Renting
- Figure out how much monthly rent you qualify for.
- Generally New York landlords are looking for tenants to make 40 times the monthly rent in annual income. So, let�s say you make 100,000 you will qualify to rent an apartment for 2500$/month. (Because 40 x 2500 = 100,000). If you don�t make enough or you aren�t working (i.e. student), then you will need a guarantor who makes 80 times the monthly rent. So for the same 2500 apartment you will need a guarantor to make 200,000 (because 80 x 2500 = 200,000)
- What if I don�t qualify with either of these? Generally you can still rent an apartment, but you will need to put down a couple extra months of security
- What if I have bad credit? Usually you can use a qualified guarantor or put down a couple extra months security. It really depends on how bad your credit is
- Can I combine income with my roommate/ spouse/ celebrity dog? Generally yes, it depends on the landlord
- Get your paperwork together
- You will need the certain paperwork to rent an apartment in new York city; you should bring an envelope with multiple copies of this package with you when you go view apartments, so that you don�t lose the apartment you want most to someone who is more prepared. The whole� I can have it all within 24 hours� theory really never works. So bring it with you!
- Copy of Photo ID
- Letter of employment (get this from your HR department)
- Should say where you work, how long you�ve worked there, what your position is and how much you make. If you have any guaranteed bonus, have that in there too, if is not guaranteed have them say that you get a bonus. Some bigger companies especially financial ones now have a automated online system, if your company has one of these, get the letter of employment early, cause sometimes it can be very tedious and time consuming process
- But I�m self employed.
- Cool; just get your accountant to write a letter stating how much you make and how long you have been in that line of work
- But I just started my job
- No problem; bring a signed offer letter and keep in mind you might need a guarantor
- Current bank statements showing checking and savings balance
- Is there a magic number they want to see?
- Not really, if you�re account is totally empty that might be an issue. But in general, you want to show as much as possible
- Should I include other parts of my financial portfolio (i.e. stocks etc)
- Absolutely; The new york city real estate market is a competitive place and you want to make the strongest possible case for yourself
- Copy of last 2 year�s tax return
- But what about my privacy? I don�t want to give that out.
- The short answer is all that you will have to give all that info anyway (you social security number for a credit check and your income on the employment verification); so just do it. It is the easiest way to verify someone�s income and any reputable company will shred the documents afterward the deal is complete.
- Make a priority list including neighborhood, price, amenities, and any details that are very important to you (i.e. renovated kitchen or private outdoor space) figure out you priorities
- Real estate is a pretty simple � its made up of 5 basic categories and the more you want from one the less you get in the others, pretty much anyway
- Location
- Space
- Renovation
- Building amenities
- Price
- If you aren�t yet familiar with New York neighborhoods; explore them; if you have the time, try to have a meal in every potential neighborhood. And keep in mind, location is key and well worth paying for. The most common mistake of people who first move to New York is to sacrifice location for a better apartment.
- Ask your friends/ family /social network if anyone knows of an apartment coming available in your desired price/location
- This can be a great way to find an apartment. And even though you can�t usually find a place like this, you should definitely still give it a shot.
- If that doesn�t work, find a good broker
- Ask friends/family who they used in the past and who they recommend. �Ask that broker to help you find an apartment � give them all the specifications we came up with before. Chances are if they did a good job for your friend, they�ll do a good job for you. While it might be tempting to go straight to craigslist or the New York Times, unfortunately most of the ads (Craigslist, New York Times, Company websites, etc) are either bogus or outdated and are being used as a bait and switch. The way it works is you see something AMAZING on craigslist and call up. The broker might tell you it�s not available but they have some other apts for you, or they might tell you it is available and when you get there to view it, the apartment is magically gone, but they have something else that you might like. Basically, someone who is not particularly knowledgeable and definitely more concerned with closing the deal than helping you out you just wasted a whole bunch of your time. If you instead follow a referral, you will likely get the same great service that was the reason you were referred in the first place. And don�t worry about �missing out on other broker�s apartment� By and in large, brokers from all decent sized company work with the same inventory; they just choose differently what to advertise. There is also the added benefit that, once your broker knows what you want, he or she can show you apartments as soon as they come on the market. Generally the best apartments in New York get rented before anyone has time to advertise them.
- Begin looking at apartments.
- This should happen about 2-4 weeks before your move date. Anything earlier is just a waste of time for everyone involved. While this may seem very last minute to those of you coming from different states; in New York City apartments generally show only when they are vacant and the owners will rarely give you more than 2 weeks from the time you apply until the time you move in. So stick to about a month before and don�t forget to bring paperwork
- Find one you like
- You�ll know when that moment hits- I don�t need to go into this, you�ll just know. - And when it does put in an application and deposit right away. This absolutely essential, and probably the best piece of advice in this whole section. New York City doesn�t wait and I�ve had customers lose apartments because they took 2 hours to think about it. So trust your gut.
- Wait
- Applications can take awhile. Sometimes we can get it done in half hour sometimes it takes over a week. It really depends on the landlord and your broker should be able to give you a good idea of how long the wait will be.
- Get a response from the owner
- This can be one of three things � yes, no, or yes with conditions. Yes is the easiest and then you can immediately sign leases. Absolute no is rare and that means you probably have serious credit issues or are applying for something way more expensive than you should be. The final one is yes with conditions and this is rather common, for example they might say yes they�ll give you the apartment, but they need a guarantor, or extra security. At this point figure out if the conditions make sense. Also, speak with your broker, if the extra security is needed because you are short with income, then probably every other landlord will want the same, so if it is the apartment you love and you can afford the deposit � which you get back at the end of the lease anyway, assuming you don�t trash the place, then go for it.
- Sign a lease Get keys, move in, and get tipsy at your housewarming party
- You�re approved!! Now its time for lots of paperwork. Your broker will give you a lease and riders to sign. Key points here are to make sure everyone�s name is spelled correctly on the lease and double check that pets are allowed if you have one. Some people like to read everything they sign, and that�s probably a good idea, but just keep in mind most of this stuff is boilerplate, especially the leases.
- Get keys, usually from the super or doorman
- Move in
- Congrats, you just rented your New York Apartment � So throw a housewarming party, get tipsy and if your broker was good, invite him or her too
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