If you're looking for a new apartment in NYC in 2023, you might have to search for a while. Contrary to popular belief, sky-high prices are not the main factor getting in your way of finding the perfect apartment. Rather, it is the lack of options causing the high prices in the first place that will make your task much harder.
A number of factors have led to the low supply of rental units in NYC. High purchase prices are keeping potential homeowners in the rental market, and construction delays have prevented new units from being built. Regardless of the reasons for it, it has rarely been this tough to find an affordable apartment in NYC.
The good news is that there are units out there. With a bit of guidance, you should be able to find a new NYC apartment for 2023.
Look at crime rates
One of the most troubling news stories over the past couple of years has been the rising crime rates in NYC. Most major crimes have increased, after decades of consistent decreases. For some people, this may seem like an opportunity, as high crime rates in a neighborhood inevitably drive prices down.
However, that foolhardy approach only takes you so far. If you live in New York, you’re going to need renters insurance regardless of the neighborhood. But in the particularly dangerous areas, you will also need to pay for high-tech security systems. You may also have to spend more money using ridesharing apps instead of public transport when going home at night.
While you don’t need to stay in the areas with the lowest crime rates, which cost a fortune, try to choose a neighborhood where crime rates are more moderate. No matter what type of savings you'll get, your security is not worth giving up for a cheap apartment.
Find places online… but go see them in person
Apartment hunting online makes everything so much easier. You are presented with far more options in areas you may never have known about. You get to look for exactly what you want, filtering out apartments you know are not for you.
But looking online should be a process of narrowing down your options. You should always go see a place in person before deciding to rent it. There are far too many rental scams that will take a deposit from you for a place which doesn’t exist or which is not actually available.
Even when a listing is not a scam, what you see in the photos may look very different in person. There are some photography tricks that use nothing more than good lighting and angles to make a space look far bigger than it really is. Simple photoshopping skills can iron out some of the problems you'll notice immediately in person.
Avoid using a broker if possible
It can be tempting to use a broker to find an apartment to rent in NYC. However, there are a number of issues you may face when using a broker.
The first is that you will have to pay them a high commission. Often, the work they do for you is not worth nearly as much as you end up paying. If you can find an apartment yourself, you're better off doing so.
Secondly, some brokers do not do much work, keeping you on as a client in case something falls into place and popping up to receive the payout.
Finally, there are brokers who will push for a deal even when it is not the best apartment for you. They receive their commission regardless of whether you're happy with the place down the line. The sooner you sign the lease, the sooner they will receive their cash.
There are times when a broker is helpful, especially if you have already been struggling to find a place. In some areas, you can’t rent a place without a broker. However, if you can avoid using a broker, do so.
Negotiate
When you do settle on an apartment you like, remember that the advertised price does not have to be the final figure on the lease. Every lease agreement should be a negotiation, especially in cities like NYC, where high prices do not look out of place.
Finding the perfect apartment in NYC in 2023 is not easy. The good news is that it is still possible to find a great place to stay without paying an arm and a leg.
Photography by: Courtesy of Pexels
