New York City is of course famed for its long history as one of the world’s most coveted relocation destinations.  Commonly referred to as the city that never sleeps, Manhattan, proves true to this reputation on several fronts, and today perhaps more then ever the real estate market is no exception.

 

Like most highly desirable locations, renting in New York can be a daunting undertaking, but contrary to popular belief it doesn’t have to be.  Here at Homestead New York we understand the value of home.  It’s why we chose our company’s name, and why we are a renter’s ideal companion.  It all stems from our number one tenet: Focus.

 

                       

Which at Homestead New York means:

 

-Working with only the most knowledgeable/efficient agents

-An attentive and personalized relationship with your realtor

-Constant access to the most up to date rental listings

-Only viewing apartments that fit your criteria/At your convenience

-Full disclosure about all the steps of the rental process

 

 

Our company recognizes the importance of keeping our clients informed.  We believe that there is no reason that finding an apartment should be a confusing or cryptic process. 

 

The following Renter’s Guide, will hopefully give you a basic overview of what you will experience as a prospective tenant in Manhattan.

 

 

Standard Requirements

 

Finding the apartment that suits you best is a decidedly personal process, one in which most of the factors depend on your individual needs.  However, there are some relatively universal requirements you’ll have to meet in order to rent property in New York City.

 

Necessary Documentation

 

Not all landlords require their tenants to provide the same documentation, but collecting the following paperwork in the beginning stages of your search will enable you to compete in the widest spectrum of Manhattan’s fast-paced real estate market.

 

Verification of Employment:

A letter from your employer

-It is important for this document to include: the duration of your employment (including your starting date), an exact description of your position, your salary, and any other relative information (i.e. does your company provide a housing stipend? Are you guaranteed an annual or otherwise regimented raise/bonus? Etc.)  This letter should be typed on company letterhead and signed by a pertinent supervisor.

 

Pay stubs

-Copies of your latest pay stubs are also often required as further employment verification.

 

            A letter from your bank

                        - Landlords will often ask for you to provide a letter from your financial

                        institution that establishes: the longevity of your account, current balance, and past banking history.

 

Bank Statements

-Copies of at least three recent bank statements

 

            Credit History

  -It is standard practice in NYC for landlords/brokerages to run basic credit

                        checks on all potential tenants.  It is advantageous for you to review your

                        credit report prior to applying for an apartment.  If you are able to clear up

                        outstanding balances, this of course is ideal, however a poor credit rating

                        will not automatically label you as an undesirable tenant.  Many landlords

                        will allow you to name a guarantor or co-signer on your lease.  In the

                        event of missed or defaulted payments, this person will be responsible for

                        all monies owed.

 

                        -If you know or suspect that your credit score is average or below, it is

                        important to establish a guarantor before you start the application process

 

 

Verification of Tenant History

            A letter from your current Landlord

                        -Often Landlords will ask you to provide a letter from your most recent

                        Landlord, as proof that you will be a desirable renter.  The letter should

                        include: The length of time you have inhabited your current address, how

                        much rent you paid (monthly or otherwise), how timely you have been at

                        paying your rent, and ideally some specific reasons they found you to be

                        an excellent tenant.

 

Proof of Identity

            Photo ID

                        -Copies of a government issued photo ID are required (in most cases a

                        Driver’s License/Passport is utilized)    

 

 

Financial Considerations

 

In NYC the fiscal requirements for prospective tenants are indeed substantial. This stems directly from the competitive nature of the marketplace, which makes it necessary for Landlords to impose high-income requirements on their renters in order to ensure consistent payments. 

 

Fiscal qualifications

            Income requirements

                        -In New York City tenants are required (in most situations) to earn

                        between 40 and 50 times the monthly rent.

 

            Other Financial factors

                        - Outstanding debt, a poor credit rating, or alternatively the availability of

                        “Easily Liquefied Assets” will also affect your fiscal eligibility.

 

           

           

Subsidizing your income

            Guarantors

                        -If a potential applicant does not independently meet a landlords financial

                        requirements—much like in the case of a poor credit score—a guarantor

                        is routinely allowed to co-sign the lease, assuming responsibility for

                        any/all missed or defaulted payments.  In general the guarantor is expected

                        to meet the same income requirements as the applicant.

 

Monies due upon or before lease signing

            Application fees

                        -Some landlords/buildings charge an application fee for prospective

                        tenants.  This figure fluctuates from building to building, but is generally

                        between 100-500 dollars.  It is important to keep in mind that the

                        application fee is normally due before the application is processed.

 

            The Deposit

                        -As a standard you will be expected to provide 2 to 3 times the monthly

                        rent, depending on whether the Landlord requires: First month’s rent, and

                        security (almost always equal to one month’s rent) or first month’s rent,

                        last month’s rent, and security

 

            International Applicants

                        -Though there is no exact standard, as added security, Landlords may ask

                        for larger deposits, depending or the applicants legal status/employment.

 

            Brokerage fees

-Should your brokerage firm charge a fee, this will be expected upon lease signing.  It is a one-time payment, generally no more than 15% the first year’s rent. You are only responsible for this fee, if you secure an apartment with a brokerage.

 

            Owner paid fees:

                        -In some instances a Landlord will pay all or a portion of the Broker’s fee. 

In this situation a broker is required by law to notify the tenant, and deduct

the amount paid by the owner, from the broker’s fee

 

 

 

Personalize Your Search

 

Here at Homestead New York we believe that every clients needs are distinctly their own, and whereas some parts of the rental process are standardized, choosing an apartment should not be.  In order for us to assist you in meeting your unique needs, it is important that you first get a good sense of what exactly you are looking for.

 

Listed below are some important questions/suggestions to consider as a prospective tenant, your answers will enable us to most appropriately tailor your rental search.

 

 

How do you define home?

 

Make a list of everything your ideal apartment would accommodate

Choosing a neighborhood

-What sort of neighborhood would best suit your habits?  Do you prefer to

separate your home life from your social/professional activities? Are there

particular amenities you wish to live near?

            -Is it important to you to be in close proximity to work or school?

            -How do you wish to commute? Will you have an automobile? Or will

you be frequently utilizing public transportation?

 

Apartment/Building type

            -How much space are you looking for?  Could you see yourself in a

studio?  Will you be living with a family or roommate(s)?

 

-Do you care about the building type?  Could you see yourself living in a

“Walk-Up”? Are you looking for a building complex with amenities such

as laundry facilities or a gym?

 

Unique Needs

            -Do you need lots of light/windows?

            -Generous closet space?

            -Do you currently own/would like to have the option of owning a pet?

           

            Analyze your current address

                        -Consider your present living situation, what are the things that you enjoy? 

What are the things that you would change? 

 

 

 

Prioritize

 

Obviously budget is a major issue in choosing an apartment.  But it’s important to not let

finances be the over-riding factor in finding your home.  Go over your list and isolate the

items that are of greatest necessity to you, our agents will keep all your wants in mind as

we focus your search, but will work diligently to make sure you won’t have to sacrifice

any of those needs.

 

 

 

Renter’s timeline

 

 

45-60 days prior to move in date

 

-Begin Consulting with brokers

-Hone in on what sort of housing you are looking for

 

30 days prior to move in date

 

-Begin viewing properties

-Secure your lease

 

14 days prior to move in date

 

-Arrange for utilities (gas, electric, telephone, cable, internet services etc..)

-Create local accounts at necessary establishments (i.e. the bank, pharmacy, video store etc)

-Apply for renter’s insurance

 

 

10 days prior to move in date

-Furniture rental