Moving to the city can be daunting, especially for recent graduates looking to make their home in a concrete jungle like New York. Having worked with several graduates relocating to the city, being prepared is the name of the game in this competitive rental landscape. Here are some tips to make the transition a bit easier.
- Have paperwork ready: The importance of knowing what paperwork landlords requiredand having it assembled BEFORE you view properties is key. Nothing is worse than finding the perfect apartment and losing it over a missing letter of employment.
- Get on the same page: It is best to make sure all roommates and/or guarantors understand the process and what landlords require. Often parents are surprised to learn how much paperwork is needed to rent in the city. I will typically schedule a conference call with all parties to make sure everyone is on the same page.
- Know your credit score: All applicants and guarantors must have their credit run, and this is when most people get surprised. It is best to do a free credit check online or through your bank to resolve any issues ahead of time.
- Have funds ready: Make sure to have enough in an account for application fees, first month’s rent, security deposit (around one month’s rent), and potential brokerage commission. Speak with your bank ahead of time to make sure you can get certified funds same day and on demand.
- Hire a great real estate agent: If you are new to the rental process in NYC, it is paramount to have help finding, negotiating, and securing your lease. Interviewing agents ahead of time and researching them online will help ensure you are serviced well.
As always, don’t hesitate to reach out if you or anyone you know has questions. LauraCook@kw.com
