We, at Alpha Properties NYC, understand how complex the process of finding an apartment in Manhattan can be. Hence we put together most frequent questions renters ask. Please understand that some of the answers are applicable to most buildings but not all. Policies may vary from building to building and management to management. Please consult with your Alpha agent for up to date accurate information per building before applying.
· What are the necessary paperwork I will need in order to rent an apartment?
A copy of a photo ID, letter of employment with salary verification (must be on a company letter head), recent bank statement, two recent pay stubs, most recent tax returns or W2 form. If you are self employed, you need to provide a letter from a CPA or accountant verifying your position and annual income.
· What is included in the rent?
In most buildings, heat and water are included. Electric and if applicable, cooking gas, is usually not included in the rent.
· What are the lease terms?
Most New York City leases are ONE year long.
· How much do I have to earn to be approved for an apartment?
Your gross income should equal to 40 times one month's rent. Some landlords are more flexible with this requirement. If this financial condition cannot be met, a guarantor may be sufficient. Please be advised that some landlords require a guarantor regardless.
· Can any person be my guarantor?
Yes. However, guarantors who are residents of New York state or Tri-State area are looked at more favorably. Guarantors should have good credit history and meet the same minimum requirements as the applicant; however, some landlords require the guarantor's gross income to equal 70 times one month's rent and sometimes more.
· What would be considered a good credit report?
A major part of the approval process is based on your credit report. If your credit report shows charge-offs, judgments or a pattern of late payments, you will have difficulty renting an apartment. To counteract bad credit, most NYC landlords are willing to accept guarantors, additional rent up front or extra security deposits.
Please make sure to inform your agent if you have issues associated with your credit.
· Once I applied for an apartment, how long would it take until final approval?
It varies between few hours and few days. If all the necessary paperwork is in, approval is expected much quicker.
· Once I am approved for the apartment, when is the lease signing?
Lease signing take place within approximately 24 hours of application approval, regardless of the commencement of the lease.
· What exactly do I need to bring to lease signing?
You will be required to provide the first month's rent and one month security deposit in the form of a bank check, certified check, money order or cash only. Additionally, you must redeem the broker's commission at lease signing via bank check or certified check. . NO PERSONAL CHECKS
· Is the security deposit refundable?
Yes, upon the conditions of the lease, the security deposit is refundable at the end of your lease term less any damages except normal wear and tear.
· Can I paint the walls?
Yes, however they must be restored to the original color before you vacate. If you decide to leave the walls painted you may be penalized.
· Can I put up a wall?
Most landlords allow tenants to construct pressurized walls, not permanent ones. Most landlords require that upon vacating the apartment it must be restored to its original condition.
· Is the building pet friendly?
Most buildings allow pets. Please make sure to inform your agent the bread and weight of your doggy.
· Can I sublet my apartment?
For the most part you cannot however some landlords are flexible and would allow a sublet.