New York City is all about style.
All kinds of style.
Here, individuality is key – and NYC apartments follow suit.
As NYC movers, we have seen all kinds of apartments. The good, the bad, and the… not so good.
We pride ourselves on being unofficial NYC tour guides. So we find it our obligation to not only help New Yorker’s pack up and move to their new destinations, but also to help you find those destinations as only a New Yorker could – and that includes the lingo.
An excerpt from our FREE downloadable eBook The Ultimate Apartment Hunting Guide for New York City, here are some important terms to know when you’re scurrying about town in search of the perfect place:
IMPORTANT APARTMENT TERMS TO KNOW
Rent-stabilized VS Non-Stabilized – Overseen by the NYC Division of Housing and Unit Renewal, rent stabilization is a form of rent regulation in New York. If you land a rent-stabilized apartment, your rent cannot increase annually more than a designated percentage as set by the current law. When a tenants lease ends, the new rent (if they renew) can only go up to meet the current law’s restrictions. Non-stabilized apartments can have a large increase in rent once a lease ends based on the lease manager’s own decisions.
No Fee – If apartment hunting with the help of a broker, they typically charge a percentage of the total lease. If you are looking at a “no fee” apartment, it means that the broker will not charge you a finder’s fee for helping to connect you with the building, owner or landlord – this generally means that the broker is being paid by the owner. If you are apartment shopping without the aid of a broker, all of the apartments you see will be “no fee” essentially.
Pre-war VS Post-war – Pre-war buildings were built before WWII and boast solid construction, arched doorways, crown moldings and other old world elements. Post-war buildings were built after the war and can range from contemporary buildings to mid-century. Due to the construction and thicker walls of pre-war buildings, rents are typically higher.
Security Deposit – An amount tenants pay their landlord before moving in. The landlord holds on to the security deposit for the length of the lease and, assuming nothing has been damaged, returns it to the tenant once they part ways.
Renter’s Insurance – A type of insurance for a person that rents, rather than owns, their living space. Renter’s insurance can include personal property coverage as well as liability coverage.