Every year, thousands of people flock to the Big Apple to find a new home. Unfortunately, in between the bright lights and big city, a lot of hopefuls find themselves without a humble abode.
Moving to New York City is an adventure like no other. From touring luxury apartments to trying to figure out someone would rent an apartment where the toilet is in the hall, everyone on this adventure as a story to tell.
But in between the excitement of starting a new life in the city that never sleeps and fearing that you’ll end up homeless, there are things that everyone hoping to move to NYC needs to know.
Application Fees and Blacklists
In addition to exuberant rent, application fees on New York City apartments used to cost a pretty penny. Application fees are now capped out at $20, regardless of apartment type.
The infamous New York City blacklist is also a thing of the past now. Prior, people who had fallen behind on rent or were evicted for nonpayment usually ended up on the blacklist, which meant most landlords in the city would rent to them. Now, that too is banned, opening a window of opportunity for those who were down on their luck.
Rent Increase Caps
New York City landlords are mandated to give tenants 30 days prior notice if they plan on increasing the rent by more than 5 percent. In turn, this give tenants enough time to decide whether they want to renew their lease or find another place to live.
Security Deposits
Prior to June 14, 2019, renters had to prove that they earned 40 times the rent, had perfect credit and a viable source of income. And even when all the pieces fell into place, the landlord could still say no. Now, landlords can only ask for one-month security. Landlords must also return security deposits to the tenants within 14 days of the tenants moving out.
The Take Away
With the new renting laws affecting over 5.4 million people in New York, finding an apartment in the city is now a little less painful. While there are still strict rental regulations in place, at least the hoops that someone needs to jump through are a little less high.