Do you have dreams of living in an apartment for rent? If you are like most, then the answer is yes. These humble real estate properties can sound extremely simple on paper, but the huge profit potential and rental income they present are miles away from simple. For prospective home buyers and real estate investors, studio apartments are almost a dream come true. The following tips will help you understand how to find an apartment for rent that will meet your needs.
First, what is the minimum standard of living required in order to qualify for an apartment? New York City has a system that factors in your age, health issues, criminal background, credit history, and other factors in order to determine how much your rent should be. This means that if you are 35 years old, you may qualify for an entry level studio apartment at only two hundred and fifty dollars a week. However, if you are married with two or three children, your rent could increase as much as one thousand dollars a week! For this reason, it’s important to understand how to find an apartment in New York that meets your budget.
Next, let’s talk about how to find an apartment in New York that doesn’t have a reputation for being “overpriced”. When you are looking for an apartment in New York, you’ll encounter both the good and bad sides of the pricing system. On one hand, you have the expensive properties that tend to be “overpriced” during the peak season. On the other hand, you have the low season properties that tend to be priced at a level that makes them desirable. Knowing how to find an apartment for rent in New York that doesn’t come with an exorbitant price tag will help you immensely when you are looking for your first or third apartment.
As mentioned above, there is an abundance of rental properties that are affordable, and most of these properties are located in areas where the cost of living is lower than in other parts of New York City. As such, when looking for your first rental property, you should look into properties that aren’t located in the prime areas of New York City like Manhattan and Queens. In addition to cheaper rent, these outlying neighborhoods will also be home to a smaller amount of people who will be more likely to be on a tight budget and still be able to afford an apartment of their own.
Another key thing to remember when searching for an apartment in New York is to make sure you are proactive when looking for a new one. The longer you hold a tenant in an apartment, the more likely you are to have to face eviction. Therefore, you should always try to avoid letting an unsatisfied tenant stay in your apartment for too long. You can avoid eviction by making sure you have a daily supply of food and water and ensuring that the tenant always has and uses a trash service.
If you are a college student who is looking for a rental unit on a temporary basis, you may want to consider a studio or one-bedroom apartment. This is because college students often have very limited access to transportation and will thus need a place to stay close to their campus. Most studios are rented for as little as two months at a time, while one-bedroom apartments can usually be rented for up to three months at a time. In addition, both studio and one-bedroom units are more affordable than paying for a studio apartment in Manhattan, Queens, or Brooklyn.
If you are renting a studio apartment, you should ask if a security deposit is required. While some owners will only require a security deposit if the unit is damaged, most will require it regardless. As such, if you are planning on moving in immediately and do not plan to pay the monthly rent until a later date, you should ask whether you will be required to pay your first and/or last month’s rent in advance along with a security deposit.
Apartment for rent in Manhattan, Queens, Brooklyn, or Staten Island can be an excellent investment property. With good location and plenty of resources, these neighborhoods are ideal for both long-term and short-term rental properties. These areas also offer great transportation links, shopping, and dining options to residents. In terms of location, living within a 15-minute subway ride away from your investment property will give you great advantages. In terms of tenants, many of the top real estate markets in NYC have a steady supply of high quality tenants. As such, if you are looking for a great place to call home during the off-season, an apartment for rent in these areas may be just what you’re looking for.