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Old 06-26-2012, 05:03 PM
 
Location: Portland, OR
2 posts, read 1,963 times
Reputation: 10

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We're moving from Portland, OR to New Jersey. I'm going to be working in Manhattan (near Penn Station) so we're looking for places with a decent (under 1hr) commute via public transportation to Penn Station. Some of the places we've looked at are:

- South Orange, NJ
- Clifton, NJ
- Montclair, NJ
- Maplewood, NJ
- Rutherford, NJ

We've never lived on the East Coast, but we've heard that it can be expensive to get into a rental, with brokers fees and deposits and such. I'm wondering how much cash I'm going to have to have on hand to get into a place. For a monthly rent of $2,000 (for example), how much should I be prepared to put down to get into a place?

(Any suggestions on neighborhoods with a good commute is also appreciated )

Thanks!

-- Ben
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Old 06-26-2012, 05:58 PM
 
Location: Hackensack, NJ
777 posts, read 2,369,317 times
Reputation: 387
You'll probably have to give 1.5 month's security deposit, first month's rent, and the agent fee which is usually equal to 1 month's rent.

If the property isn't listed with a real estate agent, you'll save on that fee.
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Old 06-26-2012, 06:43 PM
 
Location: Elsewhere
88,041 posts, read 83,864,110 times
Reputation: 114249
Quote:
Originally Posted by nycnoob View Post
We're moving from Portland, OR to New Jersey. I'm going to be working in Manhattan (near Penn Station) so we're looking for places with a decent (under 1hr) commute via public transportation to Penn Station. Some of the places we've looked at are:

- South Orange, NJ
- Clifton, NJ
- Montclair, NJ
- Maplewood, NJ
- Rutherford, NJ

We've never lived on the East Coast, but we've heard that it can be expensive to get into a rental, with brokers fees and deposits and such. I'm wondering how much cash I'm going to have to have on hand to get into a place. For a monthly rent of $2,000 (for example), how much should I be prepared to put down to get into a place?

(Any suggestions on neighborhoods with a good commute is also appreciated )

Thanks!

-- Ben
Much of north Jersey has a "good commute". That's why it's here. However, you've limited yourself to under an hour, which tightens things up but is still possible. I think the towns you've listed will work, especially since you work right near NY Penn.
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Old 06-26-2012, 07:14 PM
 
Location: Cranford NJ
1,049 posts, read 4,007,349 times
Reputation: 405
Time is money, so save yourself the frustration. A realtor can narrow a search down to a few properties that meet your criteria, and the ones that would best suit you. You can see 3-4 properties in an hour and have the agent write up the lease with the disclosures so that you are protected. Good Luck.
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Old 06-26-2012, 07:16 PM
 
1,173 posts, read 4,735,001 times
Reputation: 1338
For a rental at $2k you need about $7k. First months rent, 1.5 months security and 1 months broker fee. Also when we first moved here a lot of places didn't come with a fridge and also while they had the hook up lines they didn't come with the washer and dryer so you may want to keep a little extra on hand for appliances.
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Old 06-26-2012, 08:27 PM
 
Location: Lakewood, NJ
1,171 posts, read 2,672,946 times
Reputation: 765
I never had any places that did not have appliances but I did have to pay a deposit for electric and gas (and I have good credit but since I never had utilities in NJ they said this was common practice) which was about another $300 total. Nice thing was the gas company just kept deducting my bills from the deposit, the electric company does not.

I moved in here last October and I had to pay 1 1/2 rent security deposit, 1st months rent and a certificate of occupancy fee (I think it was around $100).
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Old 06-27-2012, 08:12 AM
 
2 posts, read 3,187 times
Reputation: 11
Especially because you are new to the area, I would contact a realtor. They'll help you find properties that are within the budget you would be willing to spend.
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Old 06-27-2012, 09:50 AM
 
Location: Portland, OR
2 posts, read 1,963 times
Reputation: 10
Wow, thanks so much for all the great (and quick) responses!

This gives me a good idea of how much cash I'll need to have on hand.

The information on the utilities and appliances is interesting, thanks for sharing, we'll keep that in mind as well.

Any recommendations for a good realtor in this area (maybe specializing in rentals)?
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Old 06-28-2012, 09:10 AM
 
Location: Randolph, NJ
265 posts, read 594,601 times
Reputation: 216
One more thing... I would recommend RENTER'S INSURANCE - about $200 or so for the year.

WITHOUT RENTER'S INSURANCE: If your rental is involved in a fire or flood or is otherwised damaged, the landlord is covered for damages, the TENANT is not. So the tenant loses clothes, furniture and other belongings with no compensation.

Also...

The renter's insurance covers you for liability issues - if someone slips and falls he/she can sue the landlord and tenant. Landord is covered by his property insurance, but you're not.
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