Should You Move to a New Rental? Here’s How to Decide
Rents in Manhattan and Brooklyn are at record lows and incentives are being offered left and right. Now is definitely a renter’s market.
But does it really make sense for you to move right now?
Here’s what you should consider to help you figure it out.
Will You Save Money?
Be clear on how much the move is going to save you – assuming it actually saves you money.
You need to know not just how much you’re going to save per month on rent, but also see if that savings will offset the cost of your move.
Remember, there are fees for moving – movers, application fees, and (to a much lesser extent these days) broker’s fees. Not to mention all the other incidentals, such as new furniture, new home accessories, installation costs and other things.
If your rent is going to be $200 a month cheaper but your move is going to cost you $3000, then you may not be coming out on top.
However, even if you lose money in the first year, there still might be a good reason for moving…
How Long Will You Stay?
Think about how long you’re likely to stay in the new apartment.
Of course, you don’t have a crystal ball. Things could change – you could get relocated, lose your job, need more space because of a household addition.
But if you think you’re going to stay for at least 2 or 3 years, then even if it costs you a bit more the first year, a move might still be worth it.
What Are the Benefits of Switching Apartments?
Is there a new perk that you might get by moving to a new apartment? Maybe outdoor space? An in-unit washer/dryer? An elevator? The ability to have a pet? A doorman? More space to stretch out?
In this case, even if it costs you more rent each month, the benefit might be worth it to you. This is especially true if you won’t have to pay too much more than what you’re already paying.
Want the latest numbers for the rental markets in Manhattan and Brooklyn? Have other questions about renting in NYC? Contact me!