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 expert unbiased 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 available New York City apartments for rent, to lease negotiation and facilitating your move. Every tenant is unique, 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 an easy, 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 chosen 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 shown 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 and Renter’s Guide below.
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 upto 42x the annual rent in yearly income in addition 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 travelers checks or arrange for a fund wire transfer to an appropriate account in Manhattan.
Prior to beginning your search for a New York City apartment rental it is important to understand what will be required from you when finding the ideal home.
How much are Brokers Fees?
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
What Is Required By Manhattan Management Companies?
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. It is possible to secure an apartment having less than ideal financial circumstances. Financial stability, however, works well for the landlord and the client when renting highly priced NYC apartments.
What Paperwork Is Required By Landlords?
The application form is the first step in the process of finding your perfect apartment. NYC management companies can provide you with the appropriate form. 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 a company letterhead. The letter should state position, start date and length of employment, 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.
Copies of your 3 most recent pay stubs are also required as proof of income.
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.
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 own check into your history as a tenant.
You are generally asked to provide your 3 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. Yet it's wise to have this information on hand - in case it is requested in an application.
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.
Prospective tenants will be expected to provide copies of identification. Indeed, many landlords require a copy of a photo ID when signing a lease.
There are substantial initial costs involved in renting a 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.
There can be additional fees which vary from building to building. Elika Associates can offer expert advice in this area.
Every owner doesn't require a move-in deposit. Yet 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.
Some owners insist that you have renter's insurance.
Condo and Co-op Costs
Tenants in condominiums or a co-op can have additional fees - move-in and processing fees as well as additional 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 can mean opening your wallet for an additional deposit.
What Is A NYC No-Fee Apartment?
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 landlords expense and usually they less desirable than those with a Fee attached.
What Is The Monthly Rent In Manhattan?
Obviously, 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 spend $25,000 for a year's rent.
Are Credit Reports An Important Factor?
Almost without exception, credit reports are performed on every applicant and guarantor. A credit report is a very important factor in the approval process. Prior to the process, prospective tenants need to have their credit reports in as near perfect, as possible condition.
Aim for zero outstanding payments on your record. Late payments and a high revolving balance will reflect badly 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 in a more effective manner.
Landlords deal with credit issues in different ways. Some landlords will immediately reject an application if presented with a poor credit report. Other landlords may ask that you increase the security deposit or get a guarantor.
Credit reports obtained by tenants will not be accepted by landlords. 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.
What Is The Role Of A Guarantor?
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 guaranties.This doesn't just include your rent; it includes the entire lease - if in a share agreement.
Will I Need A Guarantor?
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.
How Do I Choose A Guarantor?
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 good 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 usually do not have to be present at the signing of the lease. Yet a guarantor's cooperation can seal the deal.
New York City in a Nutshell
Before you begin your search, it’s important to familiarize yourself with the Manhattan market. Elika’s Renters Representation can give you keen insights into the many different neighborhoods New York City has to offer, thereby helping you narrow down your search to rental apartments that are within your budget and are the best fit for your lifestyle. Manhattan is the cultural, business and social crossroads of the world, and each of its neighborhoods claims distinctive offerings in terms of schools, restaurants, shopping and recreation, amongst many other quality of life factors.
New York City is actually composed of five boroughs, with Manhattan itself taking up the smallest amount of land. However, with over one million inhabitants, Manhattan, or New York County as it also known, lays claim to being the most densely populated county in the U.S. Its boundaries include the Hudson River on the west, the East River on the east, the New York Harbor to the south and the Harlem River on the north. With its streets laid out in a grid, it is also one of the most easily navigated cities in the country.
Pick up a map of the city and you will see that Manhattan’s avenues run north to south with Twelfth Avenue being the farthest west and First Avenue the eastern-most boundary. The streets run east to west across the avenues, and as you make your way north, the street numbers increase. Fifth Avenue runs through the center of Manhattan and divides the city into its East and West sides. As a result, there is an East 57th Street and a West 57th Street. Broadway runs diagonally across Manhattan from the Lower East Side to the Upper West Side. The grid system disappears downtown, where getting around becomes somewhat more problematic, but getting lost in Lower Manhattan, particularly in areas like the West Village, can lead to some great restaurant and shopping finds.
