Tips for Renting an Apartment with Roommates in NYC
Living with roommates can be a fantastic way to save on expenses – especially in a high rent city like New York City!
But to really get the most out of your search, you and your roommates need to be prepared. So here’s what you need to do.
Have Your Documents in Order
If you want to be able to move quickly on an apartment, you need to have your paperwork together. That goes for ALL roommates. If one person is slow on this, then it will slow all of you down.
Be 100% Honest About Your Budget
Be upfront with one another about how much you can actually afford. You don’t want to get too excited about a place, only to find out it’s too expensive for one of you. And you also don’t want to lose out on a place that might’ve been perfect because you thought your roommate wouldn’t want to spend a little bit more. Transparency is key!
Have Guarantors Ready, If Needed
Some landlords are fine with roommates combining incomes, but some will require you to have a guarantor. And in some cases, they will want you to each have your own guarantor. Be sure you’re prepared for that by having someone lined up (ideally, someone based in New York state or the tri-state area). Don’t know anyone who could act as a guarantor? Check out corporate guarantors like Insurent or The Guarantors.
Visit Apartments TOGETHER
All of us are busy folks here in NYC, so it may seem like sending your potential roomie out to view something on their own is a good idea. But it’s really one of the most inefficient ways to look for an apartment as roommates. You should really view apartments together whenever possible because seeing it at the same time will enable you to make a decision much more quickly versus you each viewing at different times.
Set Clear Expectations for Responsibilities
While there are some things you won’t figure out until you actually become roommates, you can and should set some ground rules for how things will work before you sign a lease together. In fact, it’s not a bad idea to sign a roommate agreement. You can learn more about those via this BrickUnderground article.
Have more questions about renting in NYC? Feel free to contact me!
And if you’re brand new to renting in NYC, I recommend getting my free rental guide!