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Thursday, February 28, 2008

finding a rental property in Hawaii, New York, apartment, condo and single family homes

Apartment-Hunting Tips

Use word of mouth. Start any search with your friends, family, work, or school connections. Like jobs, the best apartments in New York City often come through personal connections and social networks. Email everyone you know and tell them when you are moving and what you are looking for. Ask them to email everyone they know. This approach takes some time, but is definitely worth it.

Give yourself some time. If you can move to the city and stay with friends, or sublet for a few weeks or even a month, do so. This will give you some time to get the lay of the land before deciding on a place to live.

Determine your budget. Your percent of rent in relation to your income in NYC could be higher than the standard 25%. Many New Yorkers spend between 30% and 40% of their post-tax income on rent, especially those making under $60,000 a year. A simple rent calculation is to double your income, and remove two zeroes. So, if your salary is $40,000 per year, the amount of rent you pay should very roughly be around $800 per month.

Look at the right time. The apartment rental market is most active during the summer, especially in August and September. The first and last week of each month are the best times to look. Usually tenants give 30 days notice at the beginning of the month. By the end of the month, owners are getting desperate if places are not filled.


Narrow your search. Form a picture of the kind of place you are looking for and can afford. Then stick to your guns and focus your search on that picture. That way you'll know when to pounce on a place, and when to walk. To keep from getting overwhelmed, try focusing your search on one or two neighborhoods.

Visit neighborhoods. Walk around each neighborhood and plan to spend some time there. Find a cafe or park and observe the environment to see if you like it. Try using the transit you would be using to go to work or school at different times of the day to determine if the commute will work for you.

Ask questions. When visiting apartments ask questions about noise, morning and evening light, neighbors, electrical and plumbing age, pests, as well as security. Also, be sure to ask whether or not the heating and utility costs are included in the rent. Heating costs in the winter can easily be as high as $300 a month.

Consider your commute. Easy travel to work or school should not be undervalued. As you will quickly realize, rent prices are almost always higher near subway stations, especially those in Manhattan. One common trade-off is between apartment size and commute length. You can get a much bigger place if you're willing to walk further or take a longer train ride.


Be ready to decide. Apartments do go quickly in this city, so come prepared to make a decision. It's a good idea to carry copies of your credit report and be sure to bring along any roommates who will be making the decision with you. All this being said, don't let people push too hard. If you need to think about it, take your time, but understand that the apartment may be gone by the time you decide.

Stick to your price. It is important to decide how much you can afford to pay for rent before you begin looking. When dealing with a real estate agent, it is a good idea to be clear about your budget, and to stick to it. If they offer to show you an apartment that is above your maximum, tell them that you're not interested. Remember: the higher your rent, the higher their fee.

Know your rights. Obviously, a lease is a legal document. Before signing one, you should know your rights as a tenant. Given all the things that can go wrong with an apartment (plumbing, leaky roofs, pests, noise, theft, etc), it's important to understand what your landlord is and isn't responsible for. Fortunately, the State of New York provides a great online Tenants' Rights Guide.

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