According to DNAinfo.com, with a flood of students moving into new apartments right before the school year, and a new set of graduates starting new jobs in September, the end of August is one of the busiest times of year for renters.
So DNAinfo put together a short guide for all the newbies out there…
1. The general rule of thumb — and what many landlords require — is for renters to pay no more than 30 percent of their total income toward rent. So be prepared to prove your earnings, have enough cash for the first month’s rent, security and any broker fees.
2. You’re probably going to need a roommate. The median rental price — representing the midpoint of the market — for a studio in New York City was $2600 a month, according to a report from the real estate agency Douglas Elliman. If you follow the first rule, that would mean you would need to earn $104,000 a year for the median-priced studio. That is far more than what most New Yorkers earn, entry-level or not, as the median household income here is $50,711, according to Census data.
3. If you want to live in some of the most popular neighborhoods, roommate or not, it’s going to cost you. The priciest rooms were in the East Village, and Alphabet City, both neighborhoods in Manhattan with rooms costing up to $1,730 a month. Other expensive areas included Stuyvesant Town ($1,667 a room), Midtown and Downtown Brooklyn ($1,650 a room), and Lower Manhattan ($1,600 a room).
4. Not all neighborhoods are equal, so if you’re willing to compromise and get a roommate, you should also consider moving to a neighborhood that doesn’t have four-digit rental prices. Roommate hunters could score the cheapest digs in Jamaica Queens, where monthly rents started at $775. Next on the list for inexpensive options were: Bensonhurst ($780 a room), East Bronx and Jackson Heights ($800 a room), and Brownsville ($813 a room).
5. Brooklyn tends to be the most popular for rental listings and for roommate hunters. An analysis of the roommate-search app SpareRoom found that 43 percent of all listings on its site were in Brooklyn, followed by 41 percent in Manhattan. Twelve percent were in Queens, 4 percent in The Bronx and less than 1 percent were in Staten Island.
Brooklyn just so happens to be Waterman Realty and Tax Pro’s area of expertise. So, if you’re looking for an apartment in Brooklyn, with a manageable rent and decent landlord, contact us today.