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About New York

New York City is the most densely populated major city and the most highly populated city in the United States. Renting or buying an apartment in NYC can be the experience of a lifetime.  The New York real estate market is unique, so it is important to know what you are getting into prior to beginning your search. 

New York City's population is over 8.5 million (close to the combined populations of Los Angeles, Chicago, and Philadelphia). New York City encompasses an area of 321 square miles (approximately 830 km).

New York is an well known as an international finance center, entertainment, fashion and culture, and is widely considered to be one of the most global cities in the world. NYC has an extraordinary collection of museums, galleries, performance venues, media outlets, international corporations and financial markets. The headquarters of the United Nations is located in Manhattan.

When you consider the surrounding areas, NYC becomes even more massive.  The New York metropolitan area has a population of about 22 million, making it one of the largest urban areas in the world.  The largest cities in the United States are NYC, Los Angeles, Chicago, Philadelphia, Houston, Phoenix, San Antonio, Dallas, and Atlanta.  The city consists of five boroughs: Brooklyn, The Bronx, Manhattan, Staten Island and Queens. Each of these boroughs is home to at least a million people, with the exception of Staten Island, and would be among the nation's largest cities if considered independently.

New York is nicknamed "the Big Apple", and attracts large numbers of immigrants, with over a third of its population foreign born. People also come from all over the United States, they come for its culture, energy, job opportunity, and cosmopolitanism. New York also has one of the lowest crime rates among the 25 largest American cities.

Find an Affordable Apartment in NYC

Prior to engaging in your apartment search, it is important to have an idea of what apartment works best for you.  Identify your priorities, and plan your search accordingly. 

Before entering your quest for a new apartment, you should consider some basic concepts regarding your situation.  Are you in the market to rent or buy?  If you choose to buy, what is the best arrangement for you?  Many apartments in New York, Boston, and other large metropolitan areas are co-ops.  Co-ops are buildings in which the residents own shares of a corporation which owns the building.  Apartments for sale are commonly referred to as condominiums.  Condos are owned by individuals and residents of the development share ownership of the public spaces.  In major cities, most apartments for rent are often in buildings designed for the sale of individual units, or in older houses divided into apartments.  Most apartment owners or leasing companies offer apartments on lease terms of either six or twelve months.  Studio apartments are frequently leased on a twelve month basis, from September 1, to August 31 of the following year.  Apartments outside of Manhattan, are often newer, and give tenants more flexibility on terms.   

The definition of the word apartment refers to a residential unit or section in a building. A vacancy exists when there isn't a tenant occupying an individual unit.  It is important for owners of the units to keep vacancies at a minimum, as each vacancy represents a loss of income from rent-paying tenants for the time the apartment is unoccupied. This is important to keep in mind when negotiating your lease or purchase price.  Very often, real estate agents or brokers will exaggerate demand to improve their price and get you more interested.  

Start the process by following these steps:

1. Determine your ideal location.

* How far is it from your place of employment?

* How heavy is neighborhood traffic?

* Is is close to public transportation?

* Is the neighborhood safe?
* How strong is the school system?

2. What suits you best personally?

* Does the apartment allow cats and/or dogs?
* Is parking included?
* What amenities (swimming pool, fitness room, laundry room) does the building provide?

3. Evaluate the building.

* When was the building built?
* How well are the grounds maintained?
* How safe does the building appear to be at night?  Is it noisy?

4. Check out the security of the property.

* Is there a security service, or night doorman?
* Is building access controlled?
* Does each apartment have secure door and window locks?

5. Talk to the neighbors.

* Are you comfortable living with them for potentially years to come?

* Are they happy with the apartment?

6. Amenities

* Will you be allowed open access to all amenities?
* How often are they open?
* Are their additional fees on top of rent required to use the amenities?

7. Ask about Utilities.

* Does the lessor or tenant pay the utility bills?
* Will you have your own thermostat to control the heat or air conditioning?

8. Review the lease.

* How far in advance must you notify the lessor before moving out?
* Does the lessor have the ability to increase rent? If so, by how much and how often?
* How much will you have to pay for a security deposit down payment?

* What are the cleaning costs upon moving out?
* How responsible will you be for damage to the property?
* Is there a penalty for breaking a lease?  How much?

9. Things to bring to the lease signing:

* 3 Bureau Credit Report
* Pay stubs and tax returns
* References
* Completed application