Renting an apartment in NYC

Relocating to or moving within NYC can be an overwhelming and time consuming process. It is our professional services and experience that will make the process 100 percent easier. Your Vertex Realty Group agent will work beside you and guide you every step of the way. Once you contact our office, we will schedule an appointment for you to meet one of our enthusiastic and hard working agents to discuss your budget, location, and answer any questions you may have and together, we will proceed to find your apartment.

We recommend that you begin the search for an apartment 2 to 5 weeks prior to your chosen move in date. If you begin your search too early, apartments that you view during your search will no longer be on the market for the occupancy date required.

Required documentation:

Time is of the essence when renting an apartment in New York City. When you find the apartment, you will have to move very quickly, as there's a high demand for rental units in NYC area. We strongly suggest that you have immediate access to the following documentation which is required by most New York City landlords and management companies:

Letter of Employment or Offer Letter (on company letterhead): Stating position, length of employment, annual income and bonus (if applicable).

Photo Identification: Driver's License or Passport.

2 most recent pay stubs.

Most recent bank statement (first page with ending balance) showing full name and account number.

Most recent tax return statement.

Landlord details and contact information.

Accountant details and contact information.

Funds:

It is imperative to have liquid funds available before beginning your apartment search. Once you find the apartment there are a number of financial obligations in the rental process that will be due when submitting the application and signing the lease.

Application Fee: We require a deposit when submitting an application, which is refundable if for any reason the application is rejected but not if the application is withdrawn. The application fee is deducted from agreed commission. Some but very few, buildings also require an application fee.

Credit Check: All landlords and management companies require a credit report, which can cost anywhere between $25 to $89 per applicant.

Security Deposit: One month security is the most common deposit required unless otherwise disclosed or due to uncommon circumstances. These funds will be deposited in an interest bearing account that will be returned to the lessee upon termination of the lease.

First months rent: is required at lease signing.

Please note that all NYC Landlords/ Management companies as well as Vertex Realty Group LLC, only accept certified / bank guaranteed checks.

Lease Guarantor

If you do not qualify under the specific landlord's income requirements, or your credit/employment history is deemed unsatisfactory, a guarantor will most likely be required to sign the lease. Some landlords may prefer that your guarantor is from the Tri-State area. The guarantor requirements can at times be very demanding and require full disclosure of financial status with supporting documentation (such as employment letters and income tax returns). Most landlords ask that the guarantor earn around 65 to 100 times the monthly rental.

Having all your documentation and finances in place before you begin your apartment search will make you a desirable applicant and set you above others in the likely case that there are multiple bidders for the same apartment. Remember, your Vertex Realty Group agent will assist you every step of the way in the rental process.

Negotiations

Due to the huge demand for apartment rentals, renters do not have much negotiating power in New York City. However, it is sometimes possible to negotiate certain repairs or improvements, as well as future lease renewal rent increases. Your Vertex Realty Group agent will work with you to measure your concerns against the current rental market, and to have any negotiated promises put in writing.

Financial Eligibility

Landlords in New York City are usually stern in their qualifications for tenancy. Most New York City apartment renters pay in the neighborhood of 25% of their gross annual salary for rent. Most landlords require that your annual income is 40-50 times greater than your monthly rent.

Foreign-based Renters

If you do not have a rental history within the United States, your rental eligibility will be evaluated differently. An international applicant is often required to pay a larger security deposit, which can be as much as six months to one year of advance rent, or to provide a guarantor.

Roommates

Landlords will usually allow two names on a lease, depending on the apartment size and building. Roommates will be held jointly responsible for rent and brokerage fees. If one roommate does not pay his or her portion, the others will be held responsible for payment. It is recommended to sign a written agreement amongst all parties involved, thereby binding each roommate to the terms of the lease and to his or her portion of the brokerage fee.

Short-Term Rentals

Finding a furnished short term rental in NYC can be difficult and prices are often more expensive. Another option is an unfurnished short-term rental with furniture available for a monthly fee, which is usually an additional 20% of the apartment's monthly rent.

Types of Rental Buildings In New York City

In New York City, there are three types of rental apartment buildings in New York City: rental, condominium, and co-operative. The different applicant requirements and approval processes will affect the parameters and timing of your search, so it is beneficial to know the difference between the three building types:

Rental Buildings

A landlord owns this type of building and tenant protection is determined by New York State laws. Rent stabilized and non-stabilized buildings have different rules and guidelines. The approval process for living in a rental building can take from one to seven business days and will require a credit check. A standard security deposit is one month's rent.

Condominiums

Investment property owners who rent to individuals are allowed to determine rent and length of lease. The approval process can take 7 to 30 days based on a credit check and the owner's specific requirements. Application fees and move-in fees are standard. The security deposit can be greater than one month's rent, and usually a refundable move-in deposit used to cover any damages occurring during your move-in is required.

Cooperatives (Co-ops)

Owners do not actually own their apartments; rather, individuals own shares in the building's corporation, according to the size and value of their unit. There are specific guidelines and restrictions on the rentals of co-ops regarding length of lease, roommates, etc. The approval process can take up to 45 days. Approval to rent depends on thorough personal and financial information, and interview with the Co-op board of directors. Large application fees and move-in fees are the norm. The security deposit can be greater than one month's rent, and usually a refundable move-in deposit used to cover any damages occurring during your move-in is required. Please note that co-ops can be very difficult to rent for foreign applicants, or young renters without an established credit history.

Cooperative (and some Condo) Board Processing and Approval Process

The co-op's board of directors establishes rules and standards for the building. They require specific proof of an applicant's assets and liabilities. You and your application and package will need to be approved by both the coop board and building management. The process includes a review of your financials as well as a board interview. Your Vertex Realty Group agent will help you assemble your application package and prepare for your interview.

The specific time period for co-op approval varies. The management or board of directors will give you a time frame, always be prepared to wait the maximum suggested time.

Building Definitions

Prewar buildings were built before World War II. They are likely to be less than 20 stories high and are noted for their architectural interest. They likely feature large rooms and hardwood floors. They are popular for their size, high ceilings and better sound proof walls. They may or may not have doormen.

Postwar buildings were built between World War II and 1980, and are likely to have doormen.

Modern buildings were built from the 1980s through the present and are usually condominiums or luxury buildings. They are usually high-rise buildings, and many have a pool or health club in the building. A great number of modern buildings also have doorman services.

Loft apartments are large open spaces with large windows and high ceilings. The majority of loft spaces are located in Manhattan's downtown neighborhoods. Most (but not all) of these apartments do not have doormen. At one time, loft apartments might have been manufacturing or commercial buildings which are converted into living spaces.

Brownstones or Townhouse buildings are normally four to six stories high. They usually house a single family per building, but a large number of buildings have been converted into multiple apartments, usually one apartment per floor. These buildings have no doormen.

Walk-up buildings are no higher than six stories and have no elevator or doorman.

Apartment Definitