New York City Apartment Rental Q & A

• Question Is a NYC landlord responsible for telephone or cable installation in a newly renovated apartment.
• Answer No. A NYC landlord is not responsible for telephone, cable or any other utility installation.
  
• Question What is the best time of the month to look for a NYC apartment?
• Answer The last 3 to 5 days of a month and the first 7 to 10 days of the following month is when you'll have the largest selection of apartments to choose from. However most of the apartments are empty so landlords will want to start the lease right away. If you wait till the middle of the month, you can get a lease start date for the first of the following month. However you will have less apartments to choose from.
  
• Question How fast is the approval process for one of your apartment listings?
• Answer Generally I can get an approval within a couple of hours (during the work week) if you're prepared. If you do not have a job, proper paperwork or good credit, it will take longer for an approval.
  
• Question How much is the security deposit for a NYC apartment rental?
• Answer Generally the security deposit for an apartment is one months rent. Sometimes a landlord may ask for more, contact me for more information.
  
• Question What utility bills will I be responsible for as a NYC tenant.
• Answer Heat and hot water is included in the rent for most of the apartment listings I work with. The utilities you will be responsible for are telephone, cable, gas and electricity.
  
• Question How much money should I bring with me?
• Answer To take one of my listings off the market I'll need a $300.00 to $500.00 cash deposit. I'll give you a receipt for the deposit and it will be deducted from future monies you owe.
  
• Question Is the landlord responsible for the apartment door locks?
• Answer No. The new tenant must install apartment door locks. If the previous tenant left a lock, GREAT! However I recommend changing the cylinder in that lock.
  
• Question When should I begin my New York City apartment search?
• Answer You should begin your search about three to four weeks prior to your move date. Most of my apartment listings are empty. Therefore the landlord is looking for immediate occupancy.
  
• Question How much rent can I afford?
• Answer Generally NYC landlords look for between 42 to 52 times the monthly rent as a qualifying income, scale. However this is often dependant on length of employment, credit, etc. There are exceptions to this, contact me for more information.
  
• Question What is a guarantor?
• Answer A guarantor is someone who cosigns the lease with you. If you need a guarantor most NYC landlords require them to live in the tri-state area (New York, New Jersey, Connecticut) and show enough income to cover their expenses as well as your rent. Remember if you need one, a guarantor is not an advantage, it is a basic necessity and is not a substitute for bad credit. There are exceptions to this, contact me for more information.
  
• Question Do I need a guarantor?
• Answer There are many reasons why a person may need a guarantor. The most common ones are, no employment (students), new employment, low salary, credit problems, etc.
  
• Question Does my guarantor need to be with me in New York while I'm looking at apartments?
• Answer No, all of the paperwork can be faxed or express mail.
  
• Question I don't earn a lot of money or I have fair credit, but I have a lot of money in the bank. Is there a way to get an apartment?
• Answer Some Manhattan landlords will accept extra security or prepayment of rent. Sometimes this is a way to secure an apartment if your salary is low or your credit is not great.
  
• Question Can I find an apartment on my own, without a broker?
• Answer Yes, you can find an apartment without a broker. If you are not a "perfect candidate" for an apartment it will be difficult. Also the rent on a "no fee" apartment will generally be higher than an apartment found through a broker. A broker will generally save you a lot of time, get you a lower rent and can work with/around small problems in an application.
  
• Question How much is the broker's fee or is there a broker's fee?
• Answer The standard rental broker's fee in New York City is 15% of the annual rent. Some brokers charge more and some brokers charge less. I'm flexible, call me for more information. I also have apartment listings with no broker's fee. These listings have "No Fee" in front of the apartment description.
  
• Question I have a pet, is that a problem?
• Answer If you have a dog, it will narrow your selection of NYC apartments down to about 15% of what's available. I do work with landlords that will accept dogs. Those listings will have "DOGS OK" in the description. A cat or other animal generally is not a problem.
  
• Question Is the apartment I want in a safe area?
• Answer Nobody can guaranty you 100% safety. I generally tell people, if you feel comfortable with the area the apartment is in, it is probably OK. If you do not feel comfortable with the area the apartment is in, don't take the apartment.
  
• Question My friends told me the landlord has to paint the apartment I just rented.
• Answer A New York City landlord is only responsible for painting a rent stabilized apartment once every three years. A New York City landlord is not responsible for painting a non-stabilized/coop/condo rental apartment.
  
• Question What are the basics, financially, I'll need to get a New York City apartment?

Answer The basics are first month's rent, one month security, broker's fee (if applicable), processing fee/credit report.