Renting can be a rental apartment option for anyone who prefers to avoid the long-term commitment of owning a home, and who wants access to urban amenities like restaurants, shopping areas, public transportation and work locations. In addition, rental apartments usually have a property manager or management company onsite that can assist with maintenance issues, such as an unexpected leak or a tripped breaker. The recurring costs of renting can also be more affordable than owning, including monthly maintenance fees and HOA dues, as well as mortgage payments and homeowner insurance.

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When deciding on the type of rental apartment you want, it is important to think through your budget and preferences in advance. It’s a good idea to create an outline of your priorities and search criteria to narrow down the nearly 2 million units available in NYC. For example, it’s worth determining whether you are willing to pay more for a higher-floor, doorman building or if you must have a washer/dryer in your unit.

It’s also important to have proof of income and assets ready. Landlords typically run credit and background checks to ensure tenants can afford the rent. It’s a good idea to have money in reserve to cover broker fees, security deposits and the first month’s rent, according to real estate experts. Lastly, make sure you know what your leasing terms are. Some landlords offer yearly leases, while others only allow month-to-month contracts. If you are unsure about your situation, you can always speak with a licensed real estate agent for advice and guidance.