NYC Apartments Rentals Guide

Renting an apartment in NYC is not that simple…you need to be prepared and know everything about the process but even before that, you need to know what you are looking for.
Since the possibilities for an ideal NYC apartment are endless it's important to Decide and specify the following features:

Price Range:
How much can you afford to spend on rent? (Don’t forget the expenses of utilities, initial moving costs, and fees when determining your range)

Neighborhood:
Things like safety, transportation, schools, dining and shopping areas and accessibility can be important factors when searching for NYC apartment.

Building & Apartment type:
In New York City, the possibilities are varied – brownstones, townhouses, luxury condos elevator in the building? Doorman?
The size of the apartment is also important – are you going to live with a family or roommates and what about the amenities? Laundry facilities, gym, pet allowance, fireplace, balcony, view…and all the other "goodies" for your NYC Apartment:)

Be prepared for landlord requirements

Income requirements:
In most situations - between 40 and 50 times the monthly rent.

Letter of employment:
Stating your position, length of employment and annual income typed on company letterhead and signed by a pertinent supervisor.

Pay stubs:
Your three most recent pay stubs.

Tax return:
If you are a self-employed or is basing income on several different sources you may require to supply a copy of your most recent federal tax return.

Former landlord letter of reference:
Just to show that you are an "excellent" tenant:)

Bank statements:
Your three most recent statements including account numbers.

Identification:
Photo ID & a Social Security number.



Credit reports -
Most NYC Apartments landlords require good credit but credit reports obtained on your own are not accepted…

What is a Guarantor (co-signor)?
Someone who is willing to guarantee your lease and assumes full financial responsibility associated with your rental lease. a guarantor might be your solution in case you do not meet the financial or credit requirements.

Be prepared for upcoming expenses & Monies due upon or before lease signing

Application fees:
Fluctuates from building to building generally between 100-500 dollars.

The Deposit:
First month’s rent, and security or first month’s rent, last month’s rent, and security.

Brokerage fees:
When you secure an NYC apartment with a brokerage, this is the only fee that you are responsible for - a one-time payment, generally no more than 15% the first year’s rent.

Owner paid fees:
When a Landlord is paying all or a portion of the Broker’s fee. The broker is required by law to notify the tenant, and deduct the amount paid by the owner, from the broker’s fee.

That's about it…:)

You can read more about these issues in the next great informative NYC Apartments renter's guides-

NYC Rental Guide

Renter's Guide