Elika with 20 years of rental experience and knowledge is a brokerage you can count on.
When you decide to find a New York City apartment for rent, it gives you security to have a trusted “agent” who specializes in the local market. Whether you are looking for a long-term apartment or short-term furnished solution from Village studio’s to a luxurious Upper East Side penthouse, Elika provides unbiased expert assistance and preferred access. Our full-service renter’s representation division caters to both Fee and No-Fee apartment seekers.
Demand, low inventory, and high prices define New York City apartments for rent. To compete effectively for apartment rentals, one needs to be prepared for the process. Elika will prepare and guide you in the search for your new home. Our experienced team helps individuals sort through the maze of required paperwork and the financial circumstances needed to finalize your new apartment. We listen to your needs and deliver.
Elika renter’s representation guides you through every step of the rental process, from evaluating your unique lifestyle needs, recommending New York City apartments for rent, to lease negotiation and facilitating your move. Every tenant is an individual, so we employ a custom approach that meets each client’s need. Whether you are looking for a charming village studio to a luxurious penthouse, Elika has the resources and relationships to make your move a smooth, stress-free experience.
Elika professionals guide you through the entire process. We will help you identify and choose from the most appropriate apartment options and negotiate the best possible terms for your selected New York City apartment rental.
Service and Fees An Elika agent will show you all luxury New York City apartments for rent that best suit your needs free of charge. Only if you decide to lease an apartment presented to you, then a commission of One month to up to 15% of the annual rent would be due upon building application approval. Fees may vary according to the deal for example if an apartment listing says NO FEE, there will be no broker fees charged at any stage. To learn more, please visit our Frequently Asked Rental Questions below or NYC Renter’s Guide.
Let Elika’s experts search, filter and send you the best available New York City Apartments for rent that match your specific housing needs: Custom Search or Call: 212-590-0540
The guide below has been assembled to help you prepare for when proceeding with a rental of your choice. Most New York City landlords require that you earn up to 40x the annual rent in yearly income also below are additional items that you will need to expedite your rental application without hassle.
Rent & Security and Brokers Fee are due in the form of certified checks, at lease signing. If you do not have a bank account established here, you may choose to bring traveler’s checks or arrange for a fund wire transfer to an appropriate account in Manhattan.
Before beginning your search for a New York City apartment rental, it is essential to understand what will be required of you when finding the ideal home.
RENTAL TERM / COMMISSION
Fewer than 2 months – 1/2 Month’s Rent
2 months and up to 6 months – 1 Month’s rent
6 months + option up to 1 year – 15% of the first annual rent
1 year or more – 15% of the first annual rent
The Manhattan rental market is marked by high demand, low inventory and prices as lofty as its imposing sky-rises. It is therefore prudent to hire an experienced real estate agent who can proficiently guide the tenant through the process of renting a New York City apartment.
It is crucial for potential New York City residents to familiarize themselves with the entire leasing process and market conditions to leverage the best deal. Here is a quick and efficient eight-step guide that will help you find the best rental home in New York City.
Step 1 – Organizing Documents and Funds
It is important for tenants to be equipped entirely with their documents and funds before they start their apartment search because the NYC apartments rental scene moves rapidly and properties can sometimes be snagged within hours of being listed.
Step 2 – Prioritize Preferences
Tenants should prioritize their requirements according to their maximum budget, since they may often have to compromise based on budgetary limitations. Making a list of the most critical search criteria walk-up/elevator helps tenants efficiently choose.
Step 3 – Fee or No-Fee
If tenants can afford to hire agents, it is a highly recommended service. Manhattan rental agents charge tenants a commission of about 15% of the annual rent. No-fee apartments can be available at times, where the commission is levied solely on the landlord. The New York City marketplace is priced accordingly for the most part, the more you spend including a fee, the better the apartment usually is.
Step 4 – The Expert Advantage
Finding a competent agent who is fully updated with the rental market, available properties and the tenant’s preferences minimizes the hassle of finding a suitable rental apartment.
Step 5 – Optimize Apartment Search
Hiring an expert agent is the best way to optimize your apartment search. To narrow down their search and find the best match, tenants should determine their search criteria.
Step 6 – The Application Process
New York City’s hyperactive real estate market requires tenants to complete application formalities right away when finding the most suitable apartment or risk losing it.
Step 7 – Signing the Lease
Leases are formal agreements that clarify the terms of the relationship between the landlord and tenant. It is important for tenants to get an experienced agent/attorney to review the lease terms. Tenants should be comfortable with the agreement terms before signing the lease.
Step 8 – The Final Move
The last step is moving into your new apartment.
In the eyes of most NYC landlords, the ideal tenant earns 40 to 50 times their monthly rent payment. Landlords, almost without exception, will require a credit report and will expect a favorable report. Securing an apartment having less than ideal financial circumstances is possible. Financial stability, however, works well for the landlord and the client when renting highly priced NYC apartments.
Application Form – The application form is the first step in the process of finding your perfect apartment. NYC management companies can provide you with the appropriate way. Don’t wait; download an Elika Associates application form and take that first step towards your new home.
