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Currently sleeping on a mattress with no box spring? Worse yet, a blow-up mattress? Is your night table a repurposed milk crate and are your bookshelves fashioned out of salvaged bricks and found lumber? Although all these features can be surprisingly charming when paired with the right accessories, there comes a time in one’s life when one wants or needs a bit more. But even if you opt to go full-on Ikea, the cost of furnishing a small one-bedroom from the ground up will likely cost well over $3,000 and that is only if you opt for a discount Bråthult over Vallentuna sofa.
For anyone faced with the challenge of furnishing an entire apartment—either for the first time or because you’re only in NYC for a limited amount of time—there is now a solution: “fast interiors.” Rather than buy, you can now rent your furniture for three months or for several years. While the rise of furniture rentals may sound unusual, in fact, it is an obvious extension of the sharing economy that has been growing, especially in highly populated urban areas, for the past decade. An underlying tenant of the sharing economy is that renting often makes more sense the owning. But does it? Ahead, we explore how and where to rent furniture and the relative short- and long-term benefits of renting over buying.
A guide to furniture rentals
Photo via CityRealty
Foreign nationals from around the world are recruited to work in New York City, but when they arrive, they often realize that not everyone is eager to welcome them with open arms nor open doors. Indeed, while many employers from banks and tech companies to museums and universities are eager to recruit top global talent, most of the city’s rental management companies would prefer to rent to a pack of college students than a fully employed foreign national with a six-figure income.
So, what is an adult with a great credit history, full-time job, and in many cases, a family to do when they arrive in New York City? While foreign nationals likely can’t change the perception that renting to foreigners is a bad idea, there are a few ways to troubleshoot the housing market in New York City whether you were born in Toronto, Paris, or Tokyo.
Everything you need to know, here
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January is a busy month for renters across the U.S., described by one broker as the “oasis month” in an otherwise dead stretch between October and the spring. People make big life-changing decisions at the New Year, which often means moving – plus there’s the backlog of renters who put off sorting their living situation over the holiday season who are all entering the market at once in the first week of January.
New York’s rental market is estimated to be worth over $700 million in rent and over $44 million in deposits in January alone. With so much money changing hands, it means renters are an attractive target for scammers and fraudsters. Thankfully, rental fraud is rare, but a little knowledge goes a long way. So if you’re entering the rental market after the holidays, here are three things you can do to keep yourself (and your money) safe.
Whether you’ve just been offered a dream job in Austin or decided to ditch New York City for a farmhouse in New Paltz, if you have a lease, you have problem. Leases are generally a good thing: They give tenants the right to stay in an apartment on a year to year or even bi-annual basis. If you need to vacate early, however, a lease can quickly start to feel like vice grip on your future. Fortunately, tenants, at least those living in rental buildings, do have some legal ways to opt out early. This guide outlines the ins and outs of lease breaking, how to find a qualified tenant, and what to do if you are currently renting in a condominium or co-op where lease breaking is a far more complex process.
Everything you need to know, right here
Image: Dov Harrington / flickr CC
Living in a college residence might be fun for a year or two, but most college-age kids eventually want to move out. And who can blame them? After all, who wants to show ID to a security guard every time they arrive home, share a room with a stranger, or eat in a cafeteria night after night? In many smaller college towns, sending your kid first and last month’s rent is more than enough to get them out of residence and into their first apartment. In New York City, it’s a bit more complicated.
In most cases, parents need to be directly involved in the housing search and rental process and prepared to come up with a substantial deposit, which can meet or even exceed the money needed to purchase a starter home in many U.S. cities. In order to rent an apartment in New York City, renters typically must come up with first and last month’s rent, a security deposit, and a broker’s fee (the fee is either one month’s rent or anywhere from 10 to 15 percent of the first year’s rent). Also, as a rule, owners and management companies require lease holders to have an established credit history, to make more than 40 times the monthly rent on an annual basis, or to have a guarantor who exceeds these criteria.
