1. How hard is it to rent an apartment in New York?
We won't kid you - it's hard. You need to be as serious about looking for an apartment as you'd be looking for a job. You need to be realistic about what you can afford and you must be prepared to act immediately when you find a place you like.
2. How do I know what I can afford?
It all depends on you; some people are comfortable using 2 weeks salary towards rent others will pay more and vice a versa. However you don’t want to stretch your budget too much past your salary as a landlord may frown upon a potential tenant that wants to pay $2000 a month but only makes $10k a year, unless you just received your inheritance from Uncle Ned.
3. What's the average rent in New York?
It's hard to give an average rent because rent depends on a lot of variables: the kind of apartment (a one-bedroom loft may be more expensive than a one-bedroom that was just built in a new building), the kind of amenities in the building (a doorman building will usually be more expensive than a building without a doorman), and the neighborhood (the Upper East Side is cheaper than So Ho).
However, in general, there is next to nothing for under $1100 in the prime neighborhoods of Manhattan. A clean, well-lit studio will be about $1200 and up per month. Lofts are priced by square footage so they vary. Traditional, full-size one-bedroom apartments start at about $1500-1700 and up. A flexible two-bedroom (that is, a one-bedroom with a dining alcove that can be used as a second bedroom) will start at $1,800 or so, a full two-bedroom will start at about $1950 in a walkup, or about $2500 and up depending on the type of building and amenities.
4. How do people with modest means get apartments?
If you're a student without an income, or if you're just starting out in a new job at a beginner's salary, New York still wants you. You may need a GUARANTOR to make the landlord feel comfortable that someone will be around to pay the rent. The guarantor co-signs the lease and pledges to pay your rent to the landlord if you come up short.
5. What's it take to be a GUARANTOR?
In general, landlords like a guarantor to have an annual income equal to 75 times your monthly rent. It's preferable if the guarantor is a close relative (like a parent or legal guardian) and if the guarantor lives nearby (like in New Jersey or within an easy commute to New York). However, each landlord has his/her own criteria for an acceptable guarantor and many will be flexible.
6. I don't have anyone who will cosign for me. What do I do?
There's other ways to make a landlord comfortable about taking on a tenant who may not be a perfect fit. For example, you can offer to make a big security deposit, or you can offer to prepay several months' rent, reference letters, etc. Negotiate with the landlord -- make an offer that will work for both of you.
7. I'm ready to start looking now. What's the first step?
If you're ready to move, then we suggest that you assemble a Landlord Package before you make your first call. That way, you'll be all prepared to apply for an apartment as soon as you see one you like. You need to be ready to take instant action. In this market apartments don’t last very long.
8. What's a LANDLORD PACKAGE?
That's what we call the bundle of papers, letters, proofs, and monies you should carry with you when you search for your apartment. Every landlord will ask you to fill out an application and to supply certain requirements so they can review your qualifications to be their tenant. Ask a representative for a Landlords Package
9. I have my Landlord Package all ready. What's next?
Every Landlords Direct listing will give you all the information you need to make an appointment to see the apartments you're interested in. Access might be through the building Superintendent, an onsite landlord agent, an open house, instructions on where to pick up keys or maybe the current tenant, to make arrangements to get into the apartment at your mutual convenience.
10. Will I have to pay a commission to the landlord?
It is illegal for a landlord or a landlord's agent to charge you a fee just to rent you the apartment.
Some landlords may ask for a charge to run a credit check on you (and Guarantor, if any). Generally, you'll be asked for one month's rent and one month’s security deposit when you make an application.
11. I'm not sure about my credit report?
If you don't know what your credit history looks like, or if you're not sure if your credit is good or bad, we can help. Ask your rep for a copy of your credit report, this will allow you to assess your credit strengths and weaknesses. If there are inaccuracies, in the report, you will be able to take corrective action before the landlords get to it. If your credit is strong, you can give yourself an advantage over other applicants by having your credit report ready for viewing by any landlord whom you are considering.
12. Can I take my dog?
Dogs can be a problem for some landlords. Innovative Apartments will tell you on each listing whether the landlord is anti-dog.
13. What kind of pets do landlords like?
Cats are usually no problem. Anything small enough to fit in a tank (fish) or a cage (bird) is probably safe. You can't have livestock (cows, pigs) or big cats (tigers, cheetahs) in New York, but many exotic pets are OK as long as they're legal. For example, no one will let you keep a Komodo dragon but an African Parrot is OK.
