Good time for upcoming 1st years to start looking for housing?

To all the current analysts who have been through the housing search; when is generally a good time to start looking for housing in NYC? I'll be starting in July and have heard several conflicting theories about the best time to start the search.  Also, any suggestions for the mid-town area? Thanks in advance.

7 Comments
 

nyc, go 5-6 weeks before occupancy.  this will show the people who's leases expire coming into your month.  have a firm budget and shop around.  you'll be able to come back 2-3 weeks before to see who just gave notice to terminate early.

 

I've heard the same thing... then what happens if we take a vacation out of the country during June after graduation? Would we be screwed for housing?

 
Best Response

After some research on this topic lately, I'd sum up what I heard from people. No good news for me though. Pls correct me if I'm wrong.

  1. Brokers are evil and get scolded a lot, but many people (esp. those with specific needs) have to use them and pay 12-15% annual rent as commission finally. Plus, 10% is hard to negotiate to, but possible.
  2. No fee listings (rent-direct, etc) are just a waste of money according to many people who tried them. Their reason is that the market moves fast and no fee listings are available for free elsewhere (?).
  3. Landlords will raise price quickly as soon as demand rises through May, and there's pretty much nothing we can do about it.

  4. Salary >= 40-50x monthly rent. I thought about $1700/mo at first, b/c that's roughly 70k(including signing bonus) devided by 40, ie what I can "afford" by myself. But now I can only expect $2000+ for a doorman building in midtown, and have no idea who could be my guarantor. I do have enough savings for a whole year's rent in my bank account, but neither of my parents lives in US. Ideas?

 

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