Relocating To New York City

Relocating To New York City

New York City is the largest city in the United States and has a culture and vibe which is distinct from other parts of the country. Those that are relocating to New York City, even Americans, must prepare in advance, especially if they don’t have friends, family or business partners that already live there. There are a lot of advantages to living in NYC, but there are also a lot of disadvantages, and those that understand this prior to moving will have a much easier time.

Find out the Exact Location of Where You’ll Be Staying

New York is huge in both population and geographical size, which means people that aren’t from the area can easily be misled about where they’ll be staying. For instance, some landlords may advertise an apartment as being in one area, when it is actually in another. If a property owner advertises their apartment as being located in Queens, you need to verify that it is actually located in Queens. The last thing you want is to arrive in NYC only to find that your apartment is not where you thought it would be, especially if it’s in the slums.

Make Sure You Qualify to Rent the Apartment

New York landlords are a bit different than other parts of the U.S. Here, it is not enough to simply have the money to rent an apartment. The typical NYC landlord will expect you to earn at minimum 40 times annually whatever the cost of your monthly rent. Those that don’t meet this qualification will need to provide a guarantor who earns a minimum of 80 times the monthly rent who will promise to cover their lease in the event of default. This guarantor must also live in the area, and be able to provide proof of income. An alternative to this is a guarantor service.

You Will Probably be Charged Broker Fees

Many people, especially Americans who relocate to NYC for the first time, are often shocked to learn about these charges. Most apartments in New York will require renters to  pay a broker fee on top of the rent, and while it is possible to find properties that don’t, these properties are either low in quality or are exorbitantly expensive  and the landlord covers the fees through leasing agents. Those who want to avoid these fees with have to search strenuously.

New York Landlords Prefer Cash over Credit

Even in New York, which is considered to be on the cutting edge for virtually everything, there are some things that don’t change. Cash is still king here, especially when it comes to lodging. Those renting an apartment should bring a lot of it, preferably as a check which is bank certified. You’ll also need cash for the security deposit, first month rent and the broker fee. If you find an apartment you really like, paying the broker fee as soon as possible can help you lock it up and keep it away from other renters.

Because of supply and demand and the fact that millions of people live in NYC, the rental rules here are different, more expensive, and stricter than in other parts of the U.S. Of course, if you opt for NY corporate housing, you will have saved yourself a lot of headaches for this part of the relocation.