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Where do people find hidden gem apartments?

Main Post:

BWT... where are we finding apartments these days?? StreetEasy is a nightmare. I’m moving in with my boyfriend August 1 and I want to get a lay of the land well in advance. And mentally prepare myself lol.

I’ve lived in NYC for 6 years and no matter how hard I try I cannot crack the code. I’ve heard horror story after horror story about broker fees, queues for showings down the block, bidding wars, etc.

HELP!!!

Top Comment: You know someone who is leaving theirs and you do a lease take over or you reach out to the landlord directly before it goes on the market. These apartments never make it to the market because anytime someone leaves, the landlord already has a handful of people who’ve expressed interest. So basically you don’t find these apartments, they find you.

Forum: r/NYCbitcheswithtaste

Ultimate NYC RENTING 201 thread

Main Post:

So you’ve decided you’re going to rent in NYC.

First thing you need to do is STFU about how expensive NYC is. Once you’re done crying, the second thing you need to do is read these archives on “Where should you move.”

We can’t decide that for you. Use our past archives and try to work it out yourself.

Let’s get started.

Where do I hunt for an apartment?

Craigslist
r/NYCapartments
StreetEasy [SE+ is a great Chrome extension]
Gyspy Housing // Gaslight Housing
Our boy u/tmm224 is our resident broker.
Renthop
Roomi
LeaseBreak.com
Listings Project
Some of the best deals aren't posted online. Smaller landlords sometimes have a for rent sign in the window. It wouldn't hurt to pick a few neighborhoods you like, walk up and down the streets and see if you can find a few for rent signs.

When can I hunt for an apartment?

Browsing real estate websites is a fun hobby for many NYC residents year-round but a landlord probably won’t rent you an apartment with a move-in date more than a month away, 3-4 weeks at most is the norm.

Tips on avoiding scams.

IF IT IS TOO GOOD TO BE TRUE, IT’S 99% A SCAM.
NEVER rent an apartment if you haven't physically visited it.
Moving during the winter is cheaper than the summer
It's best to visit an apartment with a friend.
If the broker asks you to meet at their office, there is a chance it's a bait and switch. Proceed with caution.
Good Faith deposits are a subject of debate. Use the other tips err on the side of caution.
If someone is asking you to venmo them it’s a huge red flag.
If the listing says no-fee, it doesn't hurt to double-check in person.
Some apartments (esp. co-ops) will have an "application fee" that may also be sizable, or have an unusually large security deposit or up-front rent policy (first/last month + security + rental fee)
Some brokers will ask you to sign paperwork at the showing that gives them the exclusive right to show you apartments and charge you their fee. Read that paperwork carefully, you may be signing on for something you don't want.
Max application fee is $20 and the landlord is not allowed to charge more than one month of rent for a security deposit and they must return the security deposit within 14 days of moving out (or give you a bill stating why they withheld it)
A lot of metadata on Streeteasy is bad - scummy brokers will list an apartment as 1 bedroom and the description or photos will describe a studio. Always read the description.
A common scam on CL, the owners are abroad and want you to fill out a form with personal info and “check out the place through the windows”. Issa scam.
If they’re asking for a Western Union, MoneyGram and then they’ll mail you the keys. Issa scam.

What will I need to rent?

Landlord and/or Brokers are gonna need paperwork all the time.

1040 tax form / W2
three consecutive recent pay stubs
three consecutive recent bank statements
letter of employment confirming length of employment and salary
signed reference letter from your previous landlord

Generally, this is what they ask for.

We suggest creating multiple copies of the below items and keeping a folder. These days most landlords want online copies. Create a Google doc and have it stashed there.

What are some things I should contemplate?

How far is your commute to work/play/gym?
Which way do I want the apt to face? If you have a green thumbs or sensitive ears, it may be something to think about
Do I want a building with a doorman?
Can I walk up six flights everyday?
Is there laundry in the building?
Can I live without a tub?
Can I live on a busy street?
Will I be able to afford rent AND utilities?

What are some things I should check out?

