Common Mistakes People Make When Renting an Apartment in NYC

By: Jennifer Villalba

Are you Renting an Apartment in NYC for the Very First Time?

If so, you are likely to make some mistakes that can even cost you a deal.

This is because New York has one of the most complicated rental markets in the nation. You may spend days searching for your dream apartment only to find that you are not eligible for the apartment because of your low credit score or insufficient documents.

Or you can end up with an apartment that is located in an unfavorable neighborhood.

We have rounded up such mistakes you should avoid while looking at a rental apartment in NYC.

Not Researching the Renting Site:

Some people sign on the dotted line before visiting the actual apartment in person.

If you’re one of them, consider this as your topmost mistake.

The beautiful pictures of apartments provided online can be misleading. You never know if the property lives up to the promises made by its owner. The advertisement might be created strategically to hide the shortcomings in the apartment.

Nothing can be frustrating like finding out that your apartment is not located close to that supermarket as promised in the ad, or getting a home that is leaky, gloomy, and damaged.

It goes without saying that you should visit the said apartment before closing the deal.

Ignoring Small Damages:

Do you think that a minor crack on the wall is not that gruesome? Or you shouldn’t be bothered by trifles like a dripping faucet?

You need to think again.

Keep in mind that you as a renter will be liable for every kind of damage once you move in. Even if that minor crack was there when you moved in, if you don’t have photographic evidence, you might be asked to pay the repair bill and be denied of security deposit return. Therefore, take photos of any damage you find in your rental property before moving in.

Not Having Adequate Paperwork:

Imagine this scenario-

You have found your dream apartment in NYC and you are close enough to seal the deal. But you forget to bring important documents to finalize the purchase. This experience, in one word, is frustrating.

And this simple mistake can be costly as you may lose it to another buyer in a couple of days. After all, New York has the most competitive rental market in the nation.

Keep your important documents ready and together, including a letter of employment, last year’s tax return, two pay stubs, two bank deposits, a photo ID copy, and a reference letter from the previous landlord (optional).

Lacking Good Credit:

This is critical. You are required a fair credit score to rent an apartment. A fair credit score falls in the range of 620-659. Even if your income is 45 times the rent, if you lack a fair credit score, you might be asked to bring a guarantor.

If you are searching for a rental through a broker, make sure to let them know about your credit status so that they can find you landlords who are lenient on poor credit scores.

Setting Unrealistic Expectation:

Keep in mind that prices vary based on location in New York.

Make sure to do your market research to know the prices of a certain size of an apartment in a certain location and with what amenities. If something is priced too low, a landlord may be cutting a corner of the apartment might have shortcomings.

Final Thoughts:

Whenever looking for a rental apartment in NYC, make sure to do your research. Keep your paperwork ready as well as money in the account. Try to maintain a good credit score or else find a guarantor earning 45 times your monthly rent.

This way, you can make sure that you have everything in place to seal the deal with little hassles.