The rental market in New York City has an array of options and various factors that can impact your final decision. Our guide is here to provide answers for your questions and fundamentals of apartment hunting.
WHEN TO LOOK
The rental market in New York City changes every single day. If you find the apartment you love, act fast! Get your EZ NYC representative to show your interest as soon as possible. The rental market moves the fastest, more than any other type of real estate sector. If a good deal is out there, chances are other prospective tenants have an eye on it too. Since rental units move quickly you will want to begin your search at least 6-8 weeks prior to when you would like to sign a lease.
CALCULATING WHAT YOU CAN AFFORD
In order for a building/landlord to take you in as a tenant, you must meet their financial requirements. Managements/landlords typically are looking for tenants who make 40X annually (before taxes) than the proposed monthly rent.
For example:
If you are applying to rent an apartment at $5,000/month, the management/landlord will be looking to see that you make at least $200,000 per year.
This basic requirement is the standard for most NYC rentals. If you’re looking at your financials right now and don’t see that you can match these guidelines, perhaps you may want to look into finding a U.S guarantor.
A guarantor is someone who is willing to co-sign and take responsibility and incur charges if you perform any financial misconduct (forgetting to pay your monthly rent.) For a more detailed explanation of requirements for a guarantor, scroll down!
TYPE OF PROPERTY
Prior to this journey, you will want to identify the type of property best for you. Types of properties include but are not limited to: Co-op, Condo, Townhouses, rental buildings, etc. Each type of property presents different advantages, some more suitable for you than others. It is important to distinguish your preferred building type as it will help you narrow down your search and make the most efficient use of your time. For a list and elaborate descriptions of the various types of properties in New York City, check out our list here.
CHOOSING THE RIGHT NEIGHBORHOOD
You want to make sure you rent in a neighborhood that is accessible to your specific needs. This may be a specific subway line, a school for your children, or a park for your pets. Also note location and accessibility will have an impact on rental price however you can always let your EZ NYC representative where you desire to live and what you can afford. They will be able to provide comparative analysis reports to showcase the average rental price per neighborhood with the space you require. No matter where you choose to call home, get familiar with all the options New York City has to offer.
POLICIES, AMENITIES & ESSENTIAL FEATURES
It’s important to distinguish which features will be deal make-or-breaks. You must convey to your EZ NYC real estate representative the specific details that will affect who will be willing to take you in as a tenant. The following are just a sample of points that will affect the availability of rental units you can apply to-
i Do you have any pets or are you planning to have roommates?
ii Will you be utilizing a guarantor?
iii Are you looking for a full-service building with a gym and pool?
iv Do you need an elevator in the building?
It’s essential you convey your answers to these questions at the start of your search.
APPLICATION & LEASE PROCESS
To apply for a rental apartment you and your EZ NYC representative will first fill out the application provided by the landlord or management company. You’ll be asked to provide documents including but not limited to: employment letter, copy of your recent tax returns, two most recent pay stubs, bank statement, valid photo ID, and fees to process your application and perform a credit authorization.
Filling out the application shouldn’t take more than a few minutes so the earlier you have the necessary paperwork available, the sooner you will be able to submit and get an approved application back. It could take anywhere from a day to a few weeks to hear back from management.
GUARANTORS
If you do not meet the requirements to lease a space on your own, the apartment you are applying for may be willing to take in a guarantor. You may need a guarantor if you do not make enough annually or perhaps if you’ve never had any rental experience.
This guarantor is someone who is willing to co-sign on the apartment and will be held responsible for any misconduct on your part (let’s say you don’t pay the rent, the building will expect the guarantor to incur the charges.) The need for a guarantor is mostly applicable to students or foreigners who don’t have a full-time job or someone with bad credit history.
Prior to apartment hunting- if you know you will likely need a U.S guarantor tell your EZ NYC representative as there are a selection of buildings that will not accept guarantors.
A viable U.S guarantor candidate must make at least 80x annually of the apartment’s monthly rent.
For example- If the rent is $5,000/month, the guarantor must make $400,000/year.
During the application process, the guarantor will have to provide all the same documents as the prospective renter.
WHAT IS NO FEE?
When an EZ NYC representative assists you in finding your home, they are subject to charge a broker fee. The fee is estimated to be around 15% of the total annual rent due by the prospective renter however sometimes; this fee will not be applicable to the prospective renter. So who pays the fee?
When a management company or landlord needs to find a tenant quickly, they are sometimes willing to pay the broker fee for the prospective tenant. It more profitable for them to pay the fee than to lose money each month on a vacant unit.
Thus, when a unit is advertised as no-fee the prospective tenant is almost utilizing the broker’s services “for free” or at least at no cost to them.
PAPER WORK REQUIRED & COSTS
As any other real estate transaction in New York City, there are specific fees and requirements applicable to each lease. For detailed information, click here.
EZNYC Realty is committed to the Fair Housing Act under the New York State Human Rights Law. To learn more about it, please click here.
