APTS FOR RENT IN NYC: HOW TO GUIDE
When to Start Looking for Manhattan Apts For Rent
It is a good idea to begin your New York City apts for rent search four to six weeks before you actually want to move in to (or start paying rent). Most landlords list their vacancies for one month before the occupancy date. Often you will be able to view a similar unit in the building if access is not possible for the actual apartment coming up. Many landlords will allow you to apply for a New York City apartment rental sight unseen, allowing you to get a jump on the competition. It’s a good idea not to sign a lease until after you have seen the actual apartment that you will occupy.
How to Compete for New York City Apts For Rent
Competition for a New York City apts for rent can be intense, especially for a really good deal. It is highly recommended that you prepare yourself to move as quickly as possible. Most landlords will not hold an apartment for you without a completed application. If you submit a partial application (missing some of the required documents) someone else could end up with your apartment!
Housing laws in New York City apts for rent 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. Prepare to have the first month’s rent and one to two months’ security deposit available in a New York City bank. Most landlords expect rent and security in certified funds at the time you make the 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.
[tabby title=”Proof of Income”]
2. The landlord wants to see proof of how the rent will be paid. Have ready the following:
— Last two years’ tax return.
— Last two years’ W-2 or 1099.
— 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 for apts for rent in NYC 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, prepayment of rent or a guarantor. For applicants with low income, assets can play a key role in getting approved.
3. It is essential to show all assets when applying for apts for rent in nyc. The more documented assets submitted to the landlord, the better the chance of a quick approval. 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. For apts for rent in NYC 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 Co-op association, have them write a letter for you stating that you are a tenant and member in good standing.
[tabby title=”Credit Report”]
5. Credit Report: Get a look at your credit report before you start the process of finding apts for rent to identify any potential problem areas. It is not unusual for errors to appear on a credit report that could negatively impact the FICO score. If this is the case, it is best to prepare an explanation for the landlord of the NYC apts for rent beforehand. Tell METROPOLIS about anything on your credit report that you think might be a problem. Often 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 apts for rent landlord will most likely run their own credit report and/or a Housing Court report.
[tabby title=”Potential Problems”]
1. No credit: If you are from outside the U.S. or very young, you may not have credit established. Some landlords for apts for rent will have a problem with this. Prepayment of rent and/or extra security deposit on the apts for rent can often remedy the problem. Speak to METROPOLIS about what steps may be taken.
2. No Social Security Number: Most landlords with apts for rent 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. Housing Court Report: If a landlord with apts for rent 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 with apts for rent will strongly frown upon any sort of legal conflicts in the past. If you have amicably settled a conflict with a previous landlord of apts for rent, have him/her write a letter stating that fact. It might help.
4. No verifiable income: If you have no verifiable income, prepare to prepay rent, sometimes up to a year in advance. Not all landlords with apts to rent will go for this. Speak to METROPOLIS immediately if you have this special circumstance. We can work with you.
5. Diplomatic Immunity: Most landlords of apts for rent 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.
APTS FOR RENT IN NYC EXPLAINED.