The Rental Market:
Where Do I Start?
Searching for an apartment in Manhattan is a unique experience. The most desirable and affordable apartments rent quickly and most are available for immediate occupancy. It is important to be prepared and ready to make the necessary decision.
So what do you do to make yourself "ready?"
Before you start to look for an apartment,
it's important to know what you're looking for and what it takes to get
it.
I. Know what you want:
- When do I need to move:
- What is the target date for your move?
- There is a direct correlation between when you need an apartment and when you begin your search. Apartments that are vacant are available for immediate occupancy. An occupied apartment may not be available for a couple of weeks, but the landlord will sign the lease for future occupancy. Hence, most rental decisions are made on the spot.
- Because of this, it's a good idea to start your search as close as possible to your target move-in date, and no more than a month ahead of time.
- What's the best way to do this? Reserve a day or two to see apartments with your Manhattan Apartments agent, have a general idea of your budget, and familiarize yourself with the many neighborhoods that are New York City. .
- How much can I spend:
- This is the most important question to answer when you begin your apartment search.
- As a rule, landlords require their tenants to earn an annual income of 40 to 50 times their monthly rent. Specifically, if you earn $50,000 a year, you are qualified for an apartment that rents from $1000 to $1250 a month.
- If you do not qualify for an apartment based on your salary, or if you are a student with a limited income, you will need extra rent and security and/or a "Guarantor," someone who will co-sign the lease with you (for more information, see Guarantors, below).
- If you are in a roommate situation (two or more unmarried tenants on the lease), landlords, in general, do not combine incomes; at least one applicant would have to earn 40 to 50 times the monthly rent to avoid a Guarantor situation.
- If you are married and applying for an apartment with your spouse, landlords will almost always combine your salaries.
- Where do I want to live:
- Manhattan is a city of diverse neighborhoods, all with their own unique appeal. Decide what's important to you. Do you want to be close to work, or is proximity to public transportation sufficient? Is it convenience or ambience that's most important? Do you prefer a quiet, residential neighborhood, or a bustling hub of activity and nightlife?
- It's good to be open to alternative ideas. Neighborhoods other than your "first choice" might be more affordable and offer many of the same features. (For more detailed information on specific neighborhoods, see our Neighborhood Profiles.)
- Your Manhattan Apartments agent will explain a number of neighborhood options that can meet your needs and recommend other areas that you may not be aware of.
- Remember that you are relying on our knowledge to get the
best deal.
II. Know what it takes
- Qualifications:
- In America's most densely populated city, the competition for housing can be fierce. Landlords all have very specific application requirements that are unlike any you will find elsewhere:
- Verifiable Income: The average minimum income requirement for a prospective tenant is 40 to 50 times the monthly rent.
- Good Credit: All applicants are subject to a credit check as a part of the application process. A pattern of late payments or bankruptcies may require additional payments of advance rent or security, or a "Guarantor" (see below for more information). If you're new to the country and do not have a Social Security number or a credit history, you will need extra security and rent and/or a Guarantor who lives in the U.S.
- Documentation:
- All landlords require the following documents in order to process an application:
- Application Form: You will need to provide information on past employment, previous addresses and landlord information, credit references and financial assets, including savings and checking account numbers.
- Letter of Employment: A typed document (on company letterhead) listing your salary, position, and length of employment. The name and phone number of a corporate contact for verification purposes is a must. If you are just starting a new job, an offer letter is sufficient. If you are self-employed, a copy of the first two pages of your most recent Federal tax return or a letter from your attorney or accountant will be required.
- Pay Stub: A copy of the most recent pay stub from your current employer
- Photo Identification: A valid Driver's License, Passport, or Student ID.
- Note: any co-applicant must also provide the above documentation.
- Guarantors:
- If you do not meet the minimum income requirements or have a credit
problem, a Guarantor may be required. The Guarantor, or co-signor, is
usually a family member who agrees to guarantee the terms and conditions
of the lease in case you default. Your Guarantor must earn between 80
and 100 times the monthly rent and have a solid credit history.
Many landlords require that the Guarantor live in New York, New Jersey, or Connecticut, commonly referred to as the tri-state area. Your Guarantor will have to provide the following: - * A copy of the first two pages of their most recent Federal tax
return
* If self-employed, a letter from an attorney or accountant verifying their annual income
* A completed application form as a "Guarantor" - Deposit Money:
- You will need one month's rent and one month's security to complete the application process. Payment must be in the form of a bank certified check, traveler's checks, money order, wire transfer, or cash. Landlords do not accept personal checks for the initial rent and security deposit.
- Landlords will not consider an application without rent and security. Therefore, we strongly recommend that you make the necessary financial arrangements before going to see apartments. You should also have your employment and Guarantor documentation with you when you arrive in our office.
III. Find your apartment
- Unlike most real estate brokers who first meet their clients on the street, Manhattan Apartments, Inc., welcomes clients to our office for an initial consult. During this time, we familiarize you on the current market and build a profile of your needs based on budget, desired location, types of apartments available, and other considerations. We discuss in great detail the realities of rental rates and the variety of lease options and apartment amenities available.
- During the initial consultation, our agents utilize a wide array of tools to expedite your apartment selection process. Our extensive database of available apartments is updated continuously throughout the day by means of direct contact between our listings department and the city's best landlords and management companies. The Manhattan Apartments, Inc., library is an ever-expanding collection of floor plans and on-site photographs that provide an accurate visual and spatial representation of select buildings and apartments. Together, they give you a better understanding of the market before you leave the office.
- Upon completion of the initial consultation, your agent will show you a carefully selected list of available apartments. The combination of the agent's knowledge and experience and your customized profile guarantees that the apartments you see are the apartments you want. Remember, a Manhattan Apartments, Inc agent saves you time, money, and effort.
Our goal is to find you an apartment in one day!