New York City’s rental market is one of the most competitive in the world. If you’re a newcomer to the state, you’ll run into many scammers asking for unnecessary concessions and fees. The good news is that rental fees in Manhattan, Brooklyn, and Queens have dropped significantly in the past six months.
With the proper guidance, aspiring renters can find great rental apartments or rooms without letting their stress levels go out of control. Here’s a detailed guide to renting rooms in New York in the most affordable way –
Be Prepared for Openings
New York’s rental market is extremely volatile and competitive. New rooms are being rented and evacuated every second of the day. That’s why aspiring renters need to be ever-ready for market openings.
Their applications, income-related documentation, and other important information need to be accessible at all times so that when it’s time to fill out applications, they don’t miss out on competing renters. Some of the details and documents that aspiring renters need to keep handy include –
- Credit Score: Know what credit scores (and other financial information) appear on your credit reports. Tenants can track these details on credit reporting websites like TransUnion. Landlords and property owners always check the credit scores of their applicants. So, renters with less than stellar credit scores will know the realistic chances of landing a room or apartment. Regular tracking of credit scores also helps aspiring renters bump up their scores. When you’re aware of how much “credit” you have, navigating New York’s rental market becomes less tedious.
- Proof of Income Documents – All rental agencies and landlords in New York ask their applicants to provide documents like – proof of income from past years (last 2-3 bank statements), proof of identity, proof of employment, and proof of current income. So, aspiring renters must always keep their government-issued photo IDs (drivers’ license, passport, etc.) along with letterheads from employers or HR departments handy.
Know What You Can Afford
Contrary to popular belief, rental fees aren’t too high in the state of New York. At least they’re not as high as outsiders think. Of course, most aspiring renters can’t afford to live in the priciest Manhattan neighborhoods. But, there are several cost-friendly boroughs and neighborhoods spread across the state.
- Aspiring renters should essentially decide what percentage of their income they’re willing to spend on housing. Then, they can focus on room hunting in specific locations. Local authorities in New York City are always taking measures to create affordable housing options.
- Typically, these options pop up the further you get away from downtown Brooklyn and Manhattan. Once you’re aware of your financial limitations, finding reasonably priced housing options will become much easier.
- Rooms vary dramatically in price. Depending on the property’s location, conditions, and the number of rooms being rented, tenants can pay anywhere between three hundred dollars per month to well over $1,400 per month. The most cost-effective rental rooms are usually found in properties located far away from Brooklyn and Manhattan but still accessible via the subway. [READ: A Beginner’s Guide On Renting Furniture]
Know Which Boroughs to Target
The different boroughs of New York City always confuse newcomers. Knowing which borough to pick before starting your room hunt is vital. Here’s a brief guide on the cheapest neighborhoods in New York’s top boroughs –
- Manhattan: The priciest borough located at the center of the city may be out of bounds for budget-friendly rental aspirants. But, neighborhoods like Inwood, Alphabet City, and Central/East Harlem still have decent cut-price rental offerings.
- Brooklyn: Located in the east of Manhattan, Brooklyn attracts thousands of young professionals every year. Although getting a sweet deal in a retail-dense neighborhood like Park Slope may be difficult, some cost-effective neighborhoods that rental aspirants should look into are – Bedford-Stuyvesant, Bay Ridge, Sheepshead Bay, and Benson Hurst.
- Queens: Queens has some great housing options, especially in cost-effective neighborhoods like Kew Gardens, Jamaica, Bayside, Elmhurst, and Flushing.
- The Bronx: Since the Bronx is located far away from the city center, some of the cheapest rental apartments are located there. Cheap neighborhoods like University Heights, Mott Haven, and Fordham frequently attract young students and professionals.
- Staten Island: A relatively suburban area, Staten Island is famous for its cheap housing options. However, Staten Island residents usually have to take long ferry rides or subway trips to get to the central parts of the city.
Leverage Technology
There are many websites and digital platforms that help renters rent a room in New York within seconds. These platforms even have loyalty programs that offer lower rates to members. These platforms are ideal for finding cheap accommodation in New York. Aspiring tenants can even receive daily or hourly notifications from these rental websites regarding offers and deals!
‘This post is a part of Blogchatter Half Marathon.’
