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Finding an apartment for rent in New York has become harder than ever. As the median rent prices hike across the country, New York – in dire need of additional housing – showcases an unprecedented scarcity.
But at the same time, NYC remains to be one of the most sought-after places for renters. People moving in from all over the states are keen to find apartments for rent in NYC, Brooklyn, Midwood, and Manhattan.
If you are among such folks looking to make NYC their home with a studio apartment or a shared 3-bedroom apartment, then this blog is for you. Continue to read and learn about five essential things you must have before renting an apartment in NYC.
This goes without saying, but NYC is a landlord’s market. So to sustain in this cut-throat housing industry where demand is always higher than supply, you need a solid standing. To find a perfect NYC apartment, you need a reputable realtor; someone who knows the ins and out of NYC’s apartment rentals, has established a relationship with landlords, and is dedicated to their clients.
The New York state has a long list of laws and documents to be submitted when renting an apartment in New York. So, before you choose a place and proceed to get the lease, ensure you have all your documents in order. If you’re self-employed, you will need your bank statement, employment letter, photo ID, tax returns, landlord reference letters, and proof of income.
You must have the first month’s rent, last month’s rent, and security deposit ready when renting an apartment in NYC. This means that you must have up to $15,000, as per the latest average rent for apartments in Manhattan. Remember, New York apartments’ rent is generally higher than the national average, so you must be willing to expand your budget.
Having a good credit score is essential to rent an apartment in NYC. On average, you must have a credit score of 600-680 to be able to get your hands on a studio apartment or a luxury apartment in Brooklyn. However, a credit score is not the only criterion for renting an apartment in NYC.
If you don’t have a good credit score, you can have a guarantor help you rent an apartment in NYC. Your realtor can also help you through the process, and your best bet is to discuss everything upfront. This will save you from the hassle of looking at too many apartments for rent in NYC that you may not be able to lease.
If you are ready to make a move and find a luxury apartment in Brooklyn or a one-bedroom apartment for rent in NYC, explore our listings at Brick and Galo Realty. We have a wide range of studio apartments for rent in Brooklyn as well as apartments for rent in Manhattan.
Explore the most sought-after apartments for rent in Midwood, Manhattan, Brooklyn, and NYC today.