Guide to Renting New York City Apartments

New York City Apartments for Rent

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 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.
 

WHAT IS ELIKA RENTER’S REPRESENTATION?

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 below or NYC Renter’s Guide.
 

READY TO FIND A HOME?

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

 

NEW YORK CITY APARTMENT RENTAL CHECKLIST


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.

Required Documents needed for Rental Applications

  1. Letter from employer stating position, length of employment as well as salary.
  2. Tax returns from the last two years
  3. Last two pay stubs
  4. Guarantor (If salary does not qualify for 42x monthly rent)
  5. Verification of assets such as equities, real estate etc
  6. Bank statements form the last two months
  7. Name, address and phone number of previous landlord
  8. Two business reference letters
  9. Two personal reference letters
  10. Photo identification ( passport or driver’s license)

Funds Needed

  1. First month’s rent
  2. Last month’s rent
  3. One Month Security deposit (Security deposit depends on credit check and income etc)
  4. Application fee ($50 – $200) per applicant
  5. Brokerage fee (15% of the annual rent) if applicable,

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.

Before beginning your search for a New York City apartment rental, it is essential to understand what will be required from you when finding the ideal home.

 

FREQUENTLY ASKED RENTAL QUESTIONS


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?

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 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.

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 identification. 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 condominiums or 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 – Temporary walls can mean opening your wallet for an additional deposit.

What Is An 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 landlord’s 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. 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 payments 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 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 guarantees.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 typically do not have to be present at the signing of the lease. A guarantor’s cooperation can seal the deal.

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