What To Look Out For When Searching For Your First Rental Apartment In New York

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Identifying Real Estate Risks After having a difficult time financially for quite some time, I realized that part of my problem was my personal housing costs. I really began evaluating what I wanted out of a home, and I realized that I needed to shop for a place that would work better for what I needed. I started paying more and more attention to real estate risks, and it occurred to me that I hadn't invested in a smart property. After talking with my real estate agent, I started focusing on changing my ways, and it was incredible to see how much brighter my future became.

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When you are looking for a rental apartment in New York City, then you've got to some real work on your hands. New York City is one of the country's most difficult rental environments when it comes to looking for a first apartment. The sheer number of people who live in the city, coupled with the high salaries of some professions, make it so that it's very pricey (not to mention competitive) when it comes to looking for an apartment. However, there are lots of people who move to the city and secure a first rental apartment, so it's not something that can't be done. Here are a few things to think of when you begin your search.

Determine If It's A Rent-Stabilized Apartment 

Some rental apartments in New York City are known as rent-stabilized. These sorts of apartments are under the rule of the city rent guidelines, and they can't be raised more than a fixed amount. This is where you should be looking if you are on a budget. Most of these buildings will be in the outer boroughs (Queens, Brooklyn, and The Bronx) but you can also find them in areas of Manhattan such as Inwood, Washington Heights, and other areas. These buildings are going to be older (they would have been built before 1974). So, if you're on a budget and can't afford the super expensive listings you might have been seeing in the Manhattan advertisements, then this is a good place to start.

Broker Fee or No-Broker Fee?

The next thing you will want to do is look into whether or not the listing has a broker or non-broker fee. Some places will have broker fees which will require you to pay the broker a percentage of your rent or some other sort of fee. It can be beneficial if you find it difficult to find a place on your own, but it's important to keep that in mind. Some buildings have exclusive deals with rental agencies, so you might not be able to secure an apartment in them without using a broker.

Look Up The Property History On The City Review Board

The final thing you want to do is make sure that your future apartment does not have any violations with the city. You want to check up and see if there have been a lot of complaints about no hot water, elevators not working, or even persistent complaints to the city about noise violations

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