Rental Profile Manhattan Apartment
Before You Start | Setting up your Search | Your Rental Profile | Your Search | After The Search | Renting vs. Buying
Location and Neighborhood [top]
If location is most important to you, take the following into account:
1. Is the building close to my work or school? What sort of commute is involved? Take the commute into consideration in your general quality-of-life assessment.
2. Is the neighborhood safe? Fun? Interesting? Does it fit my lifestyle, or my age group? These considerations can influence your overall quality of life.
3. If the apartment fits my budget, does the neighborhood? If you have to commute just to buy reasonable groceries, it might not be worth it.
The Renter's Holy Trinity [top]
Repeat after us: Budget, size, location. Budget, size, location.
These are your three main criteria. But since all three of these factors are related, it's important to decide which areas are most flexible. Being flexible will improve your chances of finding a great apartment.
Budget [top]
Nationwide, a good rule of thumb to allocate one-fourth of your income to rent. In Manhattan, the standard is usually between one-fourth and one-half. But there are several costs--other than monthly rent--to consider when assessing your apartment budget. Ask yourself the following questions:
1. How much cash do I have available for the related fees: security deposit, last month's rent, broker's fee, moving? The answer to this question generally determines whether or not you should use a broker. Factor in moving and commuting expenses as well.
2. What is the apartment worth? Take a good look around at comparable apartments to determine whether or not it's a good deal, consider the building's amenities.
3. Are utilities included? Ranging from $70-$200 a month per person, utilities can sometimes make or break an apartment's value.
Apartment Size and Building Type [top]
If the apartment itself is more important to you than your budget or location, you want to ask yourself the following questions:
1. How many bedrooms do I need? Can I convert a dining nook into a bedroom? Is there room to build a loft? New Yorkers are known for using space creatively.
2. Is the building as safe as I need it to be? What sort of security is in place? Any fundamental additions--like deadlocks or alarms--require landlord approval, so choose carefully.
3. Is the building as convenient as I want it to be? Do you work long hours and need to have your dry cleaning delivered, or do you receive a lot of packages? You may need a doorman.