New York City Apartment Renters Guide


Before deciding to rent a luxury apartment in Manhattan, New York. First, decide which Manhattan, New York neighborhood you want to live in.  The list of NYC neighborhoods can be found here.

The top ten things you need to know about renting an apartment in New York City, according to most NYC real estate agents are:

 

Types of Housing -- New York City's rental market is very diverse, and includes many rent regulated and subsidized apartments, as well as unregulated "market-rate" apartments and extraordinary luxury apartments - ask your real estate agent about these options. Rent Stabilization -- It's important to know if the apartment you move into is rent-stabilized. Affordable Housing -- You can find a fabulous apartment within your budget. It can be found because Fine Living New York has the  time to look. Fees -- Be careful about the fees you pay. Address any question or concern you may have to Fine Living New York's real estate agents. Leases -- Leases are important -- get a lease and read it carefully if you have any questions review it in detail with your real estate agent. Roommates -- State law allows you (the renter) to have a roommate. If YOU are the roommate you have fewer rights -- be smart about sharing an apartment. Subletting -- You can sublet the apartment if you have to -- but following the correct procedures is essential - ask Fine Living New York to elaborate on this. Maintenance -- Proper maintenance of the apartment is your landlord's responsibility - not the renters, but there are limits. Security Deposit -- Get information about your security deposit and make sure you ask for it back when your lease ends. Tenant Responsibilities -- Find out about your responsibilities as a tenant and work with your landlord to resolve problems -- it will usually pay off in the long run.

Be Careful about the Fees You Pay as a Renter in New York

Generally, the fees you may be asked to pay for securing an apartment as a renter in New York are legal:

• A real estate broker can charge a broker's fee for finding you an apartment. The amount of this fee is not set by law. In order to charge the fee the broker MUST actually find you an apartment to rent.
   

• An apartment referral service can charge a fee for referring apartments to you. However, the fee must be refunded (minus a $15 charge) if you don't find an apartment to rent.
   

• Neither a managing agent nor the owner of a rental building can ask you for a fee in order to rent an apartment. Such a demand is "key money" and is illegal. You can report the managing agent/owner to the NYS Attorney General's Office (Manhattan) if you have some solid evidence. It is doubtful whether a verbal demand would be sufficient to get the AG's office to investigate unless you have corroborating witnesses.
   

• Finally, the owner/managing agent can charge an application fee. Typically, this fee is for checking your references, your credit rating, etc. The fee must bear a reasonable relationship to the cost of doing these things. While a fee of $150 may be reasonable, a fee of $1500 is more likely to be considered key money.

Please click here to have Fine Living New York contact you to assist you in finding your perfect piece of luxury real estate in Manhattan and throughout New York.  Or simply, phone us 212-672-8108  and we can immediately begin searching New York City co-operative, condominium , townhouse , or commercial real estate for you immediately. You can also feel free to schedule an appointment with us to stop by our Fifth Avenue (Manhattan) office to share your real estate dreams with us.