Letter Of Employment – The letter of employment must use company letterhead. The letter should state position, start date and length of work, as well as annual income. This document must be signed by a person in authority. A signed offer and acceptance letter is usually not considered sufficient verification.
Pay Stubs – Copies of your three most recent pay stubs are also required as proof of income.
Tax Return – Management companies may ask for a copy of your most recent tax return. Every company, however, doesn’t ask for this paperwork. If you are self-employed or have varied sources of income, you will most likely be asked to provide a copy of your federal return. Every applicant should be prepared to submit this information if it is the company’s policy.
Landlord Reference – When trying to rent an apartment, a glowing reference from your current landlord is a great asset. Indeed, this information is often requested during the process. If you were unable to get a letter, be certain you can pass on your landlord’s name, address, and telephone number. Without a reference, a landlord might want to do his check into your history as a tenant.
Bank Statements – You are asked to provide your three most recent bank statements. Checking or savings account records are acceptable proof of your banking history. These documents will also show the status and balance of an account.
Bank Account Numbers – You may be required to enter your bank account number on the application form. The paperwork can vary slightly from company to company. It’s wise to have this information on hand – in case it is requested in an application.
References – Every landlord doesn’t require references, but it is better to be prepared for that request. In addition to a landlord’s letter, a reference from an accountant or attorney reflects favorably on you. Decide on your references and have up-to-date contact information for them.
Identification – Prospective tenants will be expected to provide copies of license or passport. Indeed, many landlords require a copy of a photo ID when signing a lease.
Funds – There are substantial initial costs involved in renting an NYC apartment. At the time of lease signing, you need available funds to cover the rent, security deposit, and broker’s fee (if any). Personal checks are not accepted to cover these costs. These funds must be in a certified form – bank checks, certified checks, or money orders.
Additional Fees – There can be additional fees which vary from building to building. Elika Associates can offer expert advice in this area.
Move-In Deposit – Every owner doesn’t require a move-in deposit. Some owners do request this fee which can range from $250-$600. This deposit is often refundable if no building damage occurs during the move.
Renter’s Insurance – Some owners insist that you have renter’s insurance.
Condo and Co-op Costs – Tenants in condos or co-op can have additional fees – move-in and processing fees as well as other charges. These non-refundable fees can range from $250-$1100.
Deposits For Pets – Many buildings are pet-friendly but can require an upfront deposit for pets – in case of any damage or other problems.
Temporary Walls – Temporary walls can mean opening your wallet for an additional deposit.
Landlords of No-Fee apartments offer commissions to brokers and then the brokerage firm, such as New York City’s best, Elika Associates, passes those savings on to you. Thus, the term No-Fee apartments! This system is far more favorable for a tenant – otherwise, as in the past, the broker’s commission would have to be paid by the renter. Keep in mind that most NO-FEE apartments are more expensive to offset the landlord’s expense and usually they less desirable than those with a Fee attached.
The rent varies according to the apartment. Monthly rental payments in NYC tend to be high but still vary as homes range from small tenements to luxury penthouses. On the average, tenants can expect to spend approximately 25% of their gross income on rental payments. If you earn $100,000 per year, you should budget to pay $25,000 for a year’s rent.
Almost without exception, credit reports are performed on every applicant and guarantor. A credit report is a critical factor in the approval process. Before the process, prospective tenants need to have their credit reports in as nearly perfect, as possible condition.
Aim for zero outstanding payments on your record. Late fees and a high revolving balance will reflect poorly on you. Delinquencies, collections, as well as unfavorable public and landlord/tenant records can end your chances. If you have bad credit, inform your agent. Knowing the complete picture allows your agent to represent you more efficiently.
Landlords deal with credit issues in different ways. Some landlords will immediately reject an application if presented with a weak credit report. Other landlords may ask that you increase the security deposit or get a guarantor.
Landlords will not accept credit reports obtained by tenants. Depending on management, credit reports/application fees can range from $25-$100. Anchor Associates is always available to guide you through the process. With our expertise, tenants save money and enjoy a stress-free experience.
A guarantor (or co-signor) is willing to guarantee your lease. Being a guarantor carries a great responsibility. If you default on your payments, a guarantor is responsible for all the terms of your lease and guarantees. This doesn’t include your rent; it consists of the entire lease – if in a share agreement.
Students or young individuals without the necessary income usually need a guarantee. If you have bad credit, management may allow a guarantor. In the case of really poor credit, a guarantor and extra security may be requested by a landlord. If you do not meet financial/credit requirements, a guarantor can be a solution. If you feel you may need a guarantor, always advise your agent so that you can receive the best possible outcome.
When renting NYC apartments, landlords prefer the guarantor to live in either New York, New Jersey, or Connecticut. You do not have to choose a relative. A guarantor needs to have proper credit and earn double the income requirements of the applicant. If the application form suggests that an applicant earn 40-50 times the monthly rent, then the guarantor must earn 80-100 times the monthly payment.
A guarantor must also complete an application form. Guarantors must present proof of income (usually tax returns) and a good credit report. Always ask a guarantor and explain the process to them before you submit their name. Guarantors typically do not have to be present at the signing of the lease. A guarantor’s cooperation can seal the deal.