A Survival Guide for International Renters in NYC

New York City has always been a dream destination for people across the world. Apart from international tourists, the Big Apple is also a prime destination for exchange students and employees who need to relocate near their NYC headquarters.?

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The thought of moving in is an important milestone. Then again, it poses a serious challenge in terms of finding the right apartment to rent out.?

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As the city continues to recover from the pandemic, international renters will need to learn how to navigate the market, find the best rates, and settle down in a living space that provides both comfort and security throughout their stay.

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So, whether you are taking up a master's degree at Columbia University or living near your Manhattan workplace, here are a few tips to keep in mind.

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1. Know what's required

Property owners in NYC (and the United States, in general) want to make sure that renters can pay rent. Landlords will need to check credit records and tax returns on top of asking for employer verification. Since it's your first time renting in the city, there are other ways to show that you are financially capable. Whether you are a green card holder or on a temporary working visa, you can provide the landlord with income documents such as a recent bank statement and pay stubs.?

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It also helps to ask your U.S. employer to furnish a letter telling the landlord the details of your employment. If you are a foreign student, you will need to provide a letter of enrollment from your institution. By preparing these documents, you will have a better chance of securing the perfect apartment.?

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2. Get a guarantor

Currently, the median rent in neighborhoods from Manhattan to?Brooklyn is rising as workers flood back to the city. Across NYC, the average rent for a one-bedroom apartment has reached $3,050. This is up?26% from the previous year's rates, according to Zumper. International renters may not have enough to cover the initial costs of settling down.?

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For this reason, it would be best to get a guarantor who can pay the rent up until the tenant can stand on their own. If you don’t have enough cash, you can look for a friend or family member in NYC who can shoulder your monthly payments. You can also get your employer to serve as your guarantor. In any case, you must check a landlord’s guarantor policies beforehand so you won’t have to waste precious time.?

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3. Shop around for the best deals in the best neighborhoods

Landlords are required by law to treat every potential tenant fairly. It would be unlawful for them to turn down international renters. That said, you only need to worry about finding an apartment in a neighborhood that fits your needs.?

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This is where it gets complex. As a newcomer to the city, you need to know where to get started. It can get daunting along the way, so you should enlist an experienced NYC real estate broker who knows where the best deals are. With their extensive knowledge of the local market, your broker can provide you with a long list of options that match your budget and lifestyle. In addition, they can also negotiate the best terms so you can make the most out of your time and money.?

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Do you or anyone you know need help in finding the best apartments to rent out? Trust only a real estate professional who can show you what the Big Apple has to offer, whether you are a local renter or a newcomer to the city.

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Email me at?[email protected]??or call me at?917-627-5677?and let’s talk about what matters to you as a home buyer.

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Talk soon,

Eli