Those looking for a place to call home in New York City may have noticed the price of rent is increasing. According to data from StreetEasy, rent across the city has increased 16% compared to last year. In Manhattan alone, it has increased 34.5%, the group says.
Q: For those interested in finding low-income apartments, what advice can you give that would help with their search?
A: Browse some of the apartment resources offered through the city. NYC Housing Connect is a portal set up by the city of New York to provide access to affordable housing programs. Current listings include lotteries for 10 different developments with affordable rentals that include various amenities ranging from in-unit washer-dryers to bike parking. You can also check out City-Subsidized Rental Opportunities, which is a 38-year-old agency that works with private developers to maximize government subsidies to help create and maintain affordable housing.
Q. For those without a high credit score looking for an apartment in NYC’s competitive real estate market, what would you recommend?
A. Our StreetEasy blog post offers tons of great resources and tips for renters with low credit scores such as trying for a sublet or getting a cosigner. Read the full post HERE.
Q: What are some things that people should keep in mind before signing a lease on a new apartment?
A: Some helpful tips to keep in mind are:
- Confirm the amount of the application fees
- Ask if you need renters’ insurance before signing your lease
- Ask about lease renewals. Most leases are for one or two years. However, if you’re looking to live somewhere for longer than that, whether or not you’re allowed to renew may factor into your decision about signing. (Keep in mind that landlords of unregulated apartments don’t have to offer them)
- Note any repairs or other issues that need to be taken care of before you move in. It’s important to make sure these are added to the lease before you sign it.