It’s almost summer, and that means it’s moving time! The rental market is starting to heat up as tons of apartments become available and everyone on a summer lease starts looking for a new place to call home. So what does the rental market look like right now?
Well, rents are looking like they’re stabilizing! Compa
red to this time last year, rents for all types of apartment are beginning to show signs of leveling off and NOT increasing. While the average rental price in the last half year has been the highest than any time in recent years, recently in the last three months, the average rental price remained around $3,500.
Not only have rent prices remained the same, vacancy rates have increased. This shows that the rental market is red hot. Thousands of New Yorkers are looking to rent right now and the summer is just getting started!
For those of you looking for a new home to rent for the summer, here are some tips before you make a final choice:
Start your search early
Everyone is trying to look for their new apartment, so it’s best to search early. Use sites such as TripleMint, Streeteasy or any other real estate site to help you find potential listings. Along with real estate sites, many landlords are beginning to use social media to advertise their listings.
Know your budget
Be realistic. Don’t go for a price that overly exceeds your yearly salary. In most cases, rent should account for roughly 30% of your income. Within Manhattan, landlords can be pretty strict regarding the tenants that choose to live in their apartments. Landlords will require that the applicants make 40 times the monthly rent. If this can’t be accomplished, then guarantors can be used if they make 80 times the monthly rent. However, if this is still an issue, some landlords will allow the applicant to pay more upfront, such as a year’s rent in order to secure an apartment.
Know what you want
Does the apartment need to be pet free? Are there elevators available? Is there a laundry in unit? These are questions every apartment seeker must ask themselves. However, every individual needs to remember what they need and what they don’t like. Don’t compromise on finding your perfect home! Whenever searching for an apartment, it’s always important to keep three things in mind: the distance to subway stations, the neighborhood feel, and, of course, the apartment feel.
