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Short-term and long-term are relative terms. When it comes to finding an apartment for rent in New York City, a short term lease is anything less than a year. Long-term is a 1-year lease, although sometimes you can lock in for 2 years.  For many people who are new to New York, and new to renting in general, the idea of committing for too little or too much time can be a major stressor.

Here’s some pro’s and con’s of short and long-term apartment renting to help you figure out what’s right for you.

• Pre-payment – Long-term leases are paid monthly, whereas short-term leases are generally pre-paid. Coming up with this much cash up front may not be an issue if your short-term is for a few months, like one semester or a summer. We are thinking undergrads and graduate students taking a semester at NYU or doing a summer internship in NYC, or young professionals or families doing a short stint in Manhattan. On the other hand, if your short-term is closer to 9 months, like just the fall and spring terms, the pre-paid sum can add up. Your bank account may dictate whether short-term can be viable option.
• Commitment – If the “C” word makes you shaky, then a short-term commitment may be for you. Why would you want short-term rental apartment? You may only want your rental for the school term and be commitment-free over the summer. Or you are new to NYC, and want to test out a neighborhood before committing to a long-term lease. You have another apartment or roommates lined up, but it’s still a few months out, and you need a place in the interim. There’s lots of reason why tenants may not want or need to commit to a 1-year lease.
• Extension – Speaking of commitment, tenants usually love their rental apartments. If you are in a long-term apartment, no prob renewing and extending your lease for another year. But, if you are in a short-term rental apartment, you may not be able to extend your lease. Rental leases reflect the market and interest at the time of lease renewal.
• The long-term edge – If two potential tenants are interested in a particular apartment for rent – let’s say there’s a fabulous one-bedroom in the East Village — and one wants a short-term lease and the other a long-term lease, who generally wins? Economics 101 says long-lease tenant.

A short-term apartment rental may be best for you, while a long-term lease could be the right choice for your next door neighbor. No Fee Rentals offers a wide range of short-term and long-term apartments for rent all across Manhattan – from Greenwich Village and the Washington Square Park area to Murray Hill to the Upper East Side. Timing is everything and we’ve got the lease and the apartments to match your time frame.

We will be the first ones to say it: The cost of a New York City rental apartment can sometimes throw you for a loop. That’s why No Fee Rentals features a wide array of multi bedroom share rental apartments in a range of price points all across Manhattan. Multi bedroom shares are the most cost effective way to afford a rental apartment. We find this time of year, with the beginning of the school year quickly approaching, multi bedroom shares around NYU are especially attractive, particularly those in Greenwich Village, the East Village, the West Village, and premium locations near Waverly Place and Washington Square Park.

Economic and Other Advantages of Multi Bedroom Shares

• Sharing the cost of common areas – For some people, a studio apartment suits them just fine. But others enjoy a separate bedroom, living room, and kitchen. With multi bedroom shares everyone in the apartment shares in the cost of the common spaces. When you think about dividing the cost of a rental apartment among three or four people, the price per person comes down sharply.
• Getting more for your money – Sharing a multi bedroom apartment can sometimes mean the difference between being able to afford an apartment … period. Or being able to afford a larger apartment, a better location, or more amenities (like a doorman, air conditioning, elevator).
• The “utility” of roommates – Every rental apartment incurs bills for utilities – electric, gas, cable. Share the cost of these expenses and your monthly outlay can go down noticeably.

Are you starting to get our drift here about the economic advantages? Well, here’s a couple more advantages:

• Furniture, futons, and fluffy pillows – Your design style may say Restoration Hardware, but your budget says Tar-jay. Quantity and quality can increase when three or four people share in the cost to furnish an apartment.
• Roommate flexibility – Let’s say there’s two seniors and two juniors are in a multi bedroom share and the juniors LOVE the rental apartment. Just because the seniors are graduating doesn’t mean the juniors need to give up the unit. Multi bedroom shares provide flexibility to have new tenants easily move into the apartment. In fact, No Fee Rentals has a number of multi bedroom shares that haven’t come onto the market for a few years because of the continuous cycle of tenants bringing in underclassmen roommates.

No Fee Rentals makes it painless to do a roommate replacement or swap. With more than 25 years of renting apartments throughout New York City, we understand the college and young professional market like no one else. And when it comes to multi bedroom shares (or any size apartment), we go out of our way to provide stress free renting and quality service. More can definitely be merrier!

The advantages of multi bedroom shares are many. Some tenants come all set with three or four roomies to rent their NYC apartment. But what happens when you don’t have a roommate (or roommates) and want to enjoy the economic advantages of an apartment share? How do you find someone to share your New York apartment?

At No Fee Rentals, we see this situation frequently. A roommate moves out of your Chelsea apartment and a bedroom needs to be filled.  Or a young professional is new to New York City and is looking for an East Village two-bedroom apartment to share. Or, you are an NYU student taking a semester abroad and need someone to take your place in your West Village multi bedroom share.

First define the criteria for your roommate

Not only are you looking for someone who is compatible, you’ll want someone who is responsible. So aside from thinking about whether you share the same taste in music or have similar tolerances for dust bunnies, think about whether your roommate will be able to pay the rent. All tenants in an apartment should be listed on the lease. This way you don’t get stuck for the rent if a roommate doesn’t work out (or walks out).  Financial responsibility is the primary reason No Fee Rentals asks for a guarantor for every tenant. We are not just looking out for us, we are looking out for you, too.

