It's Rental Season in NYC - Be Qualified and Prepared

Renting an Apartment in Manhattan, NYC

Everyone wants their first New York City rental experience to be a positive one. As a current or future New Yorker, it pays to know the rules of renting to make your experience as hassle-free as possible. 

Preparation

Carefully gather the documentation you need in advance of your search. Prospective renters often lose the opportunity to live in their dream apartment because they were unprepared to present the necessary paperwork. Make a check list of information to bring with you in order to finalize your lease agreement. You will almost certainly need all of the following:

1.     A letter of employment and salary verification

2.     Bank account numbers (checking and savings), as well as any credit card numbers

3.     Current bank statements

4.     Contact information (names, addresses, phone numbers) of previous landlords

5.     Contact information of your personal accountant or attorney, if applicable

6.     Contact information of any personal or professional references

7.     Tax returns from the last two years

8.     Recent (current) pay stubs, typically from the last two pay periods

9.     Two forms of personal identification (driver’s license, passport, etc)
10.  40-50 x the monthly rent in annual income is required.

If you are relocating from outside of New York, prepare your funds ahead of time. Landlords will not accept personal out-of-state checks. Bring traveler’s checks or certified bank checks in amounts sufficient to cover two months rent, any brokerage fees, a credit check fee, and any additional fees such as a move-in/move-out fee or building application fee.




Searching For Your Rental Home

Once your personal and financial documentation is in order, you will then be prepared to view and select prospective apartments. Remember, your agent can provide you with a wealth of information to assist you in making an informed decision. Ask plenty of questions about neighborhoods, building types, public transportation access, or anything else that might be of interest to you.




Application

When you have selected a suitable apartment, you must then fill out a rental application, or other applicable documents. Carefully read any document presented to you by your future landlord before entering into any contract. Although many leases contain predominantly boilerplate language, clauses may be added to the lease contract that supersede or alter the lease agreement in some way. Such additions are called riders.

In addition, the type of leases presented may vary. A Standard Form of Lease, for instance, may differ greatly from a Rent Stabilized Lease Agreement or a Cooperative Sublease Agreement. Take the time to read and digest the language of any documentation presented to you, and always ask questions should it contain something you don’t fully understand. Upon final confirmation, you will be asked to sign a lease and settle any outstanding applicable fees.

A credit report and reference check will be done. Upon final confirmation, you will be asked to sign a lease and settle any outstanding applicable fees.

In Manhattan, residential real estate is made up of rental buildings, condos, condops, coops and townhouses. All can make fine homes and all are available for rent.

Please contact me to rent your Manhattan Apartment.