You have a new degree, a new job, now you just need an address in your new hometown. Where to begin? While there are many online resources that allow you to see photos and even take a virtual tour of available apartments, there's no substitute for actually visiting the space. And in hot cities, the vast majority of apartments are snatched up before they can even be listed with online services. Check with your new company's human resources department to see what aspects of the apartment search they can help with. Many large companies have good contacts in the real estate market, and some even have apartments for new employees to live in while they search for a place of their own. If you're not that lucky, get some help!
Use a Broker
If you absolutely can't get to your new town to check out potential apartments yourself, a broker can be invaluable. (In some areas, notably Manhattan, it can be nearly impossible to find an apartment without a broker, even if you're an in-towner.) Brokers receive a fee for finding you an apartment-anywhere from about 8 to 15 percent of your annual rent. In exchange, they will do nearly all of the work for you and often have access to apartments that aren't otherwise advertised.
Check with your new employer's HR department: If there's a broker whom the firm regularly uses, you may be able to get a discount on her fee. What a broker charges and the services she'll provide vary from one city to the next, so have the broker fax you a contract spelling out your respective obligations. If you have nonnegotiable requirements (e.g., the apartment must accept pets, you want to be within a few blocks of a subway station, you need to pay the broker's fee and/or security deposit by credit card), list those in the contract as well.
The broker should spring for transportation costs as you trek around the city. If you're uncomfortable with the way a broker is treating you or feel pressured, find someone else.
Enlist a Friend
If you're moving to an area where the rental market isn't as tight, or you simply can't shell out the cash for a broker, ask a friend or even one of your future colleagues to help. Online services will be more helpful to apartment-hunters in smaller cities, so hit the Web to get a sense of what's available in your price range (see the Online Resources sidebar). Also check out the Web site of your new city's local paper for the classified ads. Alternative papers, such as New York's Village Voice and Washington, D.C.'s City Paper, often have the best ads. Try to find out when the site's listings are updated so you can be one of the first callers for a hot apartment (the Voice even offers a fee-based e-mail service to alert you to new listings).
If you find something that seems promising, ask your friend to check it out for you. Give him a specific list of must-haves and must-not-haves so he knows exactly what you're looking for. And be sure to take this kind soul out for a fabulous dinner upon your arrival in the city!
Find a Temp
If you can't imagine signing a lease on an apartment you've never set foot in, consider temporary housing. From extended-stay hotels to corporate housing to furnished apartments with super-short-term leases, there are lots of options available. With short-term housing, you'll have time to get to know your new city and figure out where you'd like to live. You'll also get a much-needed break between moving out and moving in as well as some downtime while you get used to your new job. The flip side is that you'll have to find a place to store your stuff (if you're using a moving company, it may be able to provide storage space or help you find it elsewhere). Besides the inconvenience, you'll have to cope with feeling unsettled longer, since you'll be in limbo for a while.
The Great Roommate Debate
Whether you hope to save money or are looking to meet new people in a strange city, choosing to live with a roommate should be a carefully considered decision. If you do opt for the roomie route, you'll want to find a good one; in addition to the benefits of sharing an apartment (lower rent, more square footage, companionship), there are some definite risks (lack of privacy, stress if you don't get along, getting stuck with the rent bill if your roomie skips town).
Once you've decided that you want a roommate, a friend or coworker might seem an obvious choice; but if the two of you haven't lived together before, make sure you are both clear about your expectations. Many a friendship has fallen apart over roommate disagreements, so you want to be sure that yours can withstand the test.
If there's no apartment-hunting friend on the horizon, a friend of a friend or an acquaintance is a good second choice-at least he or she will come with some sort of reference. You can also try the alumni offices of your college or business school. Many maintain listings and send out regular e-mails for former students looking for roommates in cities across the country. If all else fails, check ads in newspapers or neighborhood coffee shops to see who else is looking, or consider placing your own ad. Roommate services can also help-a few are listed in the Online Resources sidebar.
Whether your potential roommate is an acquaintance or a total stranger, ask tons of questions and find out as much as you can about his or her personality and lifestyle. Touch on everything from whether she has pets to what kind of music he listens to (and how loud he likes it to be) to how she expects to handle household chores and groceries. Set up a time to meet (to be safe, you'll want to meet in a public place). You may even want to ask the person to provide a credit report and references (you should do likewise).
Tips on Roommates:
• Cosign the lease. You don’t want to be stuck with the rent (or worse, have to cover extensive damage to the apartment) if you end up with an irresponsible roommate. Also work out how to handle phone, cable, and other utility bills – you may want to put half in her name and half in yours.
• Set some house rules. Specify who does which chores, set quiet hours, detail any grocery-sharing arrangements, and list any expectations regarding guests, parties, dirty laundry, etc. You may feel like a nag, but you’ll be glad in the long run that you both laid down the law from day one.
Leases
Signing a lease—especially if it’s your first—can be more of a hassle than you might think. Your landlord-to-be will likely want proof that she can trust you not to destroy her property and that you can afford to pay the rent. That means you’ll need to have some documents in hand. A letter of employment, pay stubs, bank statements, tax returns, and personal and professional references are all common requests. In addition, if your income does not meet the landlord’s requirements (in Manhattan, for example, your annual salary may have to be as much as 45 times your monthly rent), you might need someone to act as a guarantor. This person, usually a parent, must demonstrate that he or she can afford (and is willing!) to cover your rent if you fail to pay.
Tips on Leases:
• If you can’t meet the income requirements, look into subletting. Subletters are often less stringent than landlords.
• Have a check in hand. Landlords may be willing to bend the rules if you show you can pay up front. Depending on your situation, you might even offer to pay the first few months’ rent in advance to prove your trustworthiness.
• Bring a recent credit report from one of the major credit agencies (you can order one online—and receive it instantly—for about $8 to $12). This can save you the $50 or so a landlord will charge to obtain one.
• Read the fine print. Scour the lease carefully and request any changes or clarifications in writing before you sign.
