Manhattan, the concrete jungle… It’s not always easy to find the unique neighborhood that suits your needs. There is much to take into consideration, whether it’s accessibility to subways, being within walking distance from shops and restaurants, or living in a full service building with amenities. Our 3JM agents have access to virtually every apartment in New York City and are all perfectly qualified to help you find your dream space.
Timing Is Everything
Contact your 3JM agent 4 to 8 weeks prior to the anticipated move in date. Your agent will educate you on apartment availabiliities, market trends, as well as the paperwork you will need at our appointment to expedite the application process. Apartment vacancy rate is below 1% in Manhattan, so, be sure to bring all the paperwork to your showing and be prepared to move quickly on the apartment you like.
Once You Find “The One”
The time has come! You’ve found the perfect spot and the next move is to get it off the market with an application, an application fee, and all other necessary paperwork within 24 hours. Once the paperwork is in, approval should be expected within 24-72 hours and leases need to be signed within 24 hours of the approval.
Paperwork Required By Landlord
Standard paperwork for most landlords will include:
- Copy of a state-issued photo ID
- 3 most recent bank statements
- 2 most recent tax returns
- 3 most recent pay stubs (if not self-employed)
- Employment letter (CPA letter if self-employed)
- Co-op or condo board package (if applicable)
Usually, a renter’s annual income must be larger than their gross monthly rent by 35-50 times. Unless they are guaranteed, bonuses do not count towards the income calculations. In most cases, the income may be combined between two tenants.
In certain cases, if tenants do not meet the income requirements, a guarantor may be required if the landlord allows for it, and income requirements for the guarantors are doubled. Usually, the guarantors’ income can be combined, however up to two guarantors are allowed per apartment. In cases where a tenant does not have a guarantor, some landlords may allow for the use of an Insurent, which is a company that acts as a guarantor for a one-time fee.
In most cases, first month’s rent, a security deposit and broker’s commission are due up at or before the lease signing. The security deposit is usually equivalent to one month’s rent, and it is held in escrow by the Landord for repairs to the apartment that are beyond normal wear and tear. This deposit is usually returned to the renter 1 to 2 months after their lease has expired. All funds are required to be bank certified.
Things to Remember
- New York City real estate is extremely fast paced. It is important to be organized and prepared while looking for the perfect home for you.
- If you have any pets, you should make sure the home you are interested in allows them. Some apartments have strict policies regarding animals.
- Renter’s insurance is something you should consider getting once you move into your new home, as it will be beneficial if something was to happen to your belongings.