Day by day New York City is getting more and more popular. That is because it’s one of the most amazing cities in the world that have to offer so many opportunities. And now millennials are grabbing them more than ever. They are young professionals who are looking to gain experience and that’s they are taking everything they can. Another thing they are hunting is housing. Some of them have enough money to buy one, but the rest of them are choosing the renting option. That’s why there is this guide for millennials renting in NYC. Here you will find how to find what you need, and everything else there is to know about renting.
In this guide for millennials renting in NYC, you will learn much useful information that can help you get what you need. Also, it will help you understand the very unique NYC rental market. And besides that, you will find out how to move here. Maybe later you will decide to buy a real estate. And when happens – a guide to rental property types will be a great place to start.
What do you need from this guide for millennials renting in NYC?
Well, many millennials are for an option to rent rather than buying a property in New York City. So, if you’re considering renting then you should start from the very beginning. After you find the location, you need to prepare your budget. That’s why you should start by deciding how much rent you can afford every month before dealing with all the paperwork. Also, that is not the only thing you need to have in mind. Don’t forget about the various fees. Those are some upfront costs you are supposed to pay to a broker or landlord. That is important to guarantee the apartment and others that might come as a surprise during the process! So, before anything you do, you need to prepare well for this.
Get ready for renting!
This guide for millennials renting in NYC will help you how to prepare. Thanks to that you will learn how to find what you are looking for at an affordable price. Also, you will find out how the NYC rental market is working out. That can help you decide what types of apartments you will consider being your new home. And, to have everything in order you need to gather some paperwork. Before you move in you should learn how the qualification process for renters works. Because only then, when everything is done, you will be ready for relocation. The same thing goes wherever else you want to move. For example, if you are leaving New York for sunny California, you also have to prepare like this.
The broker fee is a plus
Before you find an apartment and you set up the relocation date with Big Apple Movers NYC, you need to take care of something. You must find a place that will entirely work for you. So, to find one, you need to consider everything.
First things first – broker’s fee. This should not be confused with the security deposit which many rentals require. You see, this fee is a separate cost ranging anywhere from one month’s rent to 12-15% of a year’s whole rent. For instance, with Manhattan’s rental price right now of $3,500, you could potentially pay a broker fee of over $6,000. Even though this may sound like a lot of upfront money, but remember that a broker puts in a lot of work for you. You should know that when it comes to them, they are pretty much necessary. Well, for the standard broker fee, your agent will help you with all the paperwork. Also, you will see many apartments per day that fit your demands, and he will negotiate on your behalf. This is something you should consider if you want to find what you need for an affordable price.
The next thing on this guide for millennials renting in NYC is application. You see, when it comes to that, the application fee is separate from the broker fee. This refers to a fee tenants pay to cover the cost of a past or credit check. The application fee can’t exceed $20 and this is the only fee a landlord can charge a renter. Also, this is the maximum a broker can charge for an application fee.
Another part of this guide for millennials renting in NYC is rental insurance fee
When it comes to renters, not everyone ends up paying a rental insurance fee. There are some great properties in Washington Heights that do not have such requirements. This is happening because not every building makes this obligatory. But who does, you’ll be asked to finish the paperwork as part of the lease signing. This is a good thing to do. You see, those prices are somewhere around $100 to $150 a year.
Millennials who have money, they might look for some apartments in luxury buildings. Those tenants might be expected to pay for amenities such as a fitness center or a rooftop, etc. You see, some management companies make tenants pay a separate amenity fee, and others roll it into the base rent. If you are for that option then you should know that the amenity fee is paid monthly or annually. And it will either be offered as an opt-in basis or as mandatory costs whether you will be using or not.
This guide for millennials renting in NYC is here to tell you to pay your fees on time!
When you have to pay for the rent in NYC, you should give money in advance. Because the late rent fees can only be charged once your tenancy is underway. Normally, you will be charged a price if you are five days late with paying your rent, which will cost somewhere about $50 or 5% of one month’s rent.
Lisa Roberts is a long-time real estate expert. For the past two decades, Jack has worked for a large real estate company and he is an expert when it comes to investing in rental real estate. Currently, he lives in Brooklyn with his stay at home wife and two daughters. On the weekends, he prefers to spend time with his family, since on workdays he works long hours. Jack’s plan is to invest in rental real estate and retire early.