Apartments for Low Income

Questions and Answers

Your Questions About Renting An Apartment In Nyc

June 22, 2013

Paul asks…

If a NYC apartment rents for $30,000 a month, how much is it worth?

It’s a 3,000 square foot penthouse with 1500 square feet in terraces, we currently live in a 1800 square foot apartment in the same building with 100 square feet outside and we really don’t know the value of either. We wouldn’t be able to afford anything over $7,000,000. How much is this apartment worth?

Administrator answers:

I’m guessing here. 8 million?

Laura asks…

NYC – Buy an apartment or keep renting?

Hi,

This must be one of the most common realty questions out there, but I would appreciate a bit of advice. We are currently in a 1 BR rent stabilized apartment in NYC, paying $1,600 a month in rent. We are close to having enough money to put down 20% on an apartment in the $400,000 range. Just about enough for a 1 BR.

We are putting away roughly $5,000 a month in savings and what I’m not sure about is whether we ought to keep saving for the next 2-3 years and save up enough to put down 50-60% and get a 15 year mortgage, or buy a place now with 20% down and a 30 year mortgage.

Any advice would be much appreciated (not a bitter renter, just trying to figure out what to do). I would consider putting the down payment into stocks, but that is a little too risky for me lol.

Thanks.

Administrator answers:

My opinion (not expert advice, but I think it’s sound) is to save for another year. Reasons:

1. You’ll pay a LOT less overall if you take the 15 year mortgage and put in more equity.
2. It’s too early to tell how the economy will do this year. NYC housing costs haven’t yet been affected much, have they? But if the economy continues to get worse, prices could fall and you could get a better deal. Also, it means you could both lose your jobs. Why be jobless with a new mortgage?
3. Unless there’s a place you’re absolutely sure you want, the extra time gives you more time to look, see what’s out there, learn what gives a place its value, etc.

It doesn’t have to be an absolute thing: now or next year. You could re-evaluate again in 6 months or at any point, really.

Keep the downpayment savings in something very secure. Profiting from that savings isn’t the priority; keeping it is. Put the money into a CD or money market account through one or more banks or brokerages with very conservative lending and financing policies (so they’re less likely to fail).

Nancy asks…

If subletting an apartment in the NYC/Brooklyn area, would I be charged per tenant or per room?

My sister and I are planning on renting a subleased apartment in the Brooklyn/NYC area later in the fall. We need to know if it’s more common to pay per room or per tenant in these situations because it would be a hassle to pay twice the rent for the same amount of space.

Administrator answers:

I have never heard of anyone charging per tenant OR pre room. You are charged a monthly rent for the entire apartment.

If someone tries to charge you per room or per person, you should inform them that they are breaking the law and threaten to either contact their landlord or, if that is not feasible, threaten to contact the NYC Dept. Of Buildings. Then, if they persist, DO IT!

Susan asks…

anyone who has rented an apartment in NYC how much did you pay for utilities,gas,water,electricity,garbage?

thanks!!=)
ps NOT including your rent

Administrator answers:

I pay for gas and electricity but not water and gas. My gas and electric bill is generally $160 a month. This is the summer and I have my air conditioner running so my bill is slightly higher in the summer months.

Sandra asks…

Going to college. Renting an apartment. Help me Budget my money!??

What expenses will i have (monthly) when i am off at college, i will be renting an apartment off campus in nyc. I know my share of the rent is $500 dollars and i know that a metro card is $70, how much do you estimate my other expenses will be.

Rent: $500 (heat & hot water included)
Electric:
Cable:
Internet:
Cell Phone:
Food:
Laundry:
Metro Card: $70

suggests others that i’m forgetting please. thank you<3

Administrator answers:

Electric- $100
Cable- maybe $50
Internet- no more than $25 for highspeed
Cell phone- depends on carrier
food- depends on how much you eat a week
laundry- lots of quarters should do it
rent- $500
Perhaps around or under a $1,000?

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