When should I start looking?

You should start seriously looking about 60 days out from when you want your new lease start date to be. This is a conservative number and will give you some breathing room in the case of any delays. If you are considering Condo or Co-Op buildings, they have separate board applications which need to be completed and submitted to building management for initial review before being sent to the Board for final approval. This process can take between 14 - 30 days depending on how long the application takes to submit and how long the management company and board take to review it.

What supporting documents should I gather ahead of time?

Every owner or management company is different in what they ask for. However, in order to set yourself up for success, make sure you compile and have the below documents available to submit within 24 hours or less of seeing an apartment you would like to move forward with. Every owner is slightly different in what they want to see so you can always submit what you have, and work to gather any additional documents if need be. Helpful Tip: An owner and their agent are much more likely to give preferential treatment to the first person who submits an application, provided their terms are reasonable and they have most of their material in order. Some rental buildings actually take applications (even if not fully complete) on a first come first serve basis. This will save you money, time and heartache down the road.

• Two (2) Most Recent Bank Statements

• Two (2) Most Recent Tax Returns (make sure they are signed)

• Letter of Employment or Signed Offer Letter (Make sure the letter mentions your position, start date, annual salary, any performance or relocation bonuses or housing allowance)CPA (if self employed or cannot get an Employment Letter) - Confirming annual income and assets.

• Landlord Letter of Reference (if you previously were renting)

• Copy of Photo ID

• Two (2) most recent pay stubs

• Documentation of pet vaccinations, certifications, etc. if you have a pet.

What application fees should I expect to pay?

Application fees for an apartment are limited to fees for background checks and credit checks, and should not exceed $20. The $20 limitation only applies however to licensed real estate brokers and agents of the "landlord, lessor, sub-lessor or grantor". If you are applying to a Condo or Co-op they can, and often times do, have separate application fees which range from $350 to $1,500+ depending on the level of building.

What are broker fees and how much should I expect to pay?

In New York broker fees can range from one month’s rent to 15% of annual rent depending on the situation. Ask your agent about any incentives that an owner or building may be offering which help offset this.

What are the most common types of incentives?

There are three main incentives that are most often offered on the market:

• Free Rent - A free month of rent is often added to the end of the lease, not upfront. In some cases the lease term is adjusted from the typical 12 months to 13 or 14 months. An agent or owner may also advertise what is called the Net Effective Rent (NER) online vs the actual rent you pay on a monthly basis. So for example, an apartment priced at $4,000/Month with one month of rent being offered would have an advertised NER of $3,667, $3,692 and $3,714 for 12 month, 13 month, and 14 month lease terms respectively.

• No-Fee - The second form of incentive deals with an owner covering the fee of the agent representing them, allowing their agent to advertise an apartment as a “No-Fee” apartment. An agent representing a tenant in this scenario should be able to pass some savings along to their client.

• OP - This stands for “Owner Pays”. In the case of an OP, an owner offers to pay the fee of the agent representing a tenant (often equal to a month’s rent). In this situation the owner covers their own agents’ side of the fee as well.

What income qualifications do owners look for?

Renters should have income in excess of 40X the monthly rent. If you are using a guarantor, the guarantor will need to make at least 80X the monthly rent. The majority of landlords prefer guarantors who live within the Tri-state area but they will accept those from other states as well on a case by case basis. If you are planning to move into an apartment with a roommate you should ask the manager or agent whether the landlord has any restrictions with regards to how many guarantors can/should be used.

These are only a handful of Frequently Asked Questions I come across, so if you are considering renting in Manhattan or Brooklyn please do not hesitate to reach out!