How to Find a Cheap Apartment in New York

No matter what’s happening with the rest of the country’s housing market, it seems that in New York City, rental costs are always on the incline. For first-time renters, the hectic, cut-throat selection process can be intimating and the exorbitant price tags disheartening. Proper planning and a lot of patience will help you score a cheap apartment without compromising your budget or your sanity.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Computer with Internet access
• Money for a down payment
• Licensed broker (optional)

How to Find a Cheap Apartment in New York

1. Plan ahead. If you know you’re going to be looking for an apartment, begin checking the listings on Craigslist (www.craigslist.org) or in your local newspaper at least a month in advance.

2. Figure out what the apartments in specific areas are going for so that you can decide which location will meet your budget. If you’ve already have a location in mind, consider the possibilities of renting a studio or railroad apartment, both of which are generally cheaper than a one or two-bedroom.

3. Consider working with a broker, who can help find you apartments that may not be listed on public forums or have not come out on the market yet. Though brokers can be expensive, often charging a one time fee of 10 to 15% of the annual rent. It’s a small price to pay for an apartment that you can feel safe and comfortable in for years.

4. If you see an apartment you really like, don’t wait. With thousands of people searching for rentals in New York all the time, it’s a risk to let an apartment you want go for even a day. Jump on it while you can.