New York City is one of the most densely populated cities in America, if not in the world. Thus the competition for housing is intense. All landlords have specific requirements that you have to satisfy in order to apply, unlikely to be found anywhere else in the world. Looking for a new apartment in New York can be a frustrating experience. To avoid wasting the time and money, stay organized and break down your search into individual steps:
Things You’ll Need:
- Application form
- Letter of employment
- Pay stubs
- Tax return
- Bank statements
- Good Credit
Step 1 : The rental apartment search can be a frustrating experience. Collected on this page are articles that cover NY properties, the search, types of available leases as well as documents you should prepare before you set out to find a new home.
Step 2 : How much can I afford?
The most common requirement is that a tenant must have an annual salary 40 to 50 times the monthly rental fee. If you are moving with a roommate or spouse, it is likely the landlord will accept your combined annual salaries. Every applicant is subject to a credit check as a part of the application process, thus if you have late payments or bankruptcies, you credit rating will suffer. In this case, you have a few options. First is to get a Guarantor, someone who will co-sign the lease and makes 80 times the monthly rental fee. The other option is some landlords will allow you to pay additional rent in advance or more security upfront, to make up for poor credit or a limited salary. If you are a newcomer to the US and do not have a Social Security number or any credit history at all, you will almost certainly need extra security, rent and/or a Guarantor who lives in the US.
Step 3 : Looking for a place:
#1:The Internet: Is now New York City’s leading information provider for real estate listing. On the Internet you can find residential and commercial listings for sale or rent, most website also provides you with real estate information at the local level to help you make better decisions in the process.
For New York City top rated Buildings visit – http://www.insideRater.com , The unique building rating section should help you find your desired space and has empowered thousands of savvy consumers by providing them with a vehicle of knowledge. You will also find data and information about your local real estate market without too much work. The delightful building rating function should make your decision making easy and fast.
For New York City apartment listings visit – http://www.insideRater.com
#2: Brokers are another common methods of finding an apartment in New York City is using a real estate broker. If you know what neighborhood you want to live in, it’s usually best to find a broker based there. Many brokers also have Web sites where you can view available apartments, sometimes even with photos and detailed descriptions.
#3: Word-of-Mouth There is good news for those who would prefer not to pay hefty brokers’ fees: a substantial number of New Yorkers find their units by word-of-mouth, mostly from friends, relatives, and co-workers. If you’re looking for an apartment, make sure everyone you know knows that you’re looking.
#4: Walking Around A small but notable percentage of movers find their apartment when they simply see a “For Rent” sign. It can pay to walk around the neighborhood you want to live in and look around.
Step 4 : Paper work:
* Application form: The first step that will start the process once an apartment is found is filing out an application form. Most management companies have their own form that needs to be used.
* Letter of employment: Must be on official company letterhead. The letter must state your position, length of employment or start date, your annual income and the letter must be signed by a person authorized to verify the information provided. Please note that a signed offer and acceptance letter is usually not sufficient.
* Pay stubs: A copy of your three most recent pay stubs.
* Tax return: Some management companies require a copy of your most recent federal tax return. A tax return is usually required when a person is self employed or if you are basing your income on several different sources of income.
Landlord letter A reference: letter from your recent landlord can always help in the process and is often required. If you are unable to get a letter, have the name, address and phone numbers of your landlord ready.
* Bank statements: Your three most recent statements from your checking account, savings account or any financial institution should do.
Bank account numbers: are often required on application forms. Have them ready just in case you need them.
* References: If you have an Accountant or Attorney you might need their numbers to put down as a reference. Think of other people that could be references in case you need them and have their information handy. Not all landlords will require letters of reference.
* Identification: Many landlords require a copy of a photo ID at lease signing.
* Credit Score and reports: are always run on every applicant and guarantor. The prices of credit reports / application fees range from $25-$100 depending on the management. Unfortunately credit reports obtained on your own are not accepted. A major part of the approval process is based on your credit report.
a good credit runs anywhere between 600 – 800
Step 5 : expenses:
* first month’s rent and broker’s fee
* security deposit (typically equal to one month’s rent or more)
* credit check fee (anywhere from $25- $100 per credit check)
* moving costs (consider the costs of hiring a moving company or moving truck)
Step 6 : Make the Landlord happy:
If you find a great apartment, fend off likely competitors by being prepared: check your own credit history and bring along a current credit agency report; if possible, ask your previous landlord to write a favorable letter of reference; and also ask your employer, co-workers, and friends if you can use them as character references (bring a list with names and telephone numbers).
Step 7 : Read the Lease!!!
It is important that you examine your lease carefully. Once you and your landlord sign it, the lease is considered executed and you have in effect agreed to every provision inside it.