Ideally, the best time to begin searching is approximately 30 days prior to your move in date.
When meeting with your realtor, please bring the following documentation: a recent credit report (one can be done for you in the office), letter of employment, recent bank statement, 2-3 of your most recent pay stubs and recent tax returns. Please consult with your agent, as many landlords have different qualiﬁcation procedures.
A tenant’s annual income typically must equal 40 times the monthly rent.
The length of time varies. A rental application can take as little as one hour, or 2 days to be approved. A co-op sublet can take 2 weeks, depending on when the board meets.
At the discretion of the landlord, some buildings allow guarantors with New York State residence only, while others allow Tri-State area residence. However, certain landlords will accept a guarantor from anywhere in the United States.
A guarantor typically must earn an annual income that is 75-90 times greater than the monthly rent in most buildings.
For the most part, buildings usually include heat and hot water. Tenant must pay gas and electricity. However, please consult with your agent because this may vary from building to building.
A deposit is usually one month’s rent, though it can vary in each building. The money is used in the event that damages are incurred to the apartment. The deposit money may not be used to pay the last month’s rent.
Typical lease terms are one or two years.
Rent-stabilized units in New York City are those apartments in buildings of six or more units built between February 1, 1947 and January 1, 1974. Tenants are entitled to receive required services, to have their leases renewed, and may not be evicted except on grounds allowed by law.
If you are relocating from outside of New York, prepare your funds ahead of time. Landlords will not accept personal out-of-state checks. Bring traveler’s checks or certiﬁed bank checks in amounts sufficient to cover two months’ rent, any brokerage fees, a credit check fee, and any additional fees such as a move-in/move-out fee or building application fee.