When renting, finding the right apartment is more than just finding one at a low price.
In fact, finding the right rental involves much more than just what price you find. For the quality of life you want to live, you need to evaluate a few different metrics first. Alchemy Ventures recommends considering a new apartment by five key metrics; cost, rental agreement, commute time, neighborhood and community, and finally, the property management company.
Of course, the cost is an essential aspect of your rental. In general, you want to find a place that only costs approximately 30% of your monthly income, though, in cities like Brooklyn, you may be spending more on rent than in Idaho.
Rental Agreement (Lease)
Another critical feature to explore is how long your lease is for, what the deposit is, and what is included in the terms of the lease. Unless you plan on moving soon, finding a rental that is in a reasonable price range for you and offers an extended lease is essential. The hassle of looking for a new place to live can be stressful, so it’s vital to be able to find a rental where you can set some roots down.
Another component to finding a suitable rental for you is to consider commuting time. For example, finding a great deal on an apartment outside Brooklyn may make sense unless you work along New York Ave. near Snyder Ave. and can find a similarly priced apartment nearby.
The difference is that spending less time commuting gives you more personal time in your work day. Of course, if you’re working remotely, it’s less of a factor, but commute time should be considered.
Neighborhood And Community
Take into consideration the benefits of living in some parts of Brooklyn more than in others, and knowing the area and community should be a part of your evaluation. Whether you’re looking for a luxury home or something for your growing family, the neighborhood and community are significant considerations.
Property Management Firms
When you’re looking for an apartment, one area that people don’t consider is the property management company that runs the building.
That little oversight can be a massive headache if something goes wrong, so it’s critical to spend a little time and review the property management company, as well as all the factors, discussed already.
When looking for a good property management company, evaluate them by the following;
- Good Communicator
- Professional Tenant and Landlord Relationships
- Legally Sound Lease Agreements
- Low Vacancy Rates
- Safety As A Priority
Evaluate a good management firm when you’re renting, talk to people in the building, and use review sites to get a good sense of what the company is like to work with, as this is a business relationship you’ll be entering.
Sam Kooris is known for superior communication and fair dealings, and properties under their guidance are better reviewed than other property managers in the area. By having a good communicator running the building, you’re not surprised when any maintenance occurs or when you need an issue resolved. Likewise, you’re not left wondering about the request for repairs.
Professional Tenant And Landlord Relationships
As you’re evaluating your new apartment, previous and current residents will shout from the rooftop if their management treats residents well or not. If not, you’ll have conflicts between tenants and landlords spill out into the public.
Legally Sound Leasing Agreements
It’s surprising how many landlords have poorly written lease agreements or exclude critical functions in the contract. Often these forms are boilerplate and should include the terms of the rent, other obligations of you as the lessee, and they as the lessor to clearly delineate the agreement and legally protect both parties.
Low Vacancy Rates
Low vacancy rates can tell the tale of two different stories. One, it could be that the housing unit is underpriced or rent-controlled. But, on the other hand, it can reveal that there is good management as a competent property management team will be looking to fill vacancies almost as soon as they become available.
Safety As A Priority
Routine inspections, well-light and maintained access points, elevators, and stairwells., posted health codes, and fire compliance is all signs of a management company placing safety first.
Finding a suitable apartment in Brooklyn can be challenging, but don’t make the mistake of jumping on the cheapest apartment you can find. Instead, do your due diligence about the price, length of the lease, property management, neighborhood, and community to determine the actual value of the apartment before you sign that lease.