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Apartment Lease Basics for First-Time Renters

Renters - Milbrook Properties - NYC

Whether you’re leaving your dorm room days behind or proudly moving out of your parent’s home, looking for a rental apartment for the first time is an exciting experience. However, with so many apartment buildings in New York City, finding the right one can be challenging. Use our guide to find a rental home that best suits your budget and needs:

1. Research Your Local Market

Behind every luxurious yet affordable rental apartment is an extensive and time-consuming research process. Finding a rental home in a market crowded with apartment buildings isn’t easy. Start by learning about the real estate trends and use online resources to learn about the current rent prices depending on the unit size and amenities, landlord-tenant laws, and availability.

2. Compare the Costs

One of the biggest mistakes first-time tenants make is overestimating how much they can spend on the rental property. According to the US Department of Housing and Urban Development, people should not spend more than 30% of their gross income on the apartment’s rent. Therefore, it is essential to consider your budget, including the administration fee, security deposit, move-in costs, monthly rent, and living expenses.

3. Watch Out for Scams

Did you know that more than 5.2 million US tenants have been victims of rental scams? While searching for the right multi-family real estate property to rent, you might come across several apartments that seem too good to be true. You are more likely to be a target of rental scams if you are a first-time renter. Some common signs of real estate rental scams are given below:

  • The price and lease agreement is “too favorable.”

  • The landlord is asking you for a down payment even before seeing the apartment in person.

  • You cannot find much information about the landlord.

  • The landlord has asked you to send the money to a third party.

4. Create a Wish List and Schedule Tours of Apartment Buildings

Knowing what you want in a rental residential real estate property will make your search easier. Make a list of all the “must-have” apartment features, including the location, size, layout, appliances, and amenities. Use the wish list to help narrow potential multifamily units for rent.

5. Read and Understand the Lease Terms

A lease can be defined as a binding agreement that clearly states the rights of tenants, landlords, and the property management company and what they should expect from one another. Thus, before signing the deal for your new apartment, thoroughly read and understand the lease agreement. Things to look for in a leasing document include utility costs, length of lease, monthly rent, security deposit, pet policy, and tenant rights. Once you agree with the terms of the lease, sign it and move into your new home.

Apartments for Rent in New York City?

Located in Avenue Manhasset, New York City, Milbrook Properties Ltd is the one-stop solution to all your residential real estate rental and leasing needs. Our highly experienced team of professionals will use their networks and industry knowledge to help you find an apartment in one of the best multi-family real estate properties in the city. Contact us today!

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