Moving to New York City may seem like a daunting task. New York City is very large, very crowded and rents are very expensive. Demand is high and product is low, which creates a competitive edge to apartment hunting. But forewarned is forearmed, as they say, and with the right tips and tricks, you can successfully navigate these tricky waters.
Before you begin apartment hunting
Given the quick turnaround on apartments in New York, you will need many documents to testify as to your finances and character before you begin visiting any apartments. Make two copies of everything into two envelopes and bring both envelopes to the visits. Besides the required forms like W2 forms, your last two pay stubs, a letter of employment written by your employer on company letterhead, two bank statements and contact information, you should also have letters of recommendation from professionals, friends and your most recent landlord.
Apartments move fast
Most apartments in New York City will be listed with a move-in date of four or five weeks. So, do not seriously begin searching months ahead, unless it is to get a feel of the price ranges and sizes of available apartments in your desired areas. Because of this short time frame, you may want to consider moving sooner than expected if you can, in order to land an assured place to stay.
New York City apartments and upfront fees
New York has the distinction to being the only city in the United States that has apartment rental fees for most of the available apartments for rent. These fees can be large (up to 15 percent of the annual rent) and are usually paid upfront. There are "no-fee" apartments, but these do not stay on the market for very long.
Because of the difficulty in securing an apartment, many times it is necessary to use a broker to help find an apartment. While there are good and hardworking brokers out there, there are also unscrupulous brokers who employ "bait and switch" tactics of advertising non-existent properties in order to show you their other listings.
Loftey has a new business model as apartment brokers
Loftey is a rental brokerage company that is introducing a new way of apartment hunting in New York. They are a legitimate company with a quickly growing reputation and have been featured in several magazines such as New York Lifestyles. Their process is open and transparent from beginning to end. Loftey does not charge you, the buyer, fees. You will only pay the broker fee as determined by the landlord. Loftey works for referral fees which are paid by the owners of buildings with fees and no fee buildings for bringing renters to their buildings.
They will also offer a certain guaranteed rent reduction amount, which is usually negotiated between Loftey and the apartment owner. If the rent is non-negotiable, Loftey will remit the stated reduction to you. The specific rent reduction will be listed on your Loftey dashboard online.
Finding an affordable apartment in your desired area of New York City does not have to be a herculean task. When you plan beforehand and know what you want and where you want to be, then it can be done. Using a firm like Loftey to find NYC apartments for rent can definitely expedite the process and alleviate the stress of securing a place to live in the largest city in the country.