Congratulations, you’re moving to New York City! Whether for personal reasons or relocating for a job, it’s exciting but also daunting. There’s a lot to do, plan and think through, but luckily there’s expert help out there for you. Here are Caliber’s top tips for relocating to New York City with ease:
Find a Broker & Find a Neighborhood
Your first step should be contacting a broker to begin your search. Ask friends and family for recommendations and if not, search Google Reviews to find the best. Caliber agents have some of the highest ratings in the industry and are here to expertly help you.
Your broker will start with a needs assessment, helping to refine your search and understand a timeline for relocation. They will take care to help you understand the market, meet you for coffee (or even video chat), and take you on neighborhood tours. Deciding on your target neighborhood(s) is important and unless you’ve spent a good amount of time in NYC, you likely don’t know where to start.
PRO TIP: Book a long weekend in the city and make every effort to visit neighborhoods of interest. Better yet, have a friend take you out and get their local perspective.
Once you decide on a neighborhood, you should try and learn even more about it. Address Report is an amazing tool that will allow you to search your neighborhood and get information about commute times, local parks, and number of noise complaints.
Money, Money, Money.
Unfortunately in New York City, money can’t buy you everything. Even if you can afford an apartment, you may not make 40-50x the monthly rent annually (the typical NYC requirements) and will not get approved. That means if you’re looking for 1 bedrooms around $3,000/month, you should be making at least $120,000/year.
Another option is to apply with a guarantor. Guarantors can be family or friends who sign with you on the lease and make at least 80x the monthly rent annually. That means for a $3,000/month apartment, the guarantor would need to make $240,000/year.
For those who do not have a guarantor, there are Lease Guarantee Companies who will help. Insurent is one of the largest in New York City and will act as the guarantor on your lease as long as you make 28x the monthly rent.
Find a Concierge to Help Fill in the Blanks
Finding the apartment is just one piece of the relocation puzzle. There are still a number of things you need to do like book a moving company, decide on cable/internet provider, register with ConEd, set-up mail forwarding, and even find mini storage in the city (if you’re downsizing, which you likely will be). Instead of taking all of this on yourself, there are a number of concierge services that help you every step of the way. In fact, they have negotiated rates with an expansive network of vendors that will help save you money.
Caliber offers a bespoke concierge service to all relocation clients completely free of charge. You can learn more about it here.