Test out water pressure
Try the flush/shower temperature test
What size mattress can fit in the bedroom
Ask if the super is around/live in +Bring measurements of your stuff and bring a tape measure.
Where it the nearest laundromat, diner, bodega, supermercado
Check out the electrical outlets
VISIT AT NIGHT TIME. WE CAN'T STRESS THIS ENOUGH.
VISIT ON THE WEEKENDS
See if you can chat with the neighbours
Check out the management company on google.
Sit on the toilet and make sure your knees fit.
Some places have move in slots, ask when they are and if you will need insured movers
Check ya bars. Not your rap skills but your cell phone service!
Look the building up on the bed bug registry ( https://bedbugregistry.com/metro/nyc/)
Neighborhoods with a drug treatment center, homeless shelter or community clinic can have significantly larger homeless populations in the summer than what you can see if you sign a lease in the winter.
MOST importantly: you cannot sign away your rights. Your lease may say that your unit is not rent stabilized, but it may be. Check it against the building list ( https://hcr.ny.gov/most-common-rent-regulation-issues-tenants). You have four years to dispute your rent if you are rent stabilized. Consult a housing lawyer before doing this, as you will be entering a legal process with your landlord. | Might also be good to mention that housing lawyers play an important role for NYC renters and can be a resource if you think you are being scammed by your landlord or lease.

What is a bait and switch?

You see an apartment that looks great. You contact the broker, and they arrange a meeting at an intersection near the apartment (they won't give you the exact address). You get there and they tell you that the apartment was just rented, but they have lots of other nearby apartments that they want to show you. You should just walk away, but you figure "what the hell, I'm already here, must as well look at the apartments they have." u/sethamin

This thread is a great example of a classic B+S

What is the 40x rent rule

In New York, a common benchmark for determining your budget is that your annual salary must be 40x the monthly rent. For someone looking at $2,500/month apartments, they must earn a minimum of $100,000/year (Read more on StreetEasy)

If you’re roommates or a couple, 40x the rent will mean combined annual salary.

This rule varies from time to time, depending on your landlord/management company. I have been around 4-5k short and gotten apartments due to the landlord just liking me. It is best to calculate your budget using this rule though. It's awesome to have a great apartment but if 90% of your income is going to your housing -- ya gonna have a bad time here.

You might need Guarantors. A guarantor needs to make 80x. Some buildings require guarantors regardless of income, meaning your parents or richest friend will need to also provide financial documents and back your lease.

I was once asked for 50x times the rent. It was not a pleasant experience, but know it can happen. (I would suggest walking away from a place like this...)

NER v Gross?

NER = Net Effective Rate.
Gross = The total rent

Sometimes, landlords will offer free months to bring in new renters. NER places aren't the devil, but they can be misleading. Many realtors will use them to skirt around the price filters on websites.

NER listing will say something like, "2 months free on a 13 month lease// 2 months free on a 18th month lease."

To calculate the net effective rent, you take the total amount of concession and divide it by the length of the lease, then deduct that amount from the monthly asking rent.

For two months, you'll get free rent. In most cases, the months are already chosen for you and are marked in your lease.

It's important to understand for NER, you will be paying the gross rent for the non-free months. If you can't afford the gross, it may be better to avoid NER units.

Some buildings will allow you to pay that net effective rent each month instead of the gross+free months. It may be worth asking if you’re in looooove with the place.

The 40x rent rule will apply to the unit's GROSS not NER. When your lease is up, the increase will be on the GROSS not the NER.

Check out BrickUnderground's NER calculator for help.

What to do once you've got the lease

Congrats, you've been accepted! Do be sure you truly want to live there. Once you have signed, it can be a real bitch breaking a lease. After that, make a copy of the lease and read read read it. Find any clause that is sus and ASK about it. If you've gotten a NER unit, make note of the months. If you were agreed to something in person, make SURE you have it in WRITING. If it’s not written down, it doesn’t exist.

BE thorough. This is your HOME. That stack of paper is IMPORTANT.

