INSIDER TIPS:

How to get your place in NY.

Know how to look for a place:

In NYC apartment rentals are organized by number of bedrooms, monthly rental price and neighborhood.

The number of bedrooms refers to rooms with a closet in addition to the kitchen, bathroom, and livingroom. They can be very small and without windows or spacious light and airy.

The monthly rent is what you will need to pay per month and also determines what your income must be to qualify for a lease (about 45 times the rent or 80 times the rent for a guarantor).

The rent depends on the number of bedrooms, the neighborhood, the particular block, and other aspects of the building and apartment such as elevator, doorman, laundry, outdoor space, number of windows, kitchen size, number of bathrooms, etc.

Know the terminology used in apartment classified ads. For example:

• EIK means eat in kitchen. A kitchen big enough for a table for eating at.
• RR, railroad, is an apartment floorplan where the rooms flow from one to the other like train cars. This layout makes very efficient use of the space, but doesn't provide privacy as it is necessary to go through the rooms to reach the bathroom.
• Pre-war buildings were built before the second world war. Compared to later construction, the walls are more solid and sound proof. The ceilings are higher and the rooms are generally bigger.
• Studio is a one room apartment. The kitchen is part of this room. The studio can be of different sizes, some are small.
• Studio alcove is a studio with a nook area that is is set into it, perhaps like the foot of an "L".
• Walk-ups are buildings without elevators, generally 6 stories tall.
• Renovated means that the apartment has been rebuilt. It could be that it has been totally gutted and reconstructed or just cosmetically fixed up. The kitchen cabinets and appliances are usually new, the bathroom fixtures are new.
• Junior 1 bedroom is a small one bedroom apartment.
• Conv or convertible bedrooms are apartments that have rooms that can be divided up to create a second bedroom.

 

Finding the place you want is only the first step. You also need to get it. You'll need to get your application in before the other applicants, and be accepted by the landlord. If you are serious about getting a new apartment have the necessary paper work ready. Below is what you'll need.

What are the financial requirments for renting an apartment?

To qualify for a rental the applicant must earn the minimum of 40x the monthly rent or provide a guarantor who earns at minimum 80x the monthly rent.

What financial documents and fee are needed to apply?

1. Most recent savings and checking bank statements balance page.
2. Two pay stubs.
3. Last years tax returns (front and signature pages)
4. Drivers license / passport / State ID
5. Letter on company letter head from current employer stating start and length of employmentand salary.
6. Letter from current landlord stating tenure and rent payment history.
7. Completed application for EACH applicant and guarantor.
8. Processing fee and credit check for each applicant. (These range from $50 - $100, depending on the landlord.)
9. Giving a one month rent deposit at the time of applying will convey your serious intent and may help in getting the place.

What is required at lease signing?

1. When your application is accepted you will be ready to sign the lease and the lease riders (additional documents added to the lease) such as that the smoke detector will not be disconnected, if pets are allowed, etc.
2. You will need to pay the first months rent and a security of one or two months rent. In some cases, when the credit rating is questionable, additional security may be required.
3. A key deposit may also be required.