Navigating Housing as a Military-Connected Student in NYC
Transitioning to the Big Apple can be intimidating for many — but especially hectic and overwhelming for military-affiliated students. The New School Center for Military-Affilaited Students wants to ensure members of our community have all the information necessary to land the perfect apartment!
We recently sat down with realtor Matt Levin of Keller Williams Realty to provide some expert advice on navigating the New York City apartment search as a military-affiliated student.
As a full-time military-connected student using the Post 9/11 GI Bill® in New York City — what should I be mindful of when looking for housing?
Moving to New York City can be a thrilling but daunting experience. NYC has five boroughs and 339 distinct neighborhoods, each with individual character, specific amenities, and varying price ranges. When searching for a place to live, remember that your budget, location, and the size/condition of the property will dictate your options. For instance — if you have a budget of $2,000 per month and need a two-bedroom apartment, this will significantly limit the neighborhoods you can afford. Prioritize what matters: location, apartment size, or budget, as focusing on two will determine the third.
The NYC housing market seems overwhelming. What can I do to make the process easier?
The NYC housing market is highly competitive, and prices are rising due to a housing shortage. The key is to be prepared and committed. Have all your documentation ready, know your budget, and start looking as early as possible. Be persistent in your search, and consider broadening your criteria if needed.
Should I rent or buy an apartment?
Whether you rent or buy depends on your long-term plans. If you're considering buying a home, it’s essential to think beyond the idea of a "forever home." Life is unpredictable—jobs, family, and circumstances can change rapidly. Traditionally, people stay in their first home for 5 to 8 years before moving on. Renting might be a more flexible option if your future is uncertain, but buying could be worthwhile if you’re committed to staying in NYC.
What’s the best way to find roommates in NYC?
For first-year students, your social circle often forms around classes, campus clubs and activities. Many students find roommates within these groups. Aside from on-campus housing, numerous roommate listings for move-in ready rooms are available online. It’s common for a group of friends (or strangers) to share a two or three-bedroom apartment. Start by engaging in campus life; you’ll likely find roommates through your connections. Visit The New School’s Off-Campus Resource Page for additional information.
What documents must I prepare before looking for an apartment?
For renting, especially if you rely on benefits like the GI Bill®, always have an up-to-date Certificate of Eligibility. This document is crucial as it serves as proof of income and helps landlords understand your financial situation. Also, maintain a good credit score—different landlords and buildings have varying credit requirements. When purchasing a property, ensure your pre-approval for a mortgage is no more than 90 days old, as anything older might not be accepted.
What should I expect if I’m looking to live in a co-op building in NYC?
Co-ops, or cooperatives, are unique to New York City. In a co-op, you don’t own your apartment; you own shares in the building. Co-ops are more affordable than condos, but they come with rules and restrictions. Expect to go through an interview process and ensure your paperwork is meticulously organized. Co-ops can deny applicants for various reasons, so presenting yourself professionally and being well-prepared is key.
What are my rights as a renter in New York City?
As a renter, you have the right to a safe and livable environment. Landlords must give you notice before entering your apartment and are responsible for maintaining the property in good condition. Your landlord could violate your lease if your living situation becomes unsafe, like dealing with persistent mold or other hazards. For more information about tenant rights, visit the NYC Tenant Resource Portal.
What documents do I need to prepare before I purchase a home in New York City as a veteran?
Buying a home is a huge milestone, and being prepared with the correct documents can make the process smoother. Whether you’re a military-affiliated student or a veteran, here’s what you’ll need:
Proof of Income: This is crucial. If you have them, you’ll want to gather your pay stubs, W-2s, and possibly even tax returns. If you’re using the GI Bill, ensure you have an up-to-date Certificate of Eligibility. This shows lenders your income, which helps them determine how much you can afford.
Credit Report: Your credit score significantly determines the type of mortgage you qualify for. The higher your credit score, the better the interest rate you can get. If your score is less than stellar, don’t worry—just be prepared to explain any discrepancies or have a plan to improve it.
Proof of Funds: If you’re buying with cash (lucky you!), you must show proof of funds. This could be a bank or account statement from an IRA or other investment account with account numbers blacked out. This proves you have the money to back up your offer.
Pre-Approval Letter: This is the golden ticket in the home-buying process! A pre-approval letter from a lender tells sellers that you’re serious and financially ready to buy. It’s a letter that says, “Hey, this person is approved to borrow X amount of dollars to buy a house.” Ensure this letter is no more than 90 days old to ensure it’s still valid when making offers.
VA Loan Documentation: If you’re going the VA loan route (which can be a fantastic option with its 0% down payment!), you’ll need to provide specific documentation like your Certificate of Eligibility from the VA. However, because sellers sometimes hesitate with VA loans, it’s a good idea to put a deposit into escrow. This can help reassure the seller that you’re committed and not just testing the waters.
Bonus Tip: If you’re considering buying a co-op (which is common in NYC), be prepared for an interview process. Co-ops can be picky—they might ask about your financials, lifestyle, and even your plans for the apartment. So, dress to impress and have your documents organized and ready to go. It’s like a job interview but for your future home!
