Adobe Intern Community Guide - New York City

WELCOME TO NEW YORK CITY

CONGRATULATIONS ON YOUR INTERNSHIP WITH ADOBE! We are so excited you will be joining us soon. New York City is an amazing and diverse community with tons of activities to do and places to see. There are so many perks to living in the heart of New York – access to new people, culture, food and technology but with that comes the challenge of finding affordable housing. Rental home and apartment prices tend to be high in New York City, so we recommend finding a roommate/housemate to split the cost of housing and utilities. Figure out where you want to live and get started on the search as early as you can. We have compiled some information together for you to help get you oriented with your internship location. We wish you luck in your housing search! WHAT TO KNOW ABOUT RENTING IN NEW YORK CITY New York City is one of the most populous and culturally diverse cities in the world. From its origins as a trading post in the new world, The City is at the heart of the global financial markets, commerce, diplomacy, and media activities. An efficient mass transit system makes NYC easily accessible. New York City consists of five distinct boroughs that are each made up of many smaller unique neighborhoods. Both residents and visitors to New York can find all the dining, recreation, cultural activities and shopping to match any taste. It truly is “the city that never sleeps”. The biggest challenge when it comes to finding an apartment in New York is identifying the best neighborhood and getting a reasonable rate. As of the end of 2018, the average rent for an apartment increased by 9.54% year-over-year and apartments can get very expensive in certain neighborhoods.

NEW YORK CITY AT A GLANCE

CONSIDERATIONS

FINDINGS

COMMENTS

Housing Availability

Low

Vacancy rate is under 1%

Tenant Paid Real Estate Fees

Yes

15% of total first year’s rent

Typical Lease Length

12-24 Months

Typical Security Deposit

1-2 Months

Due to extremely low vacancy rate. Lease breaks are negotiable after one year of multi-year lease

Early Termination Clauses

Limited

Negotiation of Lease Terms

Low

Usually limited to rent and lease term negotiations

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New York City Community Guide