READ: The Scoop about Guarantors

Where to Search

• Work your network and social network – Tell everyone you know from work, school, and friendships via email, Facebook, and Twitter about your roommate search. This is not the time to be shy.
• Work your parents’ and siblings’ network – Yeah, yeah, yeah. You want to be independent, but tapping into your family’s network is a really good way to expand the number of people you can reach. You’ll be shocked by how many people have found their New York roommate through a parent’s, brother, or aunt’s Facebook friends.
• Roommate matching services – A lot of our tenants have had very good success with roommatelocator.com. If you’re an NYU student, these services are also recommended: roomzoom.com, rumr.co, spareroom.com, and speedroommating.com.
• Online classifieds like Craigslist – Approach online classified listings, like Craigslist ads, with a dose of trepidation. While sometimes the results and roommate can be terrific, remember free roommate services do not perform background checks, including credit history or criminal behavior. Search “credit history” from your browser. For a more extensive check, including criminal records, go to knowx.co.  And avoid using any roommate matching service that asks you to display your phone number or current address in your profile.

You may not find the love of you life right away in NYC, but making a roommate match…that’s definitely do-able. For more information, go to the Tenants Resources page on the No Fee Rentals website.

Signing a lease on a Manhattan rental apartment requires having a guarantor.

What does that mean to you?

You’re filling out the lease agreement for your new apartment rental and you get to the part about a guarantor. “Hmmm…, “ you say, “Who should be my guarantor and what exactly is my guarantor required to do?” If all goes well, your guarantor won’t have to do a thing. But life happens and sometimes things don’t go exactly as planned, which is why virtually all rental building managers (including No Fee Rentals), greatly prefer to have a guarantor listed on a lease. Whether you are signing a short-term lease for a one bedroom on Waverly Place or a long-term lease on a two-bedroom apartment in Chelsea, a guarantor is a critical piece of your lease.

Who is a guarantor?

A Guarantor is someone who agrees to be equally responsible for all of the terms of your apartment rental lease. The guarantor is asked to step in should you be unable to handle your affairs, fail to pay the rent, or violate the terms of your lease. We request that every applicant have a guarantor, including those applying for short-term rentals.  Occasionally, exceptions are made about having a guarantor, but the bottom line is that an applicant with a guarantor may be given preference over one who does not.

Whom should I select as my guarantor?

Most often a parent acts as guarantor.  Relatives, employers, or associates who have excellent financial statements, excellent credit and agree to pay the rent if you are unable, can also qualify.

Oh, come on… what could happen?

New York is the greatest place to live; we don’t like to think about becoming sick or incapacitated. But should that happen, a guarantor would be called upon to look after your rental apartment, carry out your responsibilities under the lease or wind down your affairs and return the apartment in a legal fashion.

A guarantor also brings key benefits to renters

A guarantor enables people who may be rejected for not having a credit or rental history to rent an apartment. For No Fee Rentals, this gives us more flexibility regarding whom we can rent to – NYU and other college students, first time renters, international renters.  Guarantors are in everybody’s best interests as all renters go through the same application and screening process, and ensures all tenants will have the ability to pay their rent no matter what unforeseen circumstances may occur.

In the end, we all hope we never have to call upon your guarantor and that your time in New York City is filled with fun, culture, adventure, and good fortune.

Moving into your NYC rental apartment? These tips make it easier

You’ve signed the lease on your new Manhattan rental apartment and are excited to move-in. Whether it’s a studio in the East Village or a multi-bedroom share on the Lower East Side, these tips can help to make your move-in day, and the days right after, a lot smoother.

The 4 P’s of Moving-In

• Prior notice – Always let your building manager’s office know in advance the date you want to move-in. The beginning of the month is always a busy time for apartment rentals, and you want to make sure that you are not stepping on other new tenants’ toes… literally!
• Parking– Welcome to New York City, where a parking spot is as valuable as the front row at Barclays Center. The majority of rental buildings in NYC, including those owned by No Fee Rentals, don’t have parking garages, which means you will need to rely on street parking for your moving van. We recommend that you have at least two people for your move – one for the heavy lifting, the other to stay by your vehicle to avoid parking tickets. Insider tip: The best time to find street parking is Sunday morning. Move-ins are allowed after 11am on weekends, so get your spot and then get a latte, and then get ready to lift and carry. If you prefer to use a moving company, No Fee Rentals can supply you with a list of those in the area.
• Packing material – Your packing kit should include a tool kit and scissors. Pack essentials separately so you can get to them quickly.  Emptied cardboard boxes should be flattened and recycled; everything else can go into the garbage bins. No Fee Rentals adds extra staff for garbage collection at the beginning and end of each month so hallways are kept neat. Save large items for bulk pick up days, which are posted in the lobby of each building.
• Politeness – Regardless of whether you are moving into a short-term or long-term rental, you will be neighbors with the people in your building for months. New York City can be a very friendly place if you are mindful of your fellow tenants. Avoid move-in activity after 8pm, don’t keep the front open unattended for extended periods while bringing in boxes, and keep the hallways clear of debris.

Moving in is exciting. These tips should help to make it a lot easier so that life in NYC in your new apartment rental starts off with another “p”: painless!