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The One NYC RE Renter's Guide

Follow these steps for a smooth way to your next apartment.
1 – Be Prepared Before You Search.
Research ahead of time to determine your rental budget as well as the type of property, neighborhood, and the amenities you’d like. To evaluate your rental budget, keep in mind that New York City landlords generally require tenants to have an annual income of 40-50 times the monthly rent. If you are going to be sharing rental costs with a roommate, make sure each of your responsibilities and expenses is clearly delineated from the outset. It is also helpful to look into rental insurance to protect your rights as a tenant.

2 – Set Aside for Initial Expenses.
There will be additional costs involved before you are happily settled in your new place. Moving costs, the broker’s fee, the security deposit are typical upfront expenses aside from your monthly rent.

3 – Be Credit Worthy.
This is more important today than ever. Keep a copy of your credit report with you while you apartment shop. Although landlords will run their own credit check, you don’t want to be surprised by negative information which disqualifies you after you’ve fallen in love with a place. Pay down high credit balances or clean up errors on the report before apartment shopping. If your credit score is not favorable and not easily improved, advise your agent so they can guide you towards buildings with less strict credit requirements.

4 – Line Up Your Co-Signer, If Necessary.
If you will need someone to sign the apartment lease with you, make sure you have a cooperating guarantor before apartment shopping. Guarantors must undergo a credit check and assume financial responsibility for the lease if you default. They should be fully apprised of what is entailed so you can quickly move when you find the place you love.
5 – Ready? Start!
The optimal time to begin your search for a new apartment is 4 to 6 weeks before your intended move date. Begin by using our online search feature to discover your favorites and make a concise list of apartments you’d like to see. Viewing the multitude of apartments that are on the market will help you zero in on the criteria that is most important to you. At this stage, our agents can schedule viewing of your favorite apartments and help you find that ONE perfect place.

6 – I found the apartment I love – now what?
If the above items are already in order, you will need to fill out an application form. Most residential management companies have their own forms, which typically asks for personal items such as former landlords and employment information. You will also need a signed letter of employment on company letterhead stating your position, length of employment, annual income, as well as copies of your last three pay stubs. Tax returns may also be required, especially if you are self-employed. Letters of reference from a former landlord, bank statements, and other references are other items landlords might ask for. Good luck and enjoy your new home!