All in the Timing
Timing is everything on the NYC apartment rental scene, and Elika’s Renters Representation can help you conduct your search during a period that is most “favorable” to renters. During the winter, most people are content to stay put, while the summer time is historically the busiest renting season, as students and recent grads descend upon the city creating a severe upswing in demand, and with it, prices. Therefore, Elika recommends that if you can put off your search, the best time to look for a rental apartment is in the late fall and winter months, when apartments are less costly. Of course, seasonal fluctuations also depend on apartment size, neighborhood and how the overall economy is doing.
To get the best deal, Elika recommends and will assist you in following the market closely by reviewing reports by data research and real estate firms in Manhattan, and by studying the apartment listings on a daily basis. Elika understands that most prospective renters don’t have the luxury of choosing exactly when they will need to get an apartment, and recommends that you start looking one month to 45 days before you need to move in. Landlords usually select move-in dates for vacant apartments on the 1st or 15th day of the upcoming month, so prospective renters should plan accordingly.
Renting Step By Step
The first thing you need to do prior to renting is determine your criteria for an apartment. Here are some factors Elika suggests you consider when thinking about a rental:
1) Size and Space: Space is a very expensive commodity in the Manhattan real estate market, so Elika recommends that you be realistic about your needs. Ask yourself such questions as how many people will I be living with? Am I amenable to sharing a bathroom or bedroom? Obviously, the more people sharing the rent, the less costly the apartment will be, but that comes at a sacrifice of privacy. Know your limits, but above all, keep an open mind. (See Appendix A for more details.)
2) Amenities: In terms of amenities, New York City apartments offer an array of choices. Some luxury buildings feature such things as laundry service, on-site gyms and electronic rent payment. More modest apartments like walk-ups have few amenities, but may be attractive because the rents are more affordable. Elika recommends that you consider compromising on things that are non-essential to you, but that you keep your own safety uppermost in your mind as your own security should be non-negotiable.
3) Neighborhood: In terms of neighborhoods, no other city offers the choices that Manhattan does. From the chic and trendy to the upscale and sophisticated, there are an array of neighborhood options. Depending on such criterion as accessibility and food shopping, the vibe may even be different from block to block within a particular neighborhood. (See Appendix B for more details.) 4) Budget: By far the most constraining factor in your search for an apartment is your budget. Before even starting your search, you need to get a clear picture of the minimum you want to pay and the maximum you can afford to pay per month. Once you have calculated your monthly expenses with rent figured in, you can get a much better idea of what apartments are in your price range.
Researching the Market
Once you have a better idea of what you’re looking for, Elika’s Renters Representation will help you thoroughly research the real estate market. This is done in the same way you would comparison shop for any other product. A good place to start is with the Manhattan Rental Market Report. Online resources can also be critical as there is a great deal of information on the rental market available on sites similar to ours at: New York City Rental Resources
If you are considering a range of options, like renting a studio by yourself or sharing a two–bedroom with a roommate, remember to set up searches for all of these options. Even if you can’t afford a studio in your favorite neighborhood, you might be able to rent in that area if you split the cost of a larger place with friends. Further, look to your friends and their real estate choices for market information and renting advice. Those who already live in a particular neighborhood are the best sources of information about it. Then, once you narrow down your search to specific properties, you will get a better idea of the types of apartments and features that mesh with your budget.
To Use a Broker, Or Not to Use a Broker
Prior to the advent of the Internet, searching for a NYC apartment on your own was a complicated and very difficult task. Now that the online world has bloomed, that is no longer the case. It is possible to do all the research you need to do online through the free online classifieds, no–fee rental sites, public real estate databases and forums that crop up every day. However, you should know that if you go it alone, the process of finding a Manhattan rental apartment can be extremely time-consuming. Brokers like Elika understand that you lead a hectic and busy life, and are always looking to save valuable time for more pleasurable activities. If you decide to search for an apartment on your own, you will be forced to spend countless hours pouring over real estate ads and arranging for apartment viewings at times that are often inconvenient for you. Further, you may waste your time checking out 15 apartments, only to find that none of them are suitable, and that you have missed out on “the one.” In addition, you’ll have to contend with everything from unreliable owners who don’t return your calls to outright scams. In short, searching for a Manhattan apartment on your own can make you want to scream.
