Caitlin de Lisser-Ellen CC’16 is no stranger to the process. Two weeks before her sophomore year, she decided to live off-campus and attempted to navigate the apartment search just two weeks before school started. Now, one year out of college — and a few years into paying rent — she resides in the East Village and has a lot to share about the apartment hunting process.
Here are her tips:
1. Start with size. Will you be living alone or with roommates? If you’re looking to live in a two- or three- bedroom to save money, it may be advantageous to find people you know you can live with, either previous roommates from your dorm or their contacts.
2. Find out what matters most to you (or your group). What is your target budget? Where would you like to live? How is the commute to your job (if you have one)? It is good to make sure that at least your budget and location preferences are in line with your roommates, or you could have some problems down the road.
3. To fee or not to fee. Most apartments require that you pay two months’ rent in advance, as well as a security deposit. (A lease is an expensive endeavor!) Be realistic and assess if you are able to pay a broker’s fee on top of that. In my experience, 15% of one year’s rent is a custom fee amount in Manhattan; 12% is custom elsewhere. Some no-fee options can be found in Manhattan and there are many in other boroughs, as well as in other cities.
4. If you decide to use a broker… ask people you know if they can recommend one to you, as a broker may know about apartments that are available before they are listed and also may have exclusive listings. However, brokers have a limited amount of properties they will be able to show you, so it may be helpful to work with several brokers to expand your options, or to look on websites that show apartment listings yourself. But remember, even if you find the apartment yourself online, the apartment owner may have enlisted a broker. In those cases, you may still end up paying a broker fee, unless it is explicitly stated that the apartment is no-fee.
5. The deal with co-ops. Co-ops are jointly managed by unit owners and the co-op board and may appear in your apartment search, especially if you’re searching in New York. Each co-op is different and may require letters of recommendation and an interview with members of the co-op board before a lease can be issued. It can result in a lengthy process, yet those who rent in co-ops may find it a rewarding experience, as rents are typically lower than market value.
6. Be patient. Most apartments do not come onto the market until a month before the anticipated move-in date. If you decide to look earlier than that, know that the inventory will be very small. I recommend planning your budget, ideal location, deal breakers and roommate situation prior to a month out and beginning to actively look on the first of the month before your anticipated move in.
No apartment is perfect, and you will always be settling on something, so decide what is important to you!
RESOURCES: Try Padmapper.com and Zillow.com — or Streeteasy.com if you're looking for apartments in New York City. (More sites here)
