How to get an affordable rent in New York City (but with a twist)
By Sarah Ainsworth-MeyerPublished April 10, 2017 04:07:01With the city’s median income hitting $41,500, renting a home in the Big Apple is a relatively easy way to save money.
But what if you want to save for your kids’ college education, as well as your mortgage?
That’s where renting a place for your family comes in handy.
If you can afford it, renting can be a great way to lower your monthly mortgage payments, but you should be aware that renting out your house may not be a good idea.
That’s because many rent-controlled properties are in low-income neighborhoods and the government will likely take a loss on any rent the property generates.
According to the Federal Housing Finance Agency (FHFA), only 14% of rental properties in New Yorkers have any financial assistance to help with rent, and only 10% of the units in the city are rent-regulated.
This means that in a typical year, an average of 30% of apartments in New Yorker are not rent-stabilized, according to the New York State Housing Finance Authority.
In addition, a significant percentage of apartments are not listed on the citys vacancy market, which means that they could be used to rent out your home without your permission.
While you can save a significant amount on your mortgage by renting, it’s important to keep in mind that there are some important things you should consider before you rent a property, according the NYS Housing Bureau.
The Housing Bureau recommends that you take a look at the building’s current condition, the type of services it has, the maintenance history, and any repairs the property is receiving.
You should also check the current building permit and make sure it is legal.
If your rental property is not rent stabilized, you may be able to get a temporary rent subsidy from the city.
The New York Housing Bureau can help you apply for this program, which allows low- and moderate-income New Yorkers to receive temporary rent assistance while the housing market recovers.
You can also find information on rental assistance at the city Department of Housing Preservation and Development.
In New York, you can also rent from a nonprofit agency like Shelter New York or a community-based agency like Renter-A-Housing.
If the home is not on the market, there are other ways to save some money.
For example, you could try to buy it for $200 a month instead of $1,000.
You also can rent an apartment for the first two years to help pay off your mortgage.
This could be a little trickier if you are trying to save on your rent, but renting a property for two years and buying it back at a discounted rate later can be an option.
You could also try to rent a place that you already own, and that can be done at a reduced rate compared to renting.
This may not sound like a great idea if you’re saving up to $2,000 a month, but it can save you money.
The Bottom LineIf you’re looking to rent or buy a home, the best option is probably to go with a non-profit agency that specializes in affordable housing.
If you can’t find a place near you, you’ll be able in New YORK.