Renting in New York City
Renting in New York City can be both confusing and infuriating. The prices are very different than most cities and the process is notoriously difficult, especially for foreigners. Words like credit score, guarantor, broker fees, and probably all other words related to you spending a whole lot of money just popped up in your head. If you don't know what we’re talking about, then this blog post will probably give you some clarity.
The New York City Real Estate Market
As most people are aware, New York City is one of the most expensive cities in the world to rent or buy real estate. For comparison, renting a 1-bedroom apartment in New York City is 113% pricier than a 1-bedroom in Oslo, Norway (Numbeo.com). The median rent for New York City is currently at $3,000 and the median sales price is at $1,242,000, which to most people is an outrageous price to pay for what you actually get.
The rental market in New York is extremely competitive and can be extremely time consuming for people renting for the first time. New York Next helps you through the whole process, which you can read more about here. We also remove a large portion of the bureaucratic application process to make the process much more efficient.
How Do You Get An Apartment In The City
There are several things that you normally need to have in place in order to be able to rent in the city.
...the one thing that will make or break you in the New York City rental market. For those who are not familiar with credit scores, it is basically your financial history usually summarized with a score between 300 and 850. Searching for a place to rent with a bad credit score will most likely give you a very hard time. With no American bank history, it is impossible to have a credit score. Even for Americans, a sufficient credit score may be a challenge. Therefore, we do not require a credit score for any apartments.
If your credit score is bad, your only way around the issue is usually to get a guarantor to help you out. Not everyone has access to one, and not every landlord accepts them either. And not surprisingly, landlords rarely ever accept international guarantors.
Proof of Income
This is a big one. Most landlords will ask you to provide proof of income, in other words, checks from your current job or bank statements. Also, the requirements usually involve you making 40x the rent a year. Yes, that is pretty common in New York City.
Yes, money is essential. You will need money for a security deposit, first and last month's rent, possibly a brokers fee, and any other fees that most likely will occur during the rental process. For most students, this is an insane amount of money to spend in one go.
So What Do I Do?
All of the requirements needed to rent in the city are all unavailable to international students. That makes it hard and almost impossible for students to find an apartment on their own. Unless you have the money to pay months of rent up front, you will most likely not find a place to live. Everyone in New York Next are familiar with the struggle, and that is why our service even exists. We wanted to make it possible for internationals to move to the city with less worries. If you are moving to New York City, do not be afraid to reach out. New York Next would love to help you find a room in the city, without spending money you don't have.
Hopefully, this blog post gave you some more insight into the New York City rental market. We know it seems overwhelming, but there are ways to get around it. We are more than excited to help our fellow internationals, so please reach out if you are on the lookout for a room in the city.