"Out Of Town" Renter
Step into the shoes of an international renter
Shuo Liang, Bayside NY
I answered a few questions when Angela asked me to share a bit about my exciting adventure as an international buyer. I met her Downtown at her sales office to see a condo for sale. I was not quite ready to buy though... Living in a hotel, I was first looking to rent for a year and then purchase. So my little adventure in New York came with its set of challenges. After careful planning, local assistance along the way, and an open mind, I successfully made my way through the rental and sales market and made my first Real Estate transaction in Real Estate in the city that never sleeps a truly memorable experience.
Q: As a renter, what can I expect from the experience of finding a place in New York City?
A: It's both exciting and a bit overwhelming! One of my colleague told me to look at the real estate market but what market? There are so many websites and then ads about real estate that I was not quite sure which platform was reliable and where I could find the best deals. Then I found websites such as Zillow, Streeteasy and realtor.com with listings of both rentals and sales in different areas so I gave it a try. NYC is famous for its diverse neighborhoods and fast-paced real estate market. But don't worry! With some preparation, patience and organization, you can make the transition much smoother and even fun.
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Q: What should I be aware of when navigating the rental process as a non-citizen?
A: First, it helps to get familiar with the city's geography. Once you have an idea of where you want to live, the next step is handling NYC's competitive rental market. This means having a solid rental application ready to go—think proof of income, credit history, bank and saving statements and possibly a U.S.-based guarantor. These are key when you're competing for apartments. I’ve noticed that emailing would get me more answers than calling. And then some people on the other side of the emails were pretty cold until they saw that I qualified. Then the whole tone changed and they would be the one calling me non-stop and even sometimes flooding my mailbox with tons of listings.
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Q: Are there any challenges that non-citizen renters typically face?
A: Definitely! For starters, language barriers or unfamiliarity with the local rental practices can make things tricky. That's why it's a good idea to work with a real estate professional who specializes in helping international clients. They can walk you through lease terms, help with negotiations, and explain some of the unique quirks of the NYC rental scene. Now, I, personally, have always heard that I could save some money or have more leverage when buying if I did not use an agent so this is the route I took. I work in finance so I felt comfortable going solo. I also consider myself a good negotiator.
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Q: What about the financial side of things? Anything special to prepare for?
A: NYC rent can be pricey, so it's important to establish a budget and ask if they’re running any incentive. Most of the time, with a good application, they often offer a month free or something of this sort. In addition to rent, you'll likely need to pay a security deposit, and sometimes a broker's fee, which is often equivalent to a month's rent. Having these costs in mind will give you a clearer picture of the overall financial commitment. I also asked how much and how often are they planning to increase the rent. And I often ask if they offer a two-year lease.
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Q: How can I adjust to life in New York as an international renter?
A: Cultural adjustment is a big part of the experience, but it can be really rewarding! The city is so diverse, so embrace the different communities around you. Get involved with your local ASPCA or animal shelter for instance. I’m a dog lover and it an be a way to make new friends. I’m the type to say “hi” and engage in small talk with my neighbors or the cashier at the corner store. Explore your neighborhood, and don't be shy about meeting fellow renters. These connections will make your time in NYC all the more enjoyable!