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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.
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