14. When will I know if the apartment I've applied for is mine?
Most landlords are fast -- you'll usually know within 24-48 hours.
Glossary of Real Estate Terms
Board or Board of Directors: The people who run a co-op or condo. Elected by the shareholders (apartment owners) of a co-op. In most co-ops, you will need their approval in order to sublease (rent) an apartment.
Condominium: The absolute ownership of an apartment and an undivided interest of the ownership of the common elements of the building. Usually there is no board approval to rent such an apartment. You generally deal directly with the owner or the managing agent that represents the owner.
Cooperative: Also known as a "co-op." A residential apartment unit whose title is held by a corporation. A shareholder in the corporation has a right to live in a specific apartment and holds a lease to the apartment. The apartment can be sublet (rented) to a non-shareholder (you, the renter) according to whatever rules the corporation imposes and the corporation Board of Directors must approve the choice of subtenant. These rules vary from co-op to co-op. Technically, you, the renter is a subtenant of the co-op, not the tenant. The apartment owner is the tenant of the co-op, and the co-op itself is the landlord. Confused? Don't worry.
Escrow: Ernest money deposit, such as a security on an apartment for rent.
Guarantor: An individual with a high enough income and good credit who will guarantee the terms of the lease, including the monthly rent payments, should the signer default. This is usually needed for students and other low-income renters, or renters with poor credit histories.
Lease: A written or oral contract between a property owner and a tenant that transfers the right to exclusive possession and use of a property to the tenant for a specific period of time for a stated consideration called "rent".
Listing: A term used to describe an apartment that is available for rent. This word is used by real estate folks to talk about their "inventory of listings", i.e. the apartments that they currently have for rent.
Open Listing: An apartment made available to the public by the landlord. Although brokers may also have an open listing, you don't have to go through a broker to get it. Most NY apartments are open listings - you only have to know about them, know how to get in to see them, whom to contact when you want to apply, and know what preparation, paperwork, and monies you need to have on hand. In short, you need exactly what Innovative Apartments provides!
Pre-War Apartment: A building built before World War II. Prewar are usually thought of as having better construction, better soundproofing between apartments, and more character than postwar apartments. While somewhat true, there are many, many exceptions to this rule.
Prime Lease: A lease providing generally the same conditions as a rent-stabilized lease except that rent increases are subject to market forces. The landlord may raise the rent to whatever he/she feels the market will bear. Most landlords follow the increase of the rent-stabilized leases, but they are not obligated to do so.
Rent Control: Since you'll never see one of these apartments, all you need to know is that it's a form of welfare for people who have lived in rental apartments for a long time. It covers only some apartments with the same tenant in continuous occupancy since 1972. When a tenant in a rent controlled apartment moves out or dies, the apartment is de-controlled, and rent can be set at the market rate. No new apartment is rent controlled.
Renter's Insurance: A standard insurance package the covers residential real estate against financial loss from fire, theft, public liability, and other commercial risks. You need this, especially in a co-op or condo sublet.
Rent Stabilization: A form of rent control. A tenant in a rent stabilized apartment is guaranteed the right to renew the lease each year at a rent increase set by a rent stabilization board.
Subletting: The leasing of an apartment by a tenant to a third party for part of the tenant's lease term. Also refers to renting an apartment in a co-op (see cooperative).
Security Deposit: An amount of money, usually equal to one month's rent, which is held by the landlord for the duration of the lease. In a rent stabilized apartment this money is held in an interest-bearing bank account. The interest is payable to the renter and is reported to the IRS on a W-9 form, which you will be asked to sign at the time of lease signing.
Window Guards: Small crossbars that are installed on apartment windows that prevents small children from falling out of a window. These are required by law for every apartment where a child under 10 lives and must be installed by the landlord at no cost to the tenant. At the lease signing, you will be required to sign a Window Guard Form, where you indicate whether or not you wish to have the window guards. The window guards are not strong and should not be confused with window security gates.
Window Security Gates: For your protection against illegal forced entry to your apartment. They may already be on some of the windows when you rent the apartment, but the landlord is under no obligation to install them if they are not already present. Be sure that you buy only NYC Fire Department Approved security gates.
W-9 Form: This is the form used to notify the federal government of the interest earned on your security deposit. You will be asked to sign one of these forms at your lease signing if you are renting a rent stabilized apartment. |
