Searching for an apartment is ring of hell left undocumented by Dante. Between actually securing a place you deem worthy of living in, and making it through a realtor's many hoops, to the many fees and the plethora of paperwork required to actually lock the place down, renting is a sort of mental gymnastics few are trained for.
Alicia Schwartz, co-founder of rental ratings start-up Rentenna.com, is experienced in the art of stress-free apartment searches. Her experience as a successful rental broker in New York City led to her to becoming the New York Times rental expert and creating HowToRentinNYC.com. Here, Alicia shares what her rental survival guide, and tells would-be-renters what not to do when searching for their dream apartment in any city.
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Searching for an apartment is ring of hell left undocumented by Dante. Between actually securing a place you deem worthy of living in, and making it through a realtor's many hoops, to the many fees and the plethora of paperwork required to actually lock the place down, renting is a sort of mental gymnastics few are trained for.
Alicia Schwartz, co-founder of rental ratings start-up Rentenna.com, is experienced in the art of stress-free apartment searches. Her experience as a successful rental broker in New York City led to her to becoming the New York Times rental expert and creating HowToRentinNYC.com. Here, Alicia shares what her rental survival guide, and tells would-be-renters what not to do when searching for their dream apartment in any city.
RELATED: The 25 Sketchiest Apartments on Craigslist
RELATED: The Particular Cool of Brooklyn Apartments in 1978
RELATED: Why I'd Rather Live with Rats Than Look for a New Apartment in NYC
RELATED: 20 Life Hacks That Will Make Moving Less Hellish
Not having a guarantor ready to go.
Landlords have tough criteria everywhere, though it is definitely the worst in New York City. The typical income requirement is 40x the monthly rent. Meaning, if you want to rent an apartment that is $2000, then you'll have to prove an income of $80,000. If you were to have a parent/family member cosign your lease, then they would have to make 80x the rent, or $160,000.
Searching too early or late for an apartment.
When I worked as a rental broker many people would call me as early as 6 months in advance and as late as day-of to find a home. What is the perfect window to start your search? Generally about 6 weeks before you want to move in. Some listings do pop up far in advance of that, but they are in the minority. If you want to casually start looking online to get a gauge of pricing and what is happening, then sure, start earlier. But for actual rentable, available apartments—they won't really start showing until six weeks before, with the most availabilities showing up on the first of the month. This happens because many renters don't let their landlords know if they will renew their lease sometimes up until the last minute.
Not using a broker effectively.
A week before you hit the pavement, take a day to properly research and set appointments with both no-fee apartments and 1-2 brokers from different brokerages. Take the first day to go through all the no-fee listings, make sure to make a list of all you have seen. On the second day, bring this list to the brokers so they don't take you to something you could and have already seen on your own. Because, once a broker shows you an apartment, even if you could have found the apartment on your own, your bound by the disclosure form you sign to pay them if you rent an apartment they've shown you.
Not utilizing a broker in a tight market.
Not having their paperwork and monies ready to go.
I can't tell you the amount of apartments that were lost to my clients because they didn't have monies (usually 1st month and 1 month security) accessible or have the basic checklist of documents with them. Apartments during this insane rental season can rent in a matter of hours, and if you don't have the basics on you, you are in for disappointment! Here's a basic checklist of paperwork and monies you should have:
- First two pages of previous year's tax returns
- Employment letter stating length of employment and salary
- 1-2 Pay stubs
- 1-2 Bank statements
- A landlord reference (nice to have, but not typically required)
- 2 months rent accessible at a bank in the city you are looking in (You need to be able to get a certified bank check usually within 24 hours to hold the apartment.)
Having unrealistic expectations.
All people are guilty of wanting the "perfect home." But this summer, my advice to you is: If it hits all the major criteria satisfactorily, SIGN THE LEASE. By major criteria I mean:
- Budget
- Location
- Size
Yes, there are sacrifices to be made, like not getting that dishwasher or walk-in closet. But just keep in mind most leases are only 12 months.
