What is a no fee apartment?
A no fee apartment is a rental listing that you do not have to pay broker fee to rent. Usually, that means the listing does not have a broker or the fee is taken care of by the landlord.
What are the typical requirements for renting an apartment in NYC?
You will be required to have an annual income three times the cost of rent, as well as having a credit check, and at least three references from previous renters.
What are the steps for renting an apartment?
After you find an apartment you like, you will have to apply for the unit. An application typically includes a credit check and providing pay stubs, tax returns, a letter from your employer, a letter from your previous landlord, and an application fee.
How do I know if I am financially qualified to rent an apartment?
If you meet the income requirements for a unit, that is a good start! Aside from that, buildings may ask to see bank statements and tax returns as proof of income and ability to pay.
Can I negotiate the rental price with a landlord?
Depending on your landlord, you may be able to negotiate your lease, however they typically do not want to lower the rent. Instead, you can try negotiating concessions other than money, such as a new paint job or appliances.
When should I start looking for an apartment?
Taking availability into consideration, looking for an apartment should start no earlier than 1-2 months before your move. You want to make sure you are giving yourself time to find for an apartment that will suit you.
How long does it take to get approved after applying to a rental?
The renters application process should not take any longer than 24-72 hours.
What payments are required to sign a lease?
At lease signing you will typically be expected to pay first month's rent, last month's rent, and a security deposit. Usually a building will ask you provide these payments as certified checks.
What is a guarantor?
A guarantor is someone who acts as your co-signer on a lease. They agree to be responsible for any payments you fail to make to your landlord.
What is a rent-stabilized apartment?
A rent-stabilized apartment means that your landlord cannot offer high rent increases each year and the unit must remain affordable, as defined by the city government.