If you decide to go with a broker like Elika, you will be spared what can seem like unrelenting aggravation. Elika will save you valuable time because our agents know exactly what is available, what apartments are worth and whether or not they meet your criteria. We will be able to select the most suitable property for you, help you prepare your application package, and if necessary negotiate a deal with the landlord. In a city where time is such a valuable commodity, such assistance can be invaluable. Another benefit of having Elika as your broker is the broad connections we have with other local professionals. We will be able to provide you with recommendations for services like movers and decorators — which can be especially helpful if you are new to Manhattan.
Even though brokers generally do not have information on apartments that you couldn’t find on your own, a broker whose personality and working style suits your own can be a tremendous asset. At Elika, our agents pride themselves on integrity and having your best interests at heart. And when it comes to searching for real estate, that’s essential.
Setting Up Appointments
Once you’ve selected a broker, you can put them to work scheduling viewings for you. All you have to do is tell your Elika rental agent the dates and times that you are available, and we will do the rest. Elika understands that you probably have a full-time job that makes mid-week viewings difficult, but keep in mind that the faster you see an apartment, the faster you can snap it up. To save time, schedule back-to-back viewings of a number of apartments in the same neighborhood (allowing yourself between thirty minutes and an hour to see each apartment). Make sure, however, that you are thorough when you evaluate the property because your first viewing could potentially be your last before you sign the lease and move in.
Keeping tabs on your appointments is vital, and can be accomplished by using a spreadsheet that contains the time, date, location and contact information for each apartment. Elika will also keep track of your appointments in such a manner. It is also important that you be on time for your appointments to show prospective landlords and your agent that you are reliable and serious about renting. Above all, it is vital that you visit each apartment that you are investigating in person. Advertisements can be deceiving, and what looks great on the Web, can turn out to be a disaster when you actually visit the place and that dream pad turns out to be a five-floor walk-up with the smells of the restaurant below wafting through the door.
The Process of Viewing Apartments
Elika recommends that when you view an apartment, you come prepared with all the information necessary to submit an application to rent it. Since Manhattan apartments are grabbed up quickly, you will then be able to submit your application on the spot and can rest assured that no one will steal the place out from under you. Plus, the landlord will see that you are someone who is responsible and savvy. Elika recommends that you bring the following things with you when you go to your apartment viewings:
1) Essential Application Information — This encompasses the name and contact information of your bank, your employer and your previous landlords. If you plan on using a guarantor, be certain to have their essential information, too.
2) Employer Verification Letter — This letter must be written on company letterhead and be signed by your supervisor. It should state your position, starting date, salary and, if applicable, guaranteed bonus. It should also detail whether or not you are entitled to a housing allowance and if so, how much.
3) Bank Statements — You should come prepared with at least the last two months worth of statements.
4) Tax Returns — In some cases, you may be asked to provide tax returns, so it is important to bring the last two years of returns with you.
5) Photo Identification — It will be necessary to show a driver’s license, passport, or some other form of government issued photo ID.
6) Monies — It is vital to bring enough money to cover the application fee(s), and, if necessary, the deposit (one month’s rent) in order to secure the rental.
7) Camera — Bringing a camera along is a good idea, especially when you are seeing a number of apartments in rapid succession and could use shots of the interiors and exteriors to jog your memory.
8) Tape Measure — It’s a good idea to tote a tape measure along in order to make sure that your furniture will fit into an apartment. Be sure to come prepared with the measurements of this furniture.
