Live / Work in New York
Frequently Asked Questions
Please note that the following is for informational purposes and due to the nature of the New York real estate market may change at any time!
How long before I move to New York should I arrange for living accommodations?
Unlike most parts of the country, it is very difficult to pre-lease an apartment in New York City, and the apartments you do find that you can pre-lease, tend to be on the more expensive side. The most common thing you will hear is that you need to already be here to find the best housing.
So where do I live while I'm trying to find a longer term solution?
There are many short-term solutions available. Hotels are an option, but even the lowest end hotels in Manhattan tend to be expensive. See the section on Resources for temporary housing which includes sublets and temporary residences.
How do broker fees work?
While in most parts of the country the property owner pays a referral fee to brokers that find them tenants, in New York, the renter generally pays the broker fees. There are some property owners that will pay some amount to the broker, thus reducing the cost to the tenant, but with a 99% occupancy rate in the city, that isn't very common.
How much do broker fees run?
In general, for a Manhattan address, the fee will run 15% of the annual rent (IE for an apartment that rents for $2000 a month, the broker fee is typically $3600). In the other boroughs (Queens, Bronx, Brooklyn) it is usually one month rent. However, in all cases these can vary and it is technically possible to negotiate with the broker, though most refuse to do so.
How do I find an apartment that doesn't require a broker?
Several of the links in Resources for long term housing have no-broker listings or contact information for no-broker buildings. However, while it may seem like a large upfront cost, brokers will have access to a much larger group of listings that may or may not be public. Additionally, a good broker can find you a better value for the rental cost. If you plan on staying in New York for more than a year, you may save money in the long run by using a broker that can find you a lower cost apartment.
How does rent control or rent stabilization work? How do I get one of those?
Rent control or rent stabilization sets the rent level of an apartment and regulates the maximum increase in rent each year. While there are a large number of rent controlled apartments in the city, very few come onto the market directly. In the event that one does, unless specifically set aside for low-income or medium-income residents, any new resident will pay the market rate for the apartment, but yearly increases become regulated.
Subletting of rent-controlled units is possible, but of questionable legality. Additionally, each year several new rent-stabilized buildings appear on the market with units set aside for low or medium income residents. There is a link below if you wish to get on the list, but there are always far larger demand than available units. Once you are hear, if you expect to qualify, it is a good idea to get on these lists, but don't count on it for your move to the city.
How do I find a roommate? The most common way to find a roommate is Craigslist. Obviously, caution is urged, and you may have trouble getting someone to agree to let you move in unless you are able to come to the city separately and meet with them. Additionally, we do post housing requests on our website and facebook groups.
How much do apartments cost in New York?
Apartments in Manhattan are expensive, but the cost can vary depending on the size, quality and location of the unit. For ball park figures, the smallest studios can be as low as $1500, while one bedrooms typically start around $2000. A true two bedroom can start around $3000. These are just ball park figures. Rents have been increasing the last several years, but that doesn't mean that better deals can't be found.
Those figures are for Manhattan though. Many new residents (and older ones looking to save some money) relocate to the other boroughs. The most popular are Queens (the Astoria area) and Brooklyn. Both offer short (less than 20 minutes) train rides into the heart of Manhattan, and both offer significantly reduced rental expenses. Additionally, Hoboken, NJ is popular and a short train ride to both Midtown and the Financial District on The Path (the NJ version of the subway).
How much will I need to rent an apartment?
That will depend on several factors, but in general, you will need enough to cover the broker fee, any application fees, the first month's rent and a one month deposit.
What are the income qualifications for renting?
That will depend upon the landlord. In general, landlords tend to look for an annual income to monthly rent ratio of 40 to 1, but some go as high as 50 to 1. (For example, if you wanted to rent a $2000 a month apartment, the landlord is going to look for total annual income or $80,000).
Can I have someone co-sign the lease for me to qualify
Most landlords will accept a cosigner, but the requirements can be stiff to meet. For instance, they may require the cosigner live within a certain distance of New York (generally a reasonably local distance like 100 miles) and/or have a certain annual income to monthly rent ratio (100 to 1 is not uncommon).
What should I do with my car?
Sell it. If you are living in Manhattan, you will likely have no need for a car in your day to day life. Parking garages run from $250 to over $500 per month depending on the location. Street parking is available, but in most areas of the city, street sweeping is done on each side of the street one or two times a week. That means at least twice, and possible four times a week, you will have to move your car. Parking outside of Manhattan is more reasonable, but even in the other boroughs, having a car is generally not necessary. If you are adamant on keeping a car, cheaper parking can be obtained outside of Manhattan. Parking garages are available, but it is also possible to rent a single car or half of a two car garage for anywhere from $100 to $250 a month depending on the location and proximity to Manhattan. The best place to look for these is craigslist.
