Tips for NYU Students Seeking NYC Apartments

If you’ll be attending school at New York University and need to rent an apartment, it’s important to line up all the help you can get. New York City’s rental market is more limited and competitive than ever, making it all the more challenging to secure the perfect rental.

To find a place to rent within easy commuting distance of NYU, connect with the experts at BCP Real Estate Group. Read on for a basic overview of locating an apartment as an NYU student.

Attending NYU? Finding an Apartment in NYC Can Be Tricky

Whether you’re new to the area or somewhat familiar with it, there’s no question: Finding an apartment to rent near NYU is a significant undertaking. That’s truer than ever in the wake of the pandemic as people flood back into the city. Although NYC has a vast array of rental properties, low vacancy rates and skyrocketing rents can make it challenging for college students to secure suitable apartments in the area.

Renting an Apartment Near the Largest Private University in the US

Founded in 1831, New York University sits on a 230-acre campus centered around Washington Square Park and its famous Gateway Arch. With more than 52,000 students, it’s the largest private university in the country by enrollment. The college employs nearly 10,000 people as well, increasing the demand for rental housing in nearby neighborhoods.

If you want to rent an apartment within easy reach of NYU, you may start by focusing your search on the area within the campus’s boundaries. New York University’s main campus extends from Houston Street to the south, Broadway to the east, 14th Street to the north and Sixth Avenue, otherwise known as Avenue of the Americas, to the west. Needless to say, demand is exceptionally high for student housing in this part of the city. You can cast a wider net and enjoy more options by being a bit more flexible.

Where to Find Apartments for NYU Students

People seeking off-campus housing near NYU can search a reasonably wide area for apartments. Situated in Lower Manhattan near Washington Square and Greenwich Village, the school is close to many rental options. At the same time, the area abounds with public transportation access, including countless subway lines and comprehensive bus services. A talented NYC broker can help you explore options near public transit stops with easy access to the university.

When to Start Looking for NYC Apartments

Like most people attending New York University, you probably need to rent a place starting August 1st or September 1st. Either way, you’ll be hunting during the busiest time of the year, so it’s crucial to be prepared.

Ideally, you should start looking for a place at least four weeks before you want to move in. If you’re coming from outside the area, plan on securing a temporary place to stay for at least four or five days.

Searching for an NYC apartment to rent as an NYU student is a full-time job, so try to set aside a decent block of time to focus on your search. Don’t wait until the last minute to start, or you could end up without a place to live when classes begin. BCP Real Estate Group can help you secure what you need quickly.

Living Situations for NYU Students Seeking Apartments

Before starting your search for an apartment to rent near NYU, decide whether you’ll be renting on your own or with roommates. The latter option makes sense for college students since they usually have limited budgets. You’ll have an easier time qualifying for a decent place by lining up roommates.

On the other hand, you may want to rent on your own. If so, you’ll be limited to studios and other tiny apartments, and you’ll need the financial resources to qualify. Otherwise, you’ll need to line up a guarantor, or cosigner, so get your foot in the door.

Apartment shares are also popular options among NYU students. In this case, you rent a room from someone else’s apartment, sharing common living areas. By opting for an apartment share, you can avoid having to qualify for a place – and your rent will probably be more reasonable.

Options for Rentals Near NYU

The rental market near NYU abounds with options. Across the area, you’ll find everything from basic walk-ups to massive luxury high-rises offering doorman service and upscale amenities.

As an NYU student, you can’t afford to be picky when seeking places to rent near the university. The more flexible you are, the easier it will be to secure an apartment in time for the start of the school year.

Qualifying for NYC Apartments as a College Student

If you are trying to rent a place on your own, you’ll need an income of at least 40 to 50 times the monthly rent to qualify. You’ll also need strong credit, with a score of at least 700, and an excellent rental history. You will also need a decent amount of cash for security deposits, first and last month’s rent and other expenses.

It’s totally normal for college students to struggle to qualify for NYC apartments. In that case, you’ll need a guarantor with an income of at least 80 times the monthly rent. Ideally, they should be located in New York, New Jersey or Connecticut. They also need to have strong credit.

Applying to Lease an Apartment in the City

When you or your guarantor apply to rent an apartment near NYU, you’ll need lots of documentation. Some examples include the following:

• tax returns
• bank statements
• pay stubs or W2s
• letter of employment
• acceptance letter from NYU
• information about any scholarships or grants you will receive
• professional and personal letters of recommendation
• photo ID

Fees to Expect When Renting an NYC Apartment

When you check out an apartment in NYC, it’s vital to be ready to pounce. With that in mind, ensure you have the cash you’ll need to get the perfect rental near the university. Some of the fees you can expect to pay include the following:

• security deposit (typically one month’s rent)
• first month’s rent
• last month’s rent
• pet deposit
• deposits for utilities
• broker fees, which range from one month’s rent to 17% of the annual rent

Resources for Finding Apartments for Rent Near NYU

Early in your search, contact NYU’s Center for Student Life for assistance regarding apartment rentals in the area. This organization can connect you with others seeking roommates and information about apartment shares and other opportunities.

Some other ways to pinpoint potential rentals near Washington Square include the following:

• Social Media – Many people post rental information on social media sites like Facebook. Follow pages related to apartment rentals in NYC and near NYU to cast a wider net. People often post opportunities for student rentals in the area, so this is a good way to find options you otherwise wouldn’t.
• Word of Mouth – One of the best ways to find apartments for rent in Manhattan is by asking around. It pays to do some networking in the weeks leading up to your search, reaching out to past contacts to see if anyone knows of any rentals near the school. If you’re from the area, your network may include people who have leads on apartments for NYU students.
• Broker – College students coming to the city usually try to find apartments as cheaply as possible, sticking to no-fee rentals. These days, with the market so competitive, such options are few and far between. Set aside money for a broker to help you find the perfect rental for better results. You will have to pay a commission fee – typically one month’s rent or up to 17% of the annual rent – but you’ll save a lot of time, effort and energy. BCP Real Estate Group can refer you to an NYC broker near NYU who can assist you further.

Connect with BCP Real Estate Group for NYU Apartments

The difference between those who struggle to find rentals near NYU and those who secure them quickly hinges on the resources they have at their disposal. With vacancy rates at record lows and rent prices at record highs, securing an apartment near NYU is more complex than ever, so it’s essential to have as many resources at your disposal as possible. To that end, you can’t go wrong by connecting with BCP Real Estate Group.

From our offices at Rockefeller Center, we offer a wealth of resources for NYU students seeking apartments for rent in Manhattan, Brooklyn, Queens and across the area. Whether you want to rent a studio in Greenwich Village or an apartment share in Williamsburg, BCP Real Estate Group can help.

Sign up with us today to start searching our vast online database of NYC apartment listings. In no time, you’ll have a list of options to explore. To turbo-charge your search, contact us to be referred to a skilled, licensed real estate broker specializing in rentals for NYU students. For more information, contact BCP Real Estate Group today.