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
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.
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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
Image by Jorbasa Fotografie / Flickr
In New York City there are currently about one million rent stabilized apartments–about 47 percent of the city’s rental units. So why is it so hard to snag one? What are the benefits of having one (other than affordable rent, of course)? According to the New York City Rent Guidelines Board nearly 250,000 rental units have lost the protections of rent regulation since 1994. Why are we “losing” so many of them?
Find out the facts and how they could affect you