So, you've saved up enough money? 

You got a new job and are considering making the move to New York City to ease your commuting time?  

Maybe, just maybe, you're tired of living in your mom's basement?

 

Whatever your circumstances are, everyone wants their first or next rental experience in Manhattan to be a positive one. As a New York City resident and rental guru I'm confident in explaining the process to representing you as a Landlord or Tenant. Whether you're ready to make the move yourself, have roommates, or just curious, below is my humble outline of what's needed to rent an apartment in the greatest city in the world!

 

Documents you should scan/copy/locate in your home:

 

- Copy of your license front and back

 

- Last 2 months savings/bank accounts statements

 

- Last year's tax return,  If you just accepted a new job it's wise to safe your offer letter.

 

- Last 2 month's paystubs and an employement letter stating your salary and/or bonus (Cannot be more than 6 months old.)

 

- Proof of funds to cover any application fees, security deposit, first month's rent and broker's fees

 

-  A copy of your pet's recent pet visit and vaccines.

 

 - Are you anticipating using a mover? You should get a copy of their Certificate of Insurance to have on hand.

 

 

If you will be applying with a guarantor, I'll need all of the above docs for them as well.
 

If you'd like to avoid having a guarantor, aren't from NYC, or here on visa you can also check out this service, INSURENT. This company will vouch for you financially and certify you're a safe tenant to rent to. A lot of landlords and management companies will accept Insurent. It's worth it for you to read into their costs so when we find the right apartment you can apply quickly and hassle free.

 

* * Remember all checks must be certified at lease signing, so ensure you have the appropriate funds.**

 

 Let's talk about FEES:

 

- Typically managemet companies will require you to pay an application processing fee (~$100). 

- You'll also be required to have a credit check run on you, usually about $75 or less.

- Move-In or Move-Out Security Deposits are collected at lease signing and returned to you after the building ensures you haven't damaged anything bringing your 3 ton love seat sofa to your new apartment...

- Pet security deposits are also collected at lease signing, typically ($500 for a dog, or $250 for a cat). Sometimes management companies will tac on a monthly charge to your rent for having a pet as well. 

 

If you're renting an apartment in a 2-3 family home, or dealing with a landlord directly, all fees are negotiable and often times you are paying less. Keep in mind, renting in an intimate setting like this doesn't guarantee secuity, privacy, or that you'll have the use of building amenities like a gym, dog walker, or rooftop.

 

BROKER'S FEES EXPLAINED:

If a Broker represents the landlord/management company of the apartment they may collect a fee from you because the owner/management company has pushed the cost of their services and work onto the tenant.

 

Newer buildings will pay for all agents time and work, therefore making the apartment a "no fee" rental to you the prospective tenant. If you're using a Broker and are a tenant looking to move, you should understand that there is a fee associated with that agents time, knowledge and movement of the market. My fee for working with tenants  can range from 15% of the annual rent to 1 months rent, it really depends on how much guidance you'll need. Additionally I try to show buildings that meet their budget and will consider paying me directly so my clients don't get hit with a broker's fee.

 

When should you use a tenants broker? You're new to NYC. You don't know what the going rates for apartments are. You have enough on your plate and don't want to be tracking down appointments, negotiating with agents, and wasting 3 Saturdays looking at apartments that smell like mildew and are under the train tracks, but advertise, " Luxury Living".

 

If you have any questions about this, please email me. Thanks for reading and I hope you learned and enjoyed this article!