Rent Your Dream Apartment
Finding a New York City apartment to rent can be a complicated process. With strong demand and limited inventory, you can find yourself in a highly competitive environment. Increase your chances by enlisting the services of a qualified rental agent. Elika agents can do just that, and provide the full range of our services no matter what you’re seeking. Whether it is a long or short-term rental you’re looking for, a charming Village studio, or a luxury Upper East Side penthouse, we have you covered.
An Elika agent would love to help and guide you in finding the ideal apartment. Our experienced team knows how to find the best apartments and organize the necessary paperwork.
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How to Rent an Apartment in New York City
Before you begin your search for an apartment for rent in New York City, it is essential to familiarize yourself with the rental market. Seeking the help of an experienced rental broker can give you keen insights. Including different neighborhoods, New York City has to offer. A rental agent can help narrow down your search for rental apartments that are within your budget and are the best fit for your lifestyle.
New York City is the cultural and business crossroads of the world. Each of its neighborhoods provides unique offerings regarding schools, restaurants, shopping, and recreation, amongst much other quality of life factors.
The guide below helps you get ready with the necessary paperwork and what to expect. Please note; most New York City landlords require that you earn up to 40x the annual rent in yearly income. Furthermore, below are additional items that you’ll need to expedite your rental application without hassle.
How much is the broker fee?
How much is the broker’s fee? You will be happy to know that our agents will show you the best apartments that suit your needs entirely free of charge. You will only ever pay a broker fee if you decide to lease an apartment that we have found for you and once the lease is signed.
The broker’s fee typically ranges from one month’s rent to 15% of the first year’s rent. This fee split amongst the listing agent and the tenant’s agent.
What You Will Need to Rent an Apartment and Get a Lease
- Letter from employer stating position, length of employment, as well as salary.
- Tax returns from the last two years
- Last two pay stubs
- Guarantor, when needed
- Asset Verification – equities, real estate, etc
- Bank statements from the previous two months
- Name, address and phone number of the previous landlord
- Two business reference letters
- Two personal reference letters
- Photo identification (passport or driver’s license)
- First month’s rent
- One month Security deposit
- Brokerage fee ( 1 Month’s Rent or 15% of the annual rent), if applicable
Step-by-Step to Renting an Apartment in NYC
The first thing you need to do before renting is determining your criteria for an apartment. Here are some factors we suggest you consider when thinking about a rental.
Rental Agent versus Going it Alone
Before the advent of the Internet, searching for an NYC apartment for rent on your own was a complicated and challenging task. Now that the online world has bloomed, that’s no longer the case. It’s now possible to do all the research you need to do online through various websites, no–fee rental sites, and public real estate databases.
However, you should know that if you go it alone, the process of finding an NYC apartment for rent can be extremely time-consuming.
If you decide to search for an NYC apartment for rent on your own, you’ll be forced to spend countless hours poring over online rental listings and arranging for apartment viewings at times that are often inconvenient for you.
Further, you may waste your time checking out 15 NYC apartments for rent, only to find that none of them are suitable and that you have missed out on “the one.” Also, you’ll have to contend with everything from irresponsible landlords who don’t return your calls to outright scams.
In short, searching for am NYC apartment for rent on your own can make you want to scream.
Hiring a Rental Agent
If you decide to go with a rental agent to help you find an NYC apartment for rent, you’ll likely need to pay a broker’s fee. Broker fees range from 1 Month to 15% of the first year’s rent. However, the broker, if experienced, will spare what can seem like unrelenting aggravation. Experienced rental agents will save you time because they know exactly what’s available, what apartments are worth, and whether or not they meet your criteria.
Agents will be able to select the most suitable apartments for you, help you avoid scams, help you prepare your application package, and 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 an experienced agent is the connections they have with other local professionals and landlords. Also, they’ll be able to provide you with recommendations for services like movers and decorators. It can be especially helpful if you are new to New York City.
Determine Your Budget and How to Qualify
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. As well as the maximum you can afford to pay per month.
Once you’ve calculated your monthly expenses with rent figured in, you can get a much better idea of what apartments are in your price range.
To qualify for a New York City rental, most brokerages and landlords require that you make 40-50 times the monthly rent in annual income.
Choosing a Neighborhood(s)
Regarding areas, no other city offers the choices that New York City does. From the chic and trendy to the upscale and sophisticated. Depending on such criterion as accessibility and food shopping, the vibe may even be different from block to block within a particular neighborhood.
When it comes to Manhattan neighborhoods, no two are the same. From Chelsea to the Upper West Side, each community has unique qualities. Rental agents will introduce you to the many enclaves that comprise New York City, ensure that you know how to navigate around them, and help you pick the location that is best suited for you.
If you’re looking to spend less money for more space, you might want to consider Brooklyn, Queens, and the Bronx.
You can visit online guides for more details on specific neighborhoods. Recommended you go for a walk around the area in person to get a feel for its atmosphere. Going to a block, you can discover firsthand the flavor and character by talking to residents, 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 an agent.
Decide on the Size of the Apartment You Need
Space is a precious commodity in the Manhattan real estate market. Therefore, you must be realistic about your needs. Ask yourself such questions as how many people will I be living? Am I amenable to sharing a bathroom or bedroom? 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 and be ready for compromise.
Pick the Essential Amenities to You
Regarding facilities, 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. Walk-up rentals have fewer amenities and can be more affordable. Consider compromising on things that are non-essential to you. But keep your safety uppermost in your mind as your security should be non-negotiable.
