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Apartment Rentals
Please read this information before calling our office... The more
informed you are when you call, the better we will be able to serve you.
The following information represents a typical apartment rental scenario,
but does not represent every rental.
Our Service
| The Application Process | The
Guarantor
Credit & Housing Checks | Broker's
Fee | Total Cost | Available
Apartments
Our Service
We specialize in unfurnished apartment rentals for your short or long
term needs. Most of our listings are exclusive.
With millions of people trying to rent apartments in New York City every
year, landlords can afford to be selective. Most apartments require an
extensive application process, after which you are not guaranteed approval.
Our job is to navigate you through the process, from start to finish.
When you call our office, we will discuss what your needs are (rent budget,
move date, apartment size and location, etc.) Then we will schedule a
time for our Rental Agent to show you apartments that fit your needs.
There is no cost or obligation to look at apartments.
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The Application Process
Once we've helped you find the apartment you want to rent,
every person who will live in the apartment must fill out an application
form. You must fill out the application fully, and you should therefore
have all necessary information with you. Click
here to see a copy of the actual application.
You must also put a deposit on the apartment. This will
secure the apartment for you - it will be taken off the market while your
application is being processed. The deposit is usually $500 or $1000,
depending on the cost of the apartment. You will receive a receipt stating
that the deposit is "Nonrefundable unless your application is denied
by the Landlord." This means that if your application is rejected,
the full amount of your deposit will be refunded to you. If your
application is accepted (you are offered the lease on the apartment),
the deposit will pay for a Credit & Housing check
on each applicant and Guarantor, and the remainder
will be put towards the Broker's fee.
Each applicant for an apartment will need to provide documents
verifying the information on his/her application. We will also make phone
calls to verify certain information. Documents that would be helpful in
processing your application include:
- Tax returns from the past two years
- Letter(s) of referral from your current and/or past Landlord(s)
- A letter from your employer
- Bank statements, investment portfolios, etc.
The more information you bring with you, the more quickly we can process
your application.
Once we have gathered all necessary supporting documents, we will forward
your application to the Landlord. We expect to receive a Landlord's response
within 24 hours.
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The Guarantor
Many leases require a Guarantor. A Guarantor is someone
who binds themselves legally to the lease by signing an agreement to oversee
the strict performance and observance of the lease by the Tenant, including
rent payment. In other words, by guaranteeing the lease, the Guarantor
becomes legally responsible if the Tenant is in default of the lease (i.e.
the Tenant does not pay rent). The Guarantor must fill out an application
and have a form notarized. We will run a Credit &
Housing check on the Guarantor.
The Guarantor must be a U.S. citizen and must
have good credit. In addition, the following qualifications are desirable:
- The Guarantor is a relative of the applicant
- He/she owns property in the United States
- He/she lives in the State of New York
Remember, Guarantors who do not fit all of these criteria might still
qualify.
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Credit & Housing Checks
Credit & Housing checks will be run on each applicant
and Guarantor at a cost of $50 per person. The Credit check will provide
a complete credit history, and the Housing check will detail any Landlord/Tenant
Court records.
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The Broker's Fee
The Broker's fee is collected when you sign your lease.
The fee is 15% of the first year's rent, unless otherwise stated in our
listings.
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The Total Cost
The following is a list of typical upfront costs incurred
when renting an apartment, but it does not reflect all transactions!
To move into an apartment, you will pay:
- $50 for each Credit & Housing check
- Plus a Broker's fee (if applicable)
- Plus your first month's rent
- Plus a security deposit (usually equal to one month's rent, but it
can be more depending on the particular apartment and/or the application.)
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