Is it possible to rent a studio/1bdr in Harlem for 750-950?

Asked by Dee, New York, NY Fri May 17, 2013

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This question was asked from this property: http://www.trulia.com/rental/3115639821-Apartment-New-York-N…

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7
Gerry Jeudy, , New York, NY
Sat May 18, 2013
Dee,

Finding an apartment at that price range is not an easy search. In Harlem they are many low-income housing where you can pay that amount for rent; however, the requirements and income restrictions are often strenuous.

Harlem is a big area so the location makes a very big difference on the price. You might find a studio at $950-$1000 range if you are in the 150s. Sometime when you find a studio at that price you might have to share a kitchen or bathroom. If that is not a problem for you and you are willing to put the leg-work necessary you can definitely find something.

I am attaching a listing for you. If you cannot pay the $1000 asking price you can always make an offer.

http://www.halstead.com/rental/ny/manhattan/harlem/18-east-1…

Good Luck
1 vote
Shelly Lawes, , New York, NY
Sun Oct 13, 2013
0 votes
Shelly Lawes, , New York, NY
Sun Oct 13, 2013
Yes, it is possible. Apartments for these prices or even lower do exist, however there may be income restrictions. I have posted a link below with an example of an apartment that is currently offered at $587, however you must earn betweem $23K-$24K to qualify if it is for 1 person.

Good luck with your search!

Shelly Lawes
Highline Residential
860-796-4753
0 votes
Katherine (K…, , New York, NY
Fri Sep 27, 2013
Actually, I occasionally see very low-priced rentals that were intended for mixed- and lower-income tenants. Saw a studio (part of the HDFC program) right down the street from where I live for $825 a couple months ago. This was in Central Harlem, just north of Morningside Heights, so it was pretty convenient and a good deal for the price.

They are few and far between, but they do exist, and they're not an accident.

I would be wary of most craigslist listings, though; most of those "too good to be true" properties prove to be exactly that. If you need help locating a very inexpensive listing, send me an email and I can run a quick search for you. Most of the properties you will find will be a longer commute and not right in the middle of the action....but if the price is right, you may decide it's worth the train ride.

Good luck!
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Tue Aug 20, 2013
Rent today; Buy tomorrow. How to convert from Tenant to Homeowner.

When I rented my first apartment in Astoria, I did not want to be a Tenant my whole life and pay my Landlord’s mortgage. I longed to become a Homeowner.

That’s why I found my way into the mortgage business in 1989 and soon afterward became a Homeowner. Here are the fundamentals any Tenant should know to prepare to become a Homeowner in the future, no matter when that might be.

• Credit: Establish 3 credit accounts, no more than 5. Pay your bills on time. Keep your balances to no more than 50% of your credit limit. Don’t pay off the accounts in full. Keep balances active for 12-24 months. All of the above will provide both a good credit score and adequate credit history to qualify for a mortgage loan.

• Assets: A basic savings budget isn’t hard to do. Pay your rent first in your budget; then set aside 10% of your income before taxes . Make it a budget priority and you’ll still have money left over for entertainment and restaurants and clothing.

How much money do you need to buy a home? Many buyers spend no more than $25,000 to buy their first homes. There are loan programs with low down payment requirements and many real estate agents negotiate for their Buyers a “Seller’s concession” to include the Buyer’s closing costs (which are HIGH here in New York!) in the price of the home.

• Income: Two years consistent income is the basic requirement for either a salaried individual or a self-employed person. Income from Bonus, Commission, and Overtime is treated differently and is best discussed with your Mortgage Banker.

• Market Survey: it doesn’t hurt to go out and get to know neighborhoods where you might like to buy a home. Visit open houses on Saturdays and Sundays. It’s okay that you’re not yet buying; tell the Realtor at the Open House you’re just beginning your “survey.” You’ll also get to know market prices for different kinds of homes. It’s okay to “window shop” homes on the weekend at Open Houses!

I hope these fundamentals will help you better understand the path to homeownership is a process that, with preparation and dedication, you can move through easily. And if you’re interested in getting Prequalified today to create an Action Plan for your future of Homeownership, call me anytime!

Trevor Curran
NMLS #40140
http://www.tcurranmortgage.com

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes
Russell Ding…, , New York, NY
Wed May 29, 2013
its not likely , however i think you might want to consider working with a roommate or look into renting a room
0 votes
Adina Greenb…, Agent, NY,
Fri May 17, 2013
No, that is unfortunately not a realistic budget, although $950 if you are lucky, may happen. The ad doesn't have a broker or owner's name, no pictures of the actual apartment and only a street view. My gut says, scam and therefore I flagged it.
0 votes
Thank you for the response. What would be a more realistic budget for a studio in Harlem?
Flag Fri May 17, 2013
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