If it's all good and makes you happy. SCAN it - MAKE A COPY and KEEP IT.

I keep 2 copies in my apartment, and one in my google drive. It may be important some day.

What to do when you're in the apartment.

Take pictures/video of the entire place, this is good for when you move out and wanna get your security deposit back.

how to think about renting vs buying in NYC?

Main Post:

HENRYs who live in VHCOL cities specifically NYC - how do you think about the rent vs buy question? The math never maths but when do you jump the gun (if at all?)? When there are kids?

Top Comment: Based on my own conversations with a realtor, buying really only makes sense if you’re planning to stay in the unit for a while - like 7-10 years. The entry and exit costs are so high in NY - mansion tax, flip tax in many units, lawyer/closing costs, assessments are frequent in many units... and it’s a lot of money to tie up. If you plan to move out of the city at any point I would wait. Rates aren’t really driving prices down either given lack of inventory, so you’re paying top dollar AND have a 7% mortgage. The math is hard to math...

Forum: r/HENRYfinance

The MOST studio NYC apartment EVER

Main Post:

295 west 57th st. apt 4AA.

1000 sq ft, no BR, 1.665 million

https://www.zillow.com/homedetails/205-W-57th-St-APT-4AA-New-York-NY-10019/122759123_zpid/

our first was 237 sq ft, 3rd floor walk up on 2nd ave, $830 a month, 25 years ago.

Top Comment: Honestly, if I had the money I would happily have this as a solo residence for my introvert self. But it is hilariously expensive even before the fees

Forum: r/nyc

What is an effective ways to find rental apartments in NYC?

Main Post:

I am using Zillow Rentals but when I request for tours, I am not hearing back. Is apps the only way to go? Or do you go to your local rental brokers? If so, how do you find one in a new neighborhood? If using apps, is there certain messages that you leave to the broker to contact you? Which apps do you use? Are Craigslist and FB Marketplace authentic anymore, or full of scams (most asks for deposit upfront)?

Top Comment: StreetEasy

Forum: r/AskNYC

Things to consider when apartment hunting in NYC

Main Post:

I'm moving to NYC soon. I've been in my current apartment for almost 10 years and I haven't apartment hunted in NYC before so I'm rusty on this. What are some things you check in an apartment before renting? I have a small list already, but I'm looking for more suggestions. I'm hoping to create a list that will be more general unsearchable things and useful to most people versus things like "has dishwasher" or "has rooftop".

Measure furniture before and bring a tape measurer to the apartment
Check cell phone reception
Check water pressure
Check the directions of the windows
Is there built in lighting in the apartment
Where do packages go? Have they had issues with stolen packages?
Screens on outside doors and windows
Check for evidence of bug or water damage
Go to neighborhood during day and at night
Where are neighborhood "amenities" like grocery store, bodega, gym, park

Top Comment: Just some advice - the market is chaotic right now with very high demand and low supply and apartments are getting applications the same day they're listed. Make sure you have all of your application docs ready to go before you see apartments, so you're ready to apply if you find one you like!

Forum: r/NYCbitcheswithtaste

NYC Apartment Rent: Is $2,500 enough budget to live alone?

Main Post:

Hello! I recently accepted a position in NYC around the Lower Manhattan area! I heard a lot about how NYC apartment rent is bad so I'm a bit scared. Is there an area where I can afford to live alone with a $2,500 monthly rent budget? I'm okay with about an hour-long commute as the station is within walking distance (as long as it's not too sketchy). Thanks all for the recommendations.

Top Comment: Yea I pay less than that on the UES in Yorkville. The more east you go close to East End ave it might be further from the Q but cheaper. It’s a great neighborhood a lot to do but still quiet and safe at night. Good luck.

Forum: r/AskNYC

Renting in NYC for around 1500 a month. Is this actually ...

Main Post: Renting in NYC for around 1500 a month. Is this actually ...

Forum: r/AskNYC

Best NYC Apartments - Reddit

Main Post: Best NYC Apartments - Reddit

Forum: reddit.com