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Prepare Yourself |
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Neighborhoods
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Prepare Youself
Glossary
FAQ
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It is important to focus in on some specifics in order to make your search as productive as possible. Some of the key items that you should resolve early on are as follows:
Your budget: the single most important factor. The price of an apartment depends on a variety of factors - size, location, condition and features, among others - so it is critical that you determine your budget at the outset
Neighborhoods: Manhattan has dozens of neighborhoods, each with its own flavor and personality. A number of factors can effect where you live: you might want to be close to work or your children's schools; maybe being close to a park is important; perhaps being close to great restaurants and cafes is key. The good news is that New York offers something for everyone - if you are not that familiar with the city, please review our neighborhood guide.
Apartment size and features: Do you need a one or two bedroom apartment? A large living area? A maid's room or a home office? Are great views important? While determining which features are important, always keep in mind that there is a price for each one and therefore prioritize them based on how much you are willing to pay for each.
You should begin to look for an apartment approximately 30 - 45 days before you intend to move. It does not make sense for you to begin looking before this as none of the apartments you see will be available when you want to move.
Be prepared to rent the apartment on the spot. In the current market, rental apartments rarely stay available for more than a few of days. If you are not prepared to rent the apartment, do not bother visiting it.
Get ready: collect and arrange for letter(s) from previous landlord; pay stubs; bank statements; and bring your check book.
Be prepared to put down a deposit of one month's rent.
Check the neighborhood around the building. Look for hospitals, fire or police stations - they are noisy and will cause you to loose sleep.
Check the space, layout, and quality of the apartment. Make sure you feel comfortable.
Requirements vary based on the owner and the building. The following are a few general guidelines that apply in most cases:
- You will need to show an annual gross income of at least 40 times the
monthly rent.
- You must show a secure and stable employment history.
- You must have good credit history. (For more info and a free credit report click see our "Partners: Credit Report")
- You must have a social security number. If you do not have a social security number or are not in the process of applying for one you must have a guarantor co-signing your lease.
- You must show a good rental history.
- All information has to be referenced in form of a letter or sometimes a phone call.
- For business owners tax returns will be required.
- All students must have a guarantor to co-sign their lease.
- Some buildings do not accept students. This is a legal practice and cannot be challenged in court.
- If you do not meet the above criteria there are usually two possible solutions:
- You can get a co-signer or guarantor to co-sign the lease for you. Or some owners will allow you to prepay 6 months to 12 months rent up front.
APPLICATION
Once you have found an apartment, the next step is to apply and then sign the lease. A few things to keep in mind:
Bring all paper work and money required including: employment and income verifications, pay-stubs, tax returns, stock portfolios, and at least one month's rent in form of a check.
When filling out the application, make sure you keep in mind all the specific requirements that the landlord was looking for: your income, employment, living preferences, etc. Try to convince the landlord that you are the right tenant for him/her.
Generally, you will need to leave a deposit equal to one month's rent which is fully refundable in case you get rejected.
Once you apply you are bound to the apartment you are applying for, unless you get rejected.
When paying a deposit get a receipt that specifically states that your money will be refunded if rejected.
It usually takes anywhere from an hour to a week to hear back from a landlord.
If accepted, try to sign the lease as soon as possible.
Make sure you understand what kind of a lease you are signing. There are many different types: standard, self-extending, short-term, rent stabilized, etc.
Read the entire lease and make sure you understand key elements such as: rent amount, term of lease, escalations, utilities, maintenance, pets, garbage, etc.
Make sure the landlord also signs the lease and that you receive a copy.
Look for and read all lease addendums and any other additional forms that may come with the lease.
If you have any questions- ask. If you still feel unsatisfied have a lawyer look at it.
Expect to pay anywhere from 2-4 month's rent in advance, part of which will go to a security deposit.
The initial deposit that is attached to the application is usually equal to one month's rent.
At the lease signing you must pay the remainder. This typically consists of the last month's rent and the broker's commission.
In almost all cases the landlord will ask you to pay a security deposit. This is refundable at the end of your lease term plus interest accrued. Security deposit money cannot be used as rent at any during the course of the lease.
Make sure you get receipts and specific explanations of what your money is for and where it is going to be kept.
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