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New York City Renters Guide - 2010
This guide provides you with a step-by-step, easy to follow outline
of the entire process of renting an apartment in New York City. The rules are different
here. The items which we categorize as "necessary" in this guide are in fact crucial.
We can guarantee that if you do your homework, the process will flow smoothly for
you. Assume that there are no exceptions to the items on these lists.
- Speak to your Prudential Douglas Elliman rental agent. If you are relocating, call
Prudential Douglas Elliman's Relocation Division at (888) 891-6683 (toll free) for
counseling and to determine when to come to New York to begin your search. At that
time, schedule your appointment. Your needs will be discussed, questions will be
answered about the process, and you will be assigned to an agent best matched to
your needs and budget.
- Organize and prepare the necessary information to bring with you, including:
- Letter of employment and salary verification (include start date if not yet employed)
- Bank account numbers (checking and savings), credit card numbers
- Names, addresses and phone numbers of previous landlords
- Names, addresses and phone numbers of accountant and attorney, if applicable
- Names, addresses and phone numbers of personal and business references
- Tax returns
- Pay stubs
- Expected bonus (verification from employer)
- Additional sources of income with verification
- Personal identification with photograph - driver's license or passport
- If relocating, prepare the necessary funds before coming to New York. Landlords
will not accept personal or out-of-state checks. They require certified funds. Anyone
renting or relocating must:
- Try to establish a New York bank account before you begin your search. If this is
not possible, bring the necessary funds with you.
- Bring enough traveler's checks to cover the cost of two (2) month's rent (which
must be converted into CERTIFIED CHECKS). This comprises the first month's rent
and one (1) month's security deposit.
- Bring funds to cover the broker's fees if your company is not paying covering that
expense. Brokerage fees are paid by you, the tenant, in New York City. These fees
are due upon signing of the lease unless your employer is paying the real estate
commission for which they will be billed directly.
- Bring funds to cover a Credit Check: $25 to $50, which can be paid by personal check.
- Bring funds to cover possible move-in/move-out fees (See Co-op/Condo Funds Needed).
- The day of your appointment you will meet with the agent who will be working with
you. Then you will be taken to each apartment that the agent has scheduled for you
to see.
- When you have made your apartment selection, you will be asked to fill out a rental
application and one or more miscellaneous documents. Your agent will negotiate price
and lease terms for you. Upon acceptance, a credit report will be done, and your
references will be checked.
- Leases will be signed and checks presented.
- Your Prudential Douglas Elliman agent will assist you with settling in comfortably
once the lease is signed and the move in date established.
Affordability
As a guideline, you can expect to pay 25% of your gross annual salary for rent.
Financial Eligibility
To qualify for tenancy, most landlords require that you annually earn 40 to 50 times
the amount of the monthly rent. Remember to take into consideration outstanding
loans and liquid assets. Landlords are rigid in New York City, and cooperative buildings
can be even more demanding.
Lease Guarantors
If your salary level and total financial picture does not meet the landlord's requirements,
you will need a co-signor, or guarantor, to guarantee the lease. Landlords prefer
a family member who lives and owns property in New York, New Jersey or Connecticut.
The guarantor must earn ample income. Extensive financial documentation may be required
and paperwork cumbersome. Prepare your potential guarantor for this possibility
in advance. Employers will seldom guarantee on behalf of employees.
Internationals
If you pay taxes outside of the United States, or if you have a housing allowance
from your employer, your eligibility is evaluated differently. Discuss these areas
with your company's relocation department and with your agent.
In addition to buildings that cater solely to the rental community, there are opportunities
for you to rent co-operative and condominium apartments in the city. The conditions
attached to the leasing of these types of units are totally determined by the building
and vary considerably. Your Prudential Douglas Elliman agent can guide you through
that process and you can get further insights into these types of buildings by reading
the buyer section of this guide.
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Studio |
from $1,300 |
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Summer sublets, month to month, 3+ months |
from $2,000 |
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1 Bedroom/Junior |
from $1,700 |
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2 Bedroom |
from $2,400 |
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3 Bedroom |
from $3,100 |
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4 Bedroom |
from $4,900 |
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