Choosing an Apartment
After you’ve seen the property available, you can decide on an apartment. Elika understands that many people only have to see an apartment once to conclude it’s the perfect place for them, but others will have to carefully weigh the advantages and disadvantages of multiple apartments. If you are doing this, you have to consider which property is at the best location in terms of such things as commuting, weekend entertainment, and traveling outside of the area. Further, you should consider whether any repairs are necessary, whether the apartment unit itself is laid out in a functional way and has space for all your belongings and whether it has ample natural light. Above all else, you must ascertain whether you can comfortably afford the rent and the cost of utilities.
Filing Your Application
Renting an apartment in Manhattan requires more than just giving basic information and writing a check. Elika’s Renters Representation recommends that you understand the qualifications necessary to rent in the city. These include:
1) Income Requirements — Most landlords require tenants to earn 40 to 50 times the monthly rent of the apartment as their annual salary. This generally refers to guaranteed income and does not include bonuses. (i.e.: If the property is $3000.00 a month, you must earn $120,000.00 to $150,000.00 a year in order to qualify to rent the apartment.)
2) Lease Guarantor — If an applicant does not meet the financial requirements the landlord may require a Lease Guarantor. This is the person who pays the rent if the tenant fails to do so. They are generally required to navigate the same application process as the tenant and earn 80 to 100 times the monthly rent. In addition, most landlords favor tri–state guarantors (people who reside in New Jersey, New York or Connecticut).
3) Application / Credit Check — This is generally a single document that will provide a landlord with all of an applicant’s required financial, professional and personal background information. (Credit checks are only applicable to US residents).
4) Application Fees — Application fees are typically required when you submit your application and range in price from $50–$100 (per application) for a rental building and anywhere from $250–$1,000 for a co–op or condo building.
5) Required Certified Monies — One month’s rent and one month’s security is generally due when you sign your lease. Landlords generally require this payment in the form of two separate certified checks or money orders. These payments can be obtained at a Manhattan bank for $10–$15. Landlords do not accept personal checks or cash, but some will allow the tenant to pay with a credit card (often with surcharges of 2-3% added to the rent and security payments). If you lack a US credit history or have bad credit, landlords will many times ask for additional security.
6) Brokerage Agreements — Since tenants pay the brokerage fees in Manhattan, it is customary to be asked to sign a fee agreement when enlisting the help of a broker. This agreement simply states that you agree to pay a fee to the broker if they help you to obtain a lease on a particular apartment. You do not have to pay a brokerage fee if you are unable to secure a lease through a broker.
7) Brokerage Fees — The brokerage fee in Manhattan can be up to 15 percent of the annual rent. This is usually required when you sign your lease. You are only responsible for this fee if you secure an apartment through that broker. Fees should always be made payable to the brokerage firm and not a specific agent. At Elika, if an apartment listing says NO FEE, there will be no broker fees charged at any stage.
8) Owner Paid Fees — In certain instances, a landlord may pay a portion of a fee to a broker. Under New York State law, the broker must notify the person responsible for paying the fee, whether that is a tenant or sponsoring corporation. Elika’s Renters Representation will help you prepare your application, double checking all requirements and following up with the leasing organization quickly to ensure that nothing slips through the cracks, particularly in special circumstances. (See Appendix C for more details.)
Negotiating and Signing the Lease
In times when the market is soft, there is an opportunity in the Manhattan rental market to negotiate more favorable lease terms. Elika’s Renters Representation can offer you expert advice and guidance as to whether negotiation is possible and how to go about it. Bear in mind, however, that even in a soft market, a landlord will walk away from a deal if it does not make financial sense. Once you have come to an agreement on terms, the lease will need to be signed by all parties, including the landlord, renter, and if applicable, guarantors.
All of the necessary documents need to be signed before you can move ahead, so if you are enlisting a guarantor from outside the area, you need to be prepared to ship documents quickly. Once the lease is signed, it’s time to make a toast—the apartment has become officially yours.
Appendix A - Manhattan Apartment Sizes
The city boasts many standard-sized apartments, but there are several types that have their own special kind of layouts. Here are descriptions of a few:
Studio — This is a one-room dwelling in which the living room and the bedroom are in a single space. In larger studios, the kitchen is in a separate room, while in others the eating area can be found along one wall in the main space. Studios are also referred to as efficiencies.