Research the Rental Market
When 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 more significant place with friends.
Furthermore, 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. Once you narrow down your search to specific properties, you’ll get a better idea of the types of apartments and features that mesh with your budget.
Organize and Schedule Viewings
Once you’ve selected a broker, you can put them to work scheduling viewings for you. All you have to do is tell your rental agent the dates and times that you are available, and we will do the rest. 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 quicker you can snap it up.
To save time, schedule back-to-back viewings of some apartments in the same neighborhood (allowing yourself between thirty minutes and an hour to see each apartment). However, make sure 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. Agents will also keep track of your appointments in such a manner. It’s also essential that you be on time for your viewings to show prospective landlords and your agent that you are reliable and serious about renting.
Above all, you must 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 visit the place. Suddenly that dream pad turns out to be a five-floor walk-up with the smells of the restaurant below wafting through the door.
Be Prepared When Viewing Apartments for Rent
We highly recommend when viewing an apartment that you come prepared with all the information necessary to apply to rent it. Since NYC apartments for rent move quickly, you’ll then be able to submit your application on the spot to stop someone stealing the apartment out from under you. Plus, the landlord will see that you are someone responsible and savvy.
Choose the Right Apartment for Your Needs
After you’ve seen the many NYC apartments for rent available, you can decide on one. Many people only have to look at apartments once to conclude it is the perfect place for them. Others will have to weigh the advantages and disadvantages of many apartment rentals carefully. Doing this, you have to consider which property is at the best location; regarding such things as commuting, weekend entertainment, and traveling outside of the area.
Furthermore, you should think whether any repairs are necessary, whether the apartment unit itself is laid out functionally, 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.
What documents are required when renting an apartment?
Required documents can vary depending on the landlord. However, most will need the following list of items to proceed with a rental application: Letter from employer stating position, length of employment, as well as salary. Bring the following documentation when viewing apartments or have ready on a cloud drive.
- Tax returns from the last two years – Last two pay stubs.
- Guarantor (If the salary does not qualify for 40x monthly rent).
- Asset Verification – stocks, real estate
- Bank statements form the last two months.
- Landlord reference letter including; Name, address, and phone number of the previous landlord.
- Two business reference letters.
- Two personal reference letters.
- Photo identification such as passport, driver’s license.
- Tape Measure
A good idea to bring along a tape measure to make sure that your furniture will fit into an apartment. Be sure to come prepared with the measurements of this furniture.
Frequently Asked Rental Questions
Why use a Rental Broker?
At this point, you might be asking yourself, do I need an agent to find a rental apartment? In short, yes. The process can be tricky even for those with experience, which is why tenant representation is so important. Elika renter’s representation; guides you through every step of the rental process.
Our trusted agents will evaluate your lifestyle needs and only recommend the best available apartments for your needs. We will also handle lease negotiations as well as help you with resources to make your move smooth. Every client is an individual; we employ a custom approach that meets each client’s needs. Whether you’re looking for a beautiful village studio or 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’ll 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.
What Is the monthly rent In Manhattan?
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 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.
What is No-Fee?
Landlords of No-Fee apartments offer to pay the broker commission themselves. They have done this to get more potential tenants through the door and secure a full apartment in a short time. Brokerage firms like Elika Associates will then pass those savings right onto you. Thus, the term No-Fee apartments. This system is far more favorable for a tenant as it means not having to pay the broker’s commission. However, keep in mind that NO-FEE apartments tend to be more expensive. Due to the price raised to offset the landlord’s expense of paying the broker commission. No-fee apartments are also usually less desirable than those with a fee attached. Otherwise, they shouldn’t have a problem getting potential tenants through the door.
What is required by building management companies?
Rent payment. Landlords, almost without exception, will require a credit report and will expect a favorable report. Despite that, securing an apartment with less than ideal finances is still possible. That said, financial stability still works well for the landlord and tenant when renting high priced NYC apartments.
Are credit reports required?
Almost without exception, credit reports performed on every applicant and guarantor. A credit report is a critical factor in the approval process. Before the application process, prospective tenants need to have their credit reports in as near perfect condition as possible. By all means, aim for zero outstanding payments on your record. Adversely, late fees and a high revolving balance will reflect poorly on you. Likewise, delinquencies, collections, as well as unfavorable public and landlord/tenant records can end your chances. If you have bad credit, then inform your agent. Knowing the complete picture allows your agent to represent you more efficiently.
Landlords deal with credit issues in different ways. For instance, some landlords will immediately reject an application if presented with a weak credit report. Conversely, 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.
What is a Guarantor?
A guarantor (or co-signor) is someone willing to guarantee your lease. If a landlord feels uncertain of your ability to keep up with rental payments, then they ask for a guarantor. For this reason, being a guarantor carries a great responsibility. If you default on your payments, then a guarantor is responsible for all the terms of your lease and guarantees. It doesn’t just include your rent. It consists of the entire lease agreement.
Will I need a Guarantor?
Students and other young people on a low income will usually need a guarantor. Bad credit is undoubtedly a problem when finding a home, but it’s not the final nail in the coffin. Anyone with terrible credit will be asked by the landlord for a guarantor to secure the apartment. If you think you may need one, then advise your agent of this as soon as possible. That way, they can work with you to get the best possible outcome.
How to 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. To begin with, a guarantor needs to have proper credit and earn double the income requirements of the applicant. If the application form suggests that an applicant makes 40-50 times the monthly rent, then the guarantor must have an income of 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. Given these points, a guarantor’s cooperation can seal the deal.