NYC Student Housing: 8 Tips for Finding Your Perfect Place in Brooklyn
May 11, 2023 brooklyn,brooklyn real estate,brooklyn realty,Brooklyn Renters,brooklyn renters agent,renting in brooklyn
Are you planning to live off campus while attending the many colleges and universities in New York City? You can find housing in NYC for students all over, but consider moving out of the borough of Manhattan.
Brooklyn can be a home away from home and just a subway ride away from many of the schools. Student housing in Brooklyn can be easier to find because many students want to live close to campuses in the heart of the city.
Finding an apartment in this intense market can be tricky, especially as a college student, but we have come up with some tips that can help your journey be easier and more cost-effective below.
Have a Guarantor Waiting in the Wings
Some apartments cater to student living, offering co-sharing spaces and fitness centers, but these places may be more costly than your typical NYC apartment, and even then, you might need something called a guarantor.
Guarantors for student housing are someone, most likely a parent or guardian, who can co-sign on your lease. Most students don’t have the 40 – 45 times the rent required to start living in the apartment. The trick here is even though a guarantor might be your best answer; they have to prove they make 80x the monthly rent because if you ever can’t pay, they would be responsible, on top of the payments, to live in their own home.
If you are an out-of-state or international student, consider an institutional guarantor or third-party guarantor. Some apartments don’t or won’t allow guarantors who live out of state. International students should consider this one of their first steps if they plan to live outside of the dorms.
Understanding the Vocab: Effective vs. Gross Rent
While apartment hunting, the landlord might offer you a 14-month lease with two months free. Sounds good, right?
But the terms may be that you pay effective rent instead of gross. You don’t get those two months free. You would be paying more than the original listed price. This can sneak up on you while looking for housing for students in NYC.
Get a Roommate
Roommates can be a great way to get an apartment you love in NYC, especially in Brooklyn. People have been pooling their funds together forever to afford the steep prices. If you don’t have a roommate, try using one of the many sites that help you connect with people in the same situation.
Consider Short-Term Rentals
If someone is looking to move out and you want to move in, it could be a match made in heaven. You would still need to get approval from a landlord and provide proof of the financial requirements, but it could get you into a place right away and allow you to renew the lease or find a better place for the future.
Find a No-Fee Apartment
A significant way to save money is to find an apartment with no broker fee. In New York, brokers get hired to represent the landlord’s interests, but the renters must pay. We know it sounds crazy, but the fee can be one month’s rent or up to 15 percent of the year’s total rent.
Ready To Find Your Student Apartment?
Housing for students in NYC can be challenging, but the tips above it can be very worth the hassle. If you are considering moving into Brooklyn student housing, let us know, and we can help you find the best place. Get in touch!
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