Alcove Studio — This is a one-room apartment that also offers an open area adjacent to the main space which is usually used for sleeping. This type of dwelling is also referred to as an L-shaped studio because of its configuration or a junior—one bedroom.
Flex (convertible) Two — This is a one-bedroom apartment that features a large space, typically the living room, transformed into another bedroom and a smaller living room by the installation of a temporary, also known as pressurized, wall dividing the space.
Junior 4 — This is a one bedroom apartment that features an alcove area in the living room, which is typically used as a dining room, or converted into a second bedroom.
Flex 3 - A two-bedroom apartment with an alcove in the living room that is convertible to a room.
Classic 6 — This type of apartment exists exclusively in prewar buildings, and describes a dwelling with six rooms: a living room, a formal dining room, a kitchen, plus two full sized bedrooms, and a small third bedroom, generally referred to as the maid’s room. (Classic 7s and 8s also exist, and offer one or two additional full-sized bedrooms).
Furnished Apartment — These apartments are generally leased for short periods of time—anywhere from one week to one year—and contain all the furniture, kitchenware and bathware you would need to live comfortably.
Appendix A - Manhattan Building Types
There are three basic kinds of buildings in Manhattan: Doorman, Elevator (attended and unattended) and Walk–Up (unattended):
Doorman Building — The types of buildings that offer doormen tend to be on the larger side, and offer the greatest amount of safety and security. They also afford the highest level of comfort and convenience because your doorman can do a lot for you while you’re not home, including such things as taking drop offs of packages and dry cleaning. If you are new to the city, you will quickly learn that Manhattan revolves around deliveries, and having someone who can sign for your packages can feel like the ultimately luxury. Within buildings that have doormen, there are kinds of formats: luxury high–rise, standard, and part–time doorman.
Luxury High–Rise — These kinds of buildings generally have a full around-the-clock staff consisting of multiple doormen and attendants. They often offer such amenities as hotel-type concierge service, on-site health clubs, pools, laundry service and children’s playrooms. The specific luxury amenities will vary from building to building, but will generally leave you feeling completely pampered.
Standard Doorman — These buildings generally have someone on duty 24 hours a day and offer the safety and convenience of having a doorman without the extra luxury amenities.
Part–Time Doorman — These buildings usually have doormen for day shifts, but rely on security cameras or some other type of technology to protect residents at night.
Elevator Building — These buildings do not have doormen on duty, though some may employ elevator attendants. In terms of security, convenience and price, these kinds of buildings are considered somewhere between doorman buildings and walk-ups. They often have laundry rooms in the buildings, as well as intercom systems, but the amenities stop there. Still, if these buildings are adequately maintained, they can be comfortable places in which to live.
Walk–Up Building — These buildings do not have doormen or elevators. They can be townhouses or brownstones (4–5 stories), above storefronts (usually 1-2 stories), or low–rise buildings (free standing 4–5 stories). They are the most reasonably priced kinds of apartments in the city, yet they have very few amenities. Most walk–up buildings do, however, have double door security and a few have more sophisticated features, such as intercoms and security cameras. As with elevator buildings, the quality of life in walk-ups can vary greatly depending on the degree to which they are maintained.
Appendix A - Manhattan Building Ownership
In Manhattan, there are three different ways buildings are owned and they each vary with regard to the approval process you need to go through in order to live in them, as well as other related requirements. The easiest building to move into is a rental, followed by a condominium, which has greater restrictions, and then a co-operative building, where the requirements for moving into the property can be stringent.
Rental Buildings — A single landlord owns the whole property, which can be rent stabilized or non-rent stabilized depending on the real estate laws. Landlords typically require the standard paperwork (discussed above) and a credit check, as well as one month’s rent and one month’s security deposit, for you to be approved to move in. The approval process can take anywhere from one day to one week, but usually no longer.
