Here are some tips to help you rent a great apartment:
Decide How Much You Want
to Spend Each Month:
Most people spend about 25% of their monthly gross (pre-taxes) on their rent. Typically landlords require a tenant to earn between 35-40 times the monthly rent on an annual basis. Remember that utilities such as electric and cable are additional costs. If you do not meet the necessary financial requirements or do not have credit history, you may need a guarantor or co-signer. Guarantors should typically earn 85 times the monthly rent and must also have good credit history. Landlords prefer guarantors who live in the Tri-State area. Please keep in mind that as markets change so do landlord expectations.
After deciding on your neighborhood and a price point begin your search with your rental specialist. The average renter will view between 7-10 apartments before submitting an application. Renters should begin their search 30-45 days before the intended move in date. Rentals can be negotiable, however.. if you find something that works do not hesitate to make an offer!
Submit an Application:
A typical application requires the potential renter to submit employment verification (stating salary, bonuses-if any, position, and start date), a landlord reference letter, and a current bank statement. Landlords will also need a social security number in order to review your credit history. If you do not have a social security number or have credit that is unsatisfactory you will need a guarantor. Some landlords may also ask for additional security. Most buildings have application and move-in fees. Your agent will notify you of these fees prior to your submitting any paperwork.
The Lease Signing:
Be prepared at the lease signing to issue checks. Most often the landlord will want one month's rent and one months security deposit (against damages). Broker's fees are typically 15% of the first year's rent and one month's rent for a short-term lease of 3-6 months. In certain circumstances, an owner or landlord will pay
the broker's fee. Your agent is obligated to notify you if this is the case. Please remember that your employer may have arranged a discounted rate that you should speak with your agent about. Your agent will always be present during the lease signing to answer any questions. If the lessee requires a guarantor then he/she must also sign the lease and any attached riders. If unable to attend, the guarantor must have his signatures notarized.
Make sure you have scheduled a move-in time with the building. You may need to secure the elevator in certain buildings. Your agent can supply you with a list of phone numbers for you to turn on your utilities. If you have not already received your keys, your agent will notify you on how he/she will get them to you. Your agent will assist you with any other questions or concerns you may have. Mission accomplished. Congratulations!