I’ve felt like a bit of a nomad this past year. I’ve lived in Midtown, San Francisco, East Village, and now Kips Bay in just a few months. Now that I’m a D3 in clinic, I find it so essential to be close to campus. It allows me to get to clinic early without sacrificing my sleep or worrying about the unpredictability of the MTA. On off days, I can easily pop in when a faculty asks me to come by, do lab work, and more. It’s obviously a luxury but I think that living close to campus significantly improves your clinical experience.
Renting in NYC is a unique beast. Even in the COVID-19 rental market, although there were many units available, there were still many buyers so good units would be on and off the market almost instantaneously. I made sure to create a strict framework so I would only visit units that I would realistically consider. So how should you best narrow down your options?
1. Know exactly what amenities you need and don’t need.Some people want amenity buildings with gyms, pools, lounges, etc. Others like myself would rather not pay the premium for those amenities. The amenities tend to come with a nicer building but you will pay for the amenities whether you use them or not. But if you’ll utilize the included gym and yoga studio, then maybe the luxury and convenience are worth it. I have noticed many friends moved to NYC and wanted amenities. But once they lived here for a year or so, they happily traded away the amenities for buildings with cheaper rent, more space, more unique qualities, or that were simply more practical for their needs.
The decision between amenities and non-amenities buildings plays a large role in what neighborhoods you might want to look at. Different neighborhoods will have different concentrations of each. For instance, Hell’s Kitchen or Hudson Yards will have many new amenity buildings versus East and West Village will be more walkups.
2. Know exactly what your priority is for an apartment. How do you plan to use it? Do you see yourself working from home? Maybe you should prioritize a large bedroom or work space in the apartment. Maybe you plan to host friends and you need a large living room or a nice kitchen with modern appliances. Do you want a true gas range or can you live with induction coils on the stovetop? Do you need an elevator or is a walkup sufficient? How about laundry? In unit or in the building or would you be okay with outsourcing your laundry? Make use of the filters online in your search and be sure to note these if you visit the unit.
3. Go see the units in person. Don’t get too attached to the photos you see on Streeteasy.com or Apartments.com. They are easily staged, photoshopped, and don’t necessarily reflect the true nature of the apartment. More importantly, you have to walk into the unit and develop a gut feeling about the unit. Don’t get too excited about the square footage listed. Get a feel for the size in person. Could you imagine living there? Is there is enough natural light? And importantly, check if the appliances and bathroom function properly.
4. The logistics. Now you’ve established which units you’re really interested in. It’s time to ask the money questions. NYC rentals are notorious for all the extras you should ask about. Be sure to ask what’s included in your rent. Do you have to pay for water, gas, heat, or utilities? What Internet service providers are available and how much will it cost? How are trash and common spaces managed? Who do you contact if something breaks down? What’s the application fee? (Side note, an application fee between $20-100 per person including guarantor is standard but I once toured a co-op with a non-refundable $1200 fee!!). Are there other fees associated with the unit? If there are free months, are you responsible for the Net or Gross every month? And of course, you should always try to negotiate the rent.
(Optional) 5. What’s the x-factor? NYC has a wide variety of architecture and layouts. There are certain intangibles that may make an apartment worth it. For example, maybe you really like the kitchen appliances or the flooring tiles, or maybe it’s the view, balcony, or skylight. It might even be the unit’s proximity to a grocery store or subway line you frequent. Although I’d argue the fundamentals are more important, the x-factor strongly contributes to your gut feeling and may end up driving your decision.
This is by no means an exhaustive guide. The only way to really learn about renting in NYC is through experience. But I hope this has proved insightful for any of you looking to rent or move soon. Remember that renting in NYC is a numbers game. If your dream unit gets rented, don’t get down! There are hundreds more available. Just keep looking!
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