This 6sqft guide outlines everything parents need to know before going on the market to rent an apartment for a college-age child, including advice on where to find listings and how to decode them.
the full scoop here
Photo via Wiki Commons
Affordable housing is one of the hottest topics in the real estate market these days. It all started with Mayor de Blasio’s plan to preserve or build 200,000 affordable units over the next ten years, which has resulted in a slew of new lotteries for below-market rate apartments, putting his goal ahead of schedule. And let’s not forget the expiration of the controversial 421-a tax abatement, which provides incentives to developers when they reserve at least 20 percent of a building’s units for low- and moderate-income tenants. But despite the buzz-worthy roll affordable housing has been on, many are still left wondering what exactly it is.
Everything you need to know about affordable housing
Lead image © Daxiao Productions – Fotolio
6sqft’s ongoing series Apartment Living 101 is aimed at helping New Yorkers navigate the challenges of creating a happy home in the big city. This week, now that the city is in high renting season, we’ve researched the best resources for finding a no-fee apartment.
More than half of New Yorkers spend 30 percent or more of their income on rent. Tack on a broker’s fee that could be as high as 15 percent of an apartment’s annual rent, and that burden becomes even worse. Thankfully, there are more and more resources popping up to find no-fee rentals. Aside from the go-to listing aggregators, there’s now roommate-share options, lease break sites, artist-centric search engines, and good old fashioned networking. 6sqft has put together our 12 favorite options, along with the basics of each so you can figure out what will work best for you and how to prioritize your search.
Check out the full list here
Image via CityRealty
You’ve landed a great job in New York City—then the reality of the city’s housing market starts to sink in. It’s a situation that thousands of new city residents face every year. New York City’s cost of living, which continues to outpace most other cities across North America, can make a move to the city seem difficult and even impossible. In fact, even highly compensated professionals often balk at the idea of relocating due to the fact that it typically means radically adjusting one’s established standard of living. After all, most adults assume it is normal to have more than one closet and expect their kitchen to be large enough to accommodate more than one person at a time. This is why at least some local employers throw in the most coveted perk of all—free or at least steeply discounted housing.
find out where these jobs are
Rents across the city may be climbing, but that’s not keeping college students from wanting to flex their newfound autonomy even further by leaving their dorm for digs off campus. Unfortunately for many of these young scholars—and many first-time renters like them—searches typically start off with head-in-the-clouds expectations (“I had this fantasy about scoring a place with a fireplace and rooftop deck,” says one student with a $1000 budget), which are quickly brought back down to reality when they realize just how unforgiving the NYC rental market is. Ahead, CityRealty goes over what students and new renters need to know when searching for an apartment, as well as how to maximize time and money in a fast-moving and ultra-competitive market.
READ MORE HERE…
Our ongoing series Apartment Living 101 is aimed at helping New Yorkers navigate the challenges of creating a happy home in the big city. This week Tom J. Moverman, partner at the Lipsig Law Firm, a practice specializing in personal injury, joins 6sqft to offer up tips on how to avoid injuries on a rental property, and what to do if they do occur.
In New York City, Manhattan remains the dominating force when it comes to new apartment construction. However, in recent years, boroughs such as Brooklyn have closed that gap considerably. According to BuildingCongress.com, Manhattan accounted for 37 percent of all of the apartment construction in New York City, and in Brooklyn, construction accounted for 36 percent of the rental property construction activity in the city. By the middle of 2015, there had been $10.5 billion in residential construction throughout the entire city of New York (to give an idea as to how much the volume has increased, there was just $11.9 billion in residential construction in all of 2014). With an increase in construction comes an increase in tenant injuries.
When volume increases, the demand to get new buildings up and generating revenue quickly also increases, and this means that corners will often be cut to make sure that rents from tenants can be collected in time to start showing a profit. Unfortunately, people can get injured when corners are cut, and tenants need to know how to protect themselves and fight back.
find out more here