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The Manhattan rental market is marked by high demand, low inventory and prices as lofty as its imposing sky-rises. It is therefore prudent to hire an experienced real estate agent who can proficiently guide the tenant through the process of renting a New York City apartment.
It is crucial for potential New York City residents to familiarize themselves with the entire leasing process and market conditions to leverage the best deal. Here is a quick and efficient eight-step guide that will help you find the best rental home in New York City.
Step 1: Organizing Documents and Funds – It is important for tenants to be completely equipped with their documents and funds before they start their apartment search, owing to the fact that the NYC apartments rental scene moves rapidly and properties can sometimes be snagged within hours of being listed.
Step 2: Prioritize Preferences – Tenants should prioritize their requirements according to their maximum budget, since they may often have to compromise based on budgetary limitations. Making a list of the most important search criteria walk-up/elevator helps tenants choose effectively.
Step 3: Fee or No-Fee – If tenants can afford to hire agents, it is a highly recommended service. Manhattan rental agents generally charge tenants a commission of about 15% of the annual rent. No-fee apartments can be available at times, where the commission is levied solely on the landlord. The New York City marketplace is priced accordingly for the most part, the more you spend including a fee the better the apartment usually is.
Step 4: The Expert Advantage – Finding a competent agent who is fully updated with the rental market, available properties and the tenant’s preferences minimizes the hassle of finding a suitable rental apartment.
Step 5: Optimize Apartment Search – Hiring an expert agent is the best way to optimize your apartment search. To narrow down their search and find the best match, tenants should determine their search criteria.
Step 6: The Application Process- New York City’s hyperactive real estate market requires tenants to complete application formalities right away when finding the most suitable apartment or risk losing it.
Step 7: Signing the Lease – Leases are formal agreements that clarify the terms of the relationship between the landlord and tenant. It is important for tenants to get an experienced agent/attorney to review the lease terms. Tenants should be comfortable with the agreement terms before singing the lease.
Step 8: The Final Move – The last step is moving into your new apartment.
Learn More: Renting New York City Apartments 2014