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Renting in Manhattan: Things to Think of Before Signing the Lease

Originally posted on October 28, 2019 12:42 pm
Updated on October 28, 2019 12:43 pm

Having an apartment in New York City, specifically Manhattan is a dream for most people. New York City is known for being the concrete jungle where dreams are made of, to quote Jay-Z. It is the city everyone wants to visit and experience and of course live in, if that is made possible. Because living in Manhattan is simple in the context that you can just rent an apartment. But it becomes significantly more difficult when you take into consideration the price of a place in Manhattan, which neighborhood to call home, the application process, and the list goes on. Most people love Manhattan, but if you don’t take into consideration the points listed above, you could end up in an area you dislike where you are paying way to much but you are locked into a 12 months lease. Looking to rent in Manhattan? This blog post is for you.


 

Get Started With the Help of a Rental Site

 

If you’re new to the city, any extra information beyond your own research on what is the best neighborhood for you is crucial. You don’t want to end up in the wrong neighborhood do you? Because once you’ve signed that lease, you’re in for life. Or at least for 12 months or longer, unless you don’t mind going through the process of breaking the lease.

That is why we urge any new renters to do thorough research into what neighborhood they want to move to. Manhattan consists of a variety of different neighborhoods, which are all different in terms of noise level, price range, offerings, etc. Here is where rental sites come in. You will most likely find your next apartment in Manhattan on a rental site and most rental sites offer some kind of extra information on neighborhoods. Here at RentHop, we offer our renters neighborhood guides which is a detailed guide of the atmosphere, the history, what the neighborhood offers, and other things renters might need to know before making a decision about which neighborhood to call home such as public transportation nearby and median rents

 

Use a Rent Calculator so you Don’t Overspend on Rent

 

It is a rule of thumb that you as a renter should only spend a fixed percentage of your monthly income on your rent, and that fixed percentage is 30%. The reason why there even is a rule of thumb on how much you should be spending on rent every month is because if you overspend on rent, budgeting for other things such as cost of bills, cost of living, savings, etc becomes very hard. New York City is an expensive city with Manhattan being the most expensive borough. So you want to make sure you can afford your rent before you sign a lease. Using a rent calculator will help you get an idea of how much you can afford based on your income, which will give you a closer idea of where you should be looking for an apartment in Manhattan.

 

Think About Sharing an Apartment to Save on Rent

 

For the majority of us, the thought of having an apartment by yourself in prime Manhattan is an unachievable dream, unless you filthy rich or you pick a neighborhood that’s more affordable. However, if you want to live in the midst of it all in neighborhoods such as Midtown, East Village, or Chelsea, you need to be aware that the rent prices is significantly higher than if you were looking for a place on the Upper East or West Side. So before you get an apartment, ask yourself: What’s more important, location or price?

If you said price, be aware that the rent prices in Manhattan are high and you don’t necessarily get a lot of space for your money. However, renting in prime neighborhoods in Manhattan can be easier and more affordable if you add a roommate to the mix. If you are really set on renting in a more pricey neighborhood, getting a roommate to share the rent and utility costs with can reduce costs significantly.


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