Does anyone know how the whole renting an apartment process works?

Specifically in Manhattan.

I'm a broker in nyc. The average is 40 to 50 times the rent for yearly gross income. Some management companies go higher some lower but 40x to 50x is standard. Smaller landlords are more flexible and not so formulatic.

If you don't meet the income & rent ratio you will need a guarantor who makes 80x your proposed monthly rent and preferably lives in ny nj or ct. If they live outside the area it helps if they are well known or prominent in their industry or socially.

If you use a broker it will cost you more to get into an apartment but a broker can help ease your way in to a place by presenting your numbers in the most positive way possible. I'm not talking about lying but with ways such as running you on all 3 bureaus and using the report with the highest score. Brokers package your info and tidy it up for you. To save time bring at least your last 3 bank statements your last w2 or tax return your last two paystubs employment letter a photo id and most important if you have a verifiable landlord reference bring that with you too. A good broker will put lipstick pearls and a gown on a pig and make it look like miss america. As long as you can pay that rent we can get you in somewhere that fits your criteria.

Standard commission is 15% of the yearly rent on a 1yr or longer lease. If your lease is 6mo or less the fee is capped at 1mo rent. Apartment finding agencies are limited to 1mo commission.

If you get a rent stabilized apartment you cannot be charged more than one month for a deposit and your lease must have a rent stabilization rider. If the building has deregulated and the rent is now over 2,000 ask for the rental history. They have to give it to you so you can see the previous legal rent. If the last rent was under 2,000 your unit is still stabilized. A lot of nyc landlords overcharge so it is always a good idea to ask for this. If the landlord balks you can get a printout from the dhcr.

If the apartment is free market rent the landlord can ask for whatever they want for rent and deposit. I know free market buildings that make tenants pay a full year rent in advance to get in.

If you find a sublet in a co-op be prepared to go through the board approval process. It takes a while so don't bother to look rentals in co-ops if you don't have a lot of time to spare. The rent & income ratio is alot higher in co-ops too.

nyc law allows you one roommate no matter what your lease or the landlord says. It's the law period.

If you have a free market apartment the landlord doesn't have to renew your lease but if you are in a stabilized apartment they don't get a choice in the matter. You get 1yr or 2yr renewal automatically for life your choice.

If you go looking on your own beware of key money disguised as an application fee. Application fees can be 75 to 150 bucks a bit more in luxury digs but of anyone tells you the application fee is a grand run don't walk because its a scam they will take your money and you won't get the apartment no matter what they are saying to you.

Once you get approved for a rental be prepared to bring in the funds for the rental in 24hrs or less. You will have to bring certified funds money orders or a bank check. No one is going to wait for payday your bank transfer or anything else you have going on. Snooze and you lose.

Dont get pressured by anyone to act if you aren't certain. Be honest with your broker about your situation and what you are looking for and dump any broker who shows you places that don't meet your criteria unless they tell you in advance why they think this could be an exception for you.

Don't pay cash to anyone. If you sublet make sure they are the tenant. If its too good to be true its not true.

Most Apartment Complexes make you pay for a Background check and a Credit check (Application Fee). If you successfully pass these, they then check your references of previous landlords and personal contacts. At this point if all checks out all right, you then will be told a deposit fee and the monthly rent. If you own a pet and they allow them, you will have to most likely pay a Pet deposit and a monthly pet fee. Also, you may be required to leave a small amount of money down to secure that the apartment will not be rented, until all your background checks are completed. This will be put towards your deposit if you get the apartment. Note: If you do NOT pass the criteria, you will loose the Application Fee's, but will get the small cash deposit back.

normally, you would pay a security deposit and sign a one year lease. The rental company will do a credit check prior to signing the lease agreement with you.

You find an apt that looks good in an ad somewhere, call up to make an appointment to look at it, if you like it you can make an offer right there and you will be asked for money then--at least one months rent, maybe first and last months rent, and a cleaning deposit. You might have to sign a lease or an agreement. You might have your background looked in to, meaning, what kind of a renter were you before--they would contact your former landlords and see if you paid on time and if you left the place in decent shape, or if you were a problem.

lease and co signing and believe it they will get you on early walk outs no matter your income, week by week they can do the same thing.

Process? You find a place you like, you sign lease, you give money, you move in.

In general you will sign a lease, an agreement between you and the landlord which declares the duration of the renting period, usually 6 months or one year. It also includes rules and regulations, such as whether you are allowed to have pets and things prohibited, rent amount, etc. You will need to pay your rent on time or late fees incur. Also, if you decide you want to move out before your lease has expired, you will be charged a lot of money to do that.

- they run your credit
- ask your monthly gross income
- You will probably need a security deposit and first months rent.
- other deposit are usually needed if you have pets.
-Last you sign a lease that fits you usually no shorter than 6 months

Hope I helped!!!! Casey=)

yes,,, you give the landlord money and he lets you use his apartment for a month and the next month rolls along and you give him more money so you can stay another month and so on,,, if you dont give him any money then he will kick your sorry butt out and you will have to find a place to stay...

you need to prove if your going to be on the lease that your yearly salary you can make 50 times the monthly rent. if you cant u need a guarontor, they need to prove they make 80 times the monthly rent.
provide copies of your most recent w-2's
last 6 months of banks statements
have a credit score over 600 to qualify
1st months rent and security is standard
sign any riders (if ur entering in the midedle of the month a prorated rider) also a pet rider and sometimes they require an additional deposit.
any additional reference from past landlords that you rented from

Enter Your Message or Comment

User Name:
User Email:
Post a comment:

Archive: Forum -Forum -Finance - Links - 1 - 2 - RSS - All RSS Feeds
The Causes and the Results. 0.014
Copyright (c) 2011 Financial Crisis Tuesday, May 29, 2012 - Terms of use - Privacy Policy