It is a well known fact that the New York City Apartments Rental market moves fast. Our Rental Guide addresses the current fundamental points about finding an apartment.
We truly believe that if you’ll familiarize with the rental process you will have the most success and an enjoyable process.
As a main guideline in NYC you are expected to spend approximately 25% of your gross annual income on rent.
For Example: If you earn $100,000 per year you can plan to spend about $25,000 a year on rent.
Most landlords require that you make between 40 times the amounts of the monthly rent and that you have good credit history. With most landlords you can combine income between the two or three applicants in order to reach the amount needed.
Most leases run on a yearly basis with some offering longer frames (2-3 years).
If you have a pet please make sure to inform our agent as some landlords do not accept pets.
Necessary paper work you will need to provide:
- Letter of employment and salary verification (must be on a company letter head)
- Two recent bank statements
- Names and phone numbers of your previous landlords
- Copy of two recent pay stubs
- Copy of first two pages of last year’s tax returns
- Identification with photograph (Driver’s license or passport)
Financial consideration / Guarantors:
If your financial picture does not meet the landlord requirements you will need a guarantor/co-signer to guarantee the lease. Most landlords prefer a guarantor who lives in the Tri-State area. The guarantor will need to show the same paper work as the applicant, have a good credit history and have an ample income – usually 80 times the monthly rent.
If you do not meet the necessary income requirements and do not have a guarantor please contact an agent to discuss other possibilities such as extra security or using INSURENT.
What payments should I expect?
When applying for an apartment both you and the guarantor (if applicable) are expected to pay an application fee (between $50 – $150), a credit check will then be made and your financials will be checked and send to the landlord.
Upon approval of the landlord – Almost all applications are approved within one or two business days, you are expected to pay:
-First month’s rent.
-One to three months security deposit (usually one month)
-and broker’s commission (not all apartments will have a broker’s commission as some landlords pay the broker’s fee).
All payments should be in a form of certified check or money order.
Relocation from a different state/country:
If relocating please make sure to have the necessary funds before coming to NY.
Please be advised that if you do not have a credit history in the US and just arrived to NYC most landlords will request an additional months security - can vary between 2-6 months.
If you pay taxes outside the US or do not have Social Security Number your eligibility is evaluated differently. Feel free to discuss your situation with an agent.
When meeting one of Alpha’s agents you will be taken to see your desired apartment along with several others that meet your parameters. We advise you to contact an agent prior to your first appointment and discuss your criteria.
Alpha’s agents are highly professional, have excellent knowledge of the market and working with most landlords in NYC. This is an invaluable tool for you as your agent will negotiate the lease term for you and of course – the price.
Feel free to contact our agents to discuss any area of the process.
We are dedicated to assist you with any process of your apartment rental until you find your dream home!
The Alpha Team.