Condominiums (Condos) — Each unit is individually owned and can be used either as a personal residence or rented out to somebody else as an investment property. Regulations for moving into a condo are set by the board-- a governing body for the building made up of individual owners. As long as owners follow the board’s regulations, they can set their own rental price and lease length. Owners will typically require you to furnish the standard paperwork, plus whatever additional information they feel necessary for approval. In addition, applicants may be asked to supply extra paperwork that is deemed necessary by the board, but generally the board does not have the right to turn down an applicant that an owner is willing to rent to. Tenants are generally required to pay application and/or board and move–in fees, as well as additional security if required. With a condo, the approval process can take anywhere from one week to one month.
Co–operatives (Co–ops) — These buildings are similar to condos in that each unit is individually owned, but in this arrangement, individuals actually own shares in the building based on their apartment’s size and value, and not the deed to the unit itself. Co-ops tend to have the most exacting rules and regulations with regard to rentals. In addition to the standard paperwork, the co–op board almost always requires far-reaching financial and personal information. Prospective renters are also subjected to an extensive interview with the building’s co–op board, and once approved are usually required to pay large application, board, and move–in fees, as well as extra security. If you are from abroad or do not have an extensive credit history, it can be extremely difficult to get the co-op board’s approval. The approval process can take a month or more.
Appendix B - Manhattan Neighborhoods
Elika understands that when it comes to Manhattan neighborhoods, no two are the same. From Chelsea to the Upper West Side, each neighborhood has its own unique qualities. Elika’s Renters Representation will introduce you to the many enclaves that comprise Manhattan, ensure that you know how to navigate around them and help you pick the location that is best suited for you. You can visit our Manhattan Neighborhood Guide for more details on specific neighborhoods, but don’t forget that there is no substitute for checking out a neighborhood in person to get a feel for its atmosphere. By actually going to an area, you can discover firsthand its flavor and character by talking to residents and visiting stores, schools, restaurants and other local haunts.
New Yorkers may have a reputation for being gruff, but they still love to talk about themselves and where they reside. By asking a simple question like, “Do you like living here?” you can get a wealth of information that you cannot get online or by talking to a realtor. Elika Renters Representation offers neighborhood tours where you will have the opportunity to speak to residents about their experiences living in the places you have set your sights on. You’ll find that most inhabitants of Manhattan will be honest with you—perhaps too honest!
Appendix C - Special Situations
When going to rent an apartment in Manhattan, there are some special situations that you may need to be prepared to address. These include the following:
Roommates – Usually landlords will not accept more than two names on a lease. Roommates are held jointly responsible for rent and broker fees. In addition, roommates are held responsible for any other roommate's unpaid rent. Elika’s Renters Representation therefore strongly suggests that roommates sign written agreements which bind each of them to the rental fee and terms of the lease. In terms of the financial requirements for renting, landlords will often consider the combined income of the roommates, however this can vary from landlord to landlord, and you should tell your broker ahead of time if this is how you plan to qualify for an apartment. Also be aware that landlords may require a guarantor even if your combined income meets the financial requirements, so that is why you also need to notify your broker of this circumstance.
International Tenant — If you pay taxes outside of the United States, or if you have a housing allowance from your job, your qualifications are assessed differently. If this is the case, you can consult with Elika’s Renters Representation about the financial resources you will need to become eligible to rent. Without a U.S. rental history, many of those relocating from abroad are required to pay additional security. Some landlords may even require as much as 6 months to one year of rent to be paid in advance depending on your particular circumstances.
Pets — Your four-legged canine friend can sometimes prove to be your worst enemy when it comes to obtaining an apartment in Manhattan. Most landlords in New York City do not accept dogs over twenty pounds, and in many cases even frown upon smaller dogs, cats and other small domestic animals. If you have a pet or plan on getting one, your choice of apartments may be limited, so you should definitely alert your broker to this situation.
Walls — Since it’s often difficult to find affordable two-bedroom apartments, many prospective tenants look for one-bedrooms that can be converted into two by the installation of a temporary wall. Elika knows of several reputable businesses in Manhattan that will deliver and erect a wall for a fee. However, many landlords do not allow these shares, so you should advise your broker if you plan on going this route. Be aware that you are often responsible for removing the wall at the end of your lease
Contact an experienced and knowledgeable rental agent for a free consultation.