Room for rent hunting in New York City is unlike any other. Competition is stiff, inventory is in demand, and the prices are high.

Before you move to the city you should familiarize yourself with a few aspects of flat hunting that are well known to Big Apple residents.

• Broker fees: Broker fees are extremely common in New York City. Broker only flats will require you to use a broker to secure the available flat. No broker = no deal. Broker fees typically cost around 15% of the annual rent for the unit. Some brokers will find available flats for you and can help take some of the stress off of the flat hunting process, especially if you’re moving from another state. However, if you go this route, be sure to factor the extra cost into your budget. Brokers are not always required and you can filter your searches to only include “no broker” flats.
• Amenities: Building and in-unit amenities should be a major consideration during your flat search, especially when living in New York City. An in-unit washer and dryer in NYC is practically worth its weight in gold. While you may have a higher rent payment for such a luxury, you won’t have to lug your laundry to the corner laundromat, and that convenience pays for itself. Other amenities that will make your NYC life more comfortable include air conditioning, private outdoor spaces, and fitness centers.
• Types of NYC flats: Familiarize yourself with the various types of flats you’ll encounter during your search. Some of these are unique to NYC, others you may already know. Walk-up, studio, loft, and railroad style flats are all common flat types you’ll find in the city. Learn the benefits and drawbacks of each so you can narrow your search based on your needs and budget.
• Paperwork and deposits: Be prepared to fill out a hefty application when applying for a flat in NYC. Because competition is stiff you’ll want to come prepared with your supplementary information including references, tax and bank statements, and proof of employment. Some NYC landlords will require that your annual income be 40 times the monthly rent cost, meaning that if the rent is $4,000 a month you need to show a single or combined yearly income of $160,000. That’s not doable for most renters, which is when a co-signer or guarantor can come in. Even with a co-signer you should plan to save a decent amount before you make the move to accommodate for your security deposit, first and last months rent, and utility set up.

Conclusion

Navigating the New York City rental market can be a daunting task, but with the right knowledge and strategy, you can find a suitable room to call home. Remember to factor in broker fees, amenities, flat types, and the rigorous paperwork process. Be prepared to be flexible, act quickly, and leverage your network to increase your chances of securing a great rental. By understanding the unique challenges and opportunities of the NYC rental market, you can successfully find a place to live in the heart of the city.