New York City is easily one of the most difficult cities in the country in which to find an apartment. Because of this, most apartment rentals in the city require that you use a broker. However, broker’s fees can be exceedingly high – as much as 15% of a single year’s rent. The following guide will help you go about apartment hunting in New York City without a broker if you think you can tackle the search yourself.
Start Early
Allowing yourself as much time as possible to find a suitable apartment will make it more likely you will find a place within your budget, and in the area you want. Sometimes this may not be possible, but you certainly do not want to leave your apartment hunting to the last minute. Four to six weeks from move-in is ideally when you should start seriously looking, if not sooner if your move-in date is flexible or to begin researching.
Search Online
Apartment hunts have largely moved online, and apartments in NYC are no exception. Major listing sites such as Apartments.com and Rent.com are good resources. You can search for “no fee” as a keyword to find available units. Aside from the massive apartment listing sites, there are sites specific to New York City such as NYBits, StreetEasy, and Listings Project. Listings Project does not even allow listings from brokers, StreetEasy has a robust “no fee” filter and NYBits specializes in listings that don’t have a broker’s fee. Keep an eye on all of these sites and use mobile apps to be alerted as soon as new listings are posted.
Act Quickly
Apartments go very, very quickly in New York City. This means you must be prepared to take a suitable apartment as soon as it becomes available. This is why having the time to do research and wait until the right unit shows up is very beneficial. When you go to a showing, be sure to have your down payment and any paperwork ready. You don’t want to find a perfect place to live and then have someone else take it before you can sign the lease. It is not uncommon in NYC for apartments to only be on the market for a couple of days or even less.
Search In Person
Take a stroll through the neighborhoods in which you would like to live. Take note of all apartment complexes and “for rent” signs you find. Get the contact information of the landlord or management company and then call them to see if units are available, when units may be coming available and whether a broker is required. Not every landlord lists their units online, making this a step you should take if you are currently physically located in NYC.
Snagging a no fee apartment upon moving to New York City for the first time can be a challenge, but it’s certainly possible. Anyone experienced in the NYC real estate market should consider a more DIY approach to save money. With some planning, quick decision-making and a lot of effort, you can find the right apartment for you in the largest city in America.