1.What is the appropriate time frame to start looking for an apartment?
Begin your search approximately 3-4 weeks before your move in date. Although we have the ability to find you an apartment in 24 hours, we strongly suggest you take a couple of weeks looking into the neighborhood(s) of your choice and compare different options. Keep in mind; the rental market in NY is one of the fastest one in the world, most apartments do not last more than 1 week on the market. If you find the right apartment then submit the application along with the required documentation right away.
2.How long does the application process takes once I have found the right apartment?
It takes most landlords around 1 week to process an application.
There are some landlords that give a response the same day.
3. What documents do I need to apply for an apartment?
After you get an idea of your exact move-in date and you have found the right apartment, the final step is to gather the required documents and submit them to the manager, landlord, or owner. Here is a list of personal/financial documents that most landlords demand:
Complete application (link to application). 3-5 most current paystubs from current employer, if you are self employed then a most recent bank statement and a CPA letter. Previous year income taxes. (W-2, 1099, 1040, ETC...) Employment Letter. (Stating income, position, time with the company, must be signed by manager or supervisor) Valid Photo Identification. (Drivers license, Passport, Green Card, ETC…) Asset Verification in the following forms: (Bank Statement, Stock portfolio Statement, proof of real estate ownership, CPA statement stating your net worth, CPA assets and liabilities statement.
4. What is the income requirement to rent an apartment?
The general income requirement is 40 times the intended rent. Some landlords have a higher income restriction which can raise the income requirement to 45-50 times the intended rent. Shares and married couples are allowed to combine their incomes to fulfill the landlords requirements. In the event you are using a guarantor, the guarantors income requirement is typically 75-80 times the rent.
5. What kind of credit history do I need to have to rent an apartment? Credit is the most important thing for most landlords. If you have or have had credit problems of any kind you might need to pay extra months rent/security in advance or use a guarantor with strong financials. Informing your agent about your credit problems will save you time and money.
6. How much is the brokers fee?
The brokers fee is 15% of the annual rent; this fee is generally paid at the lease signing date along with the 1st month rent and 1 month security deposit for the landlord.