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HOW TO RENT AN APARTMENT IN MANHATTAN
When to Start Looking for Manhattan Rentals
It is a good idea to begin your New York City apartment rental search four to six weeks before you actually want to move in to (or start paying rent). Most landlords list their vacancies for a Manhattan apartment one month before the available for occupancy date. In the case of construction or uncooperative tenants, be prepared to see a "similar" unit in the building as an example of an available apartment. Many of our landlords will allow you to apply for a New York City apartment rental you have not actually seen, allowing you to get a jump on the competition. In this case you will not be required to sign a lease until after you have seen the actual New York City apartment rental or Manhattan apartment you are applying for.
How to Compete for Manhattan Rentals and Apartments in New York City
Competition for a New York City rental apartment or Manhattan rentals can be intense, especially for special apartments in New York City or a Manhattan apartment that is a really good deal. It is highly recommended that you be prepared to move as quickly as possible. Most landlords will not hold a New York City apartment rental without a complete application. If you submit half or three quarters of what is required for a NYC or Manhattan apartment and then scramble to get everything else together you stand a chance of loosing the apartment to someone else.
Housing laws in New York City favor the tenant. Therefore, landlords require a very thorough application process which at times can seem somewhat intrusive. Here is what you will need to prepare:
1. Money: Prepare to have the first month's rent and one to two months' security deposit available in a New York City bank. Some landlords expect rent and security in certified funds (refundable if you are turned down) at the time you make application. If you are from out of town, make arrangements to have your money immediately available. Ask your bank for wiring instructions if you think you will need to wire money from an out of town bank. You should also expect to pay some sort of processing fee, usually $50 to $100 per applicant.
2. Proof of Income: The landlord wants to know how you will pay the rent and he wants to see proof. Have ready the following:
-- Last two years' tax return.
-- Last two years' W-2 or equivalent.
-- Letter from your CPA if you are self-employed.
-- Letter of employment written on company letterhead and stating your salary, expected bonus, position, length of employment.
-- Last two pay stubs.
Most landlords require an annual income of at least 40 times the monthly rent. If your income is less than this multiple, in some cases you can offer extra security, prepaying of rent or a guarantor. For those individuals with lots of assets but a low paying job, the next item is very important.
3. Proof of Assets: The better a candidate can look on paper the more favorably he/she will be looked upon by the landlord. It is important to come prepared with the following documents:
-- All recent bank statements.
-- All trading accounts, stock portfolios, etc.
-- All statements regarding any other liquid assets, trust funds, etc.
-- Proof of ownership of any income property.
-- Letter from CPA stating expected yearly income and net worth (for self employed individuals).
4. Landlord Reference Letter: Ask your most recent landlord to write a brief letter stating that you have been a good tenant and that you have paid your rent on time. If you are a member of a Condo or Coop association, have them write a letter for you stating that you are a tenant and member in good standing.
5. Credit Report: Get a look at your credit report before you start the process to identify any potential problem areas. Sometimes things will appear on a credit report that do not belong there. You will be able to prepare an explanation before the landlord sees the problem. Tell METROPOLIS about anything on your credit report that you think might be a problem. There are steps we can take to help you in your application to the landlord. Even if you have a copy of your credit report, the landlord will most likely run their own credit report and/or a Housing Court report on you.
POTENTIAL PROBLEMS
1. No credit: If you are from outside the U.S. or very young, you may not have credit established. Some landlords may object to this. Speak to METROPOLIS about what steps may be taken.
2. No Social Security Number: Most landlords require tenants to have a Social Security Number. For those new to the U.S., it is a good idea to begin the application process for a Social Security Number as soon as possible.
3. Bad Housing Court Report: If a landlord runs a Housing Court Report on you and finds that you have had a conflict with a landlord in the past, this could be a problem. Even if you were in the right, some landlords will not be favorable to your application. If you have settled a conflict amicably with a previous landlord, have the landlord write a letter stating that fact.
4. No verifiable income: If you have no verifiable income, prepare to prepay rent, sometimes up to a year in advance. Not all landlords will go for this. Speak to METROPOLIS immediately if you have this special circumstance. We can work with you.
5. Diplomatic Immunity: Most landlords in New York City will not rent to individuals with diplomatic immunity. Over the years we have identified landlords who will rent to diplomats. Speak to METROPOLIS immediately if you have this special circumstance. We can work with you.
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Metropolis Real Estate of Manhattan | 167 Lexington Avenue Suite 100 | New York, NY 10016
Tel: 212.696.1900, Fax: 212.696.0220 | Email: info@metropolisre.com
Our Connecticut Branch:
1200 Summer Street, Suite 105, Stamford, CT 06905
Tel: 203.653.1406, Fax:203.653.7219
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