaring. Of course, New York is the city of dreams and come spring, freshly minted college grads are rushing to NY to grab that dream career they've been preparing for. This lot is determined and thorough. Still, sheer determination is not enough to get you good return for your money. You also need to hunt for that home in the right places and through the right sources.

When you are looking out for New York apartments, your first shock will be the rentals. On an average, the going rental rate for a one-bedroom apartment in the Village is approximately a little over $3,000. Added amenities like a building with a doorman cost more. Soon, new customers who drive New York apartment rentals realize that they may need to look for roommates or lower their expectations if they really hope to rent an apartment.

The second shock that most apartment hunters encounter is the size of the flat. Small flats are the flavor of the season simply because of the imbalance in the demand-supply curve. Often, New York apartments may simply be a convertible single bedroom apartment which is really only a studio that has been converted into a bedroom.

Apart from the above, New York apartment rentals also have nasty surprises for customers in terms of conditions set by landlords. For instance, some landlords have stipulations regarding salaries of tenants. Houses are easy to get if your yearly average is over the $80,000 mark. Unfortunately, most fresh graduates who flock to NY earn in the range of $33,000 - $35,000. If salaries are this low, landlords require the assurance of a guarantor who has a high yearly income. Sometimes, landlords may even insist on advance rentals, which makes life more difficult for the hapless tenant.

So, the long and short of it is that just because you think you qualify for New York apartment rentals, it is not so. The rental scene in NY is quite different from that in other cities.

The key to finding a good apartment in NY is to learn as much as possible about the NY market before you get here. Or, you must make use of a company that is into the business of leasing apartments in NY. In the latter case, if the company is a reputed one, their team would help you find an apartment that suits your needs. You may also avoid shelling out hefty amounts as brokerage fee. Many such companies take enquiries online, which means you do not really have to wait until you reach NY to start your search for that apartment of your dreams.

A short guide to New York apartment rentals

By: quinlanmurray

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