Top 5 Tips for Finding a New York Furnished Rental
So, you want to find a New York furnished rental? Unfortunately, so does everybody else. The New York rental market is notoriously competitive, particularly during the summer months when students graduate and flock to the city in search of accommodation.
As a result, those who aren’t ready find themselves floundering in deep water, chasing stale leads, and ultimately losing out to other, better-prepared tenants.
But what can you do?
After all, New York remains one of the best cities in the world, peak season or not. And you can’t let a little thing like a hot rental market deter you from calling this bustling metropolis home.
Get your dream New York furnished rental
If you are looking for a New York furnished rental, there are a few things you absolutely must do for your quest to succeed:
Set a budget
First of all, set your budget. The solvency of potential tenants is scrutinised during the screening process, and as a general rule of thumb, landlords look for someone who earns at least 40 times the monthly rental price. If you overstretch yourself, you may find your applications continue to be rejected. If you don’t have the assets or earning capacity, you’ll need to find someone (typically a family member) to act as your guarantor. Again, this person will need to prove they have sufficient funds.
Finally, don’t forget to factor in the upfront costs you’ll need to pay, such as broker fees and a security deposit. You’ll need to come prepared and have this money ready to hand over. Any delay could see your New York furnished rental slip through your fingers.
Do your research
Next, where exactly do you want to live? New York is synonymous with Manhattan and you may have your heart set on an Upper East Side apartment. But there are many other boroughs to explore, with each neighbourhood bringing its own unique character. What is important to you? Is it good commuter links, a vibrant social scene, a family friendly atmosphere or a little bit of everything?
You need to do your research and decide which neighbourhood will best suit you and your lifestyle. Remember that somewhere can feel very different at night than it does during the day, so we recommend revisiting potential neighbourhoods throughout a 24-hour period. This will narrow down your search, helping you focus on areas that are right for you. And seeing as securing a New York furnished rental is no easy feat, it’s best to get it right first time round.
Get your paperwork ready
Once you’ve set your budget and your location, it’s time to get your paperwork ready. This is absolutely essential. The rental market moves so quickly in New York that you have to be ready to submit an application as soon as you find a property that you like. If other potential tenants are knocking on the door, landlords aren’t going to wait around while you gather together pay stubs and bank statements.
We suggest that you get your paperwork ready before you even begin your search. Otherwise, you risk falling in love with a New York furnished rental, only to have it snatched from your grasp because you weren’t as prepared as the next person. Here’s a list of everything you’ll need:
- Pay stubs for the last three months or W2 forms
- Bank statements for the last three months
- Tax returns for the last two years if you’re self-employed
- Photo ID
- If you’re just starting a job, a letter from your employer stating your start date and salary
- A good reference from your previous landlord
It’s worth noting that as part of the process, the landlord or management company will run a credit check on you. However, it’s a good idea to check your credit rating yourself before starting your property search, just to make sure there aren’t any problems that will hinder your chances of being accepted. If there are issues, you’ll need to find a guarantor.
Every time you apply for a New York furnished rental, your credit score will be checked. It’s possible for other people to see this, so you might want to avoid applying for multiple properties at once. This makes it seem as though you’re playing the property field, and can suggest that no one wants you as a tenant – both of which are best to avoid.
Use a brokerage
Now, you can find your New York furnished rental entirely under your own steam. But this has a number of drawbacks. It’s not just the time it takes. There’s also the risk that you’ll be following up stale leads or, even worse, you’ll fall victim to a scam.
Using a broker is the best way to avoid these pitfalls. It also has the advantage of letting someone else do all the hard work for you. And as long as you choose the right broker who completely understands your needs, you’ll be able to draw upon their expert knowledge of the neighbourhood and available properties, ensuring you find the perfect New York furnished rental.
Last but not least, act quickly! If you find something you like, go for it. If you stop to ponder the situation over the weekend, you might find that come Monday morning it’s been handed to someone else.
Let us help
If you feel overwhelmed at the thought of finding a New York apartment rental then we can help you. Rent It Furnished connects renters and managers of luxury property in New York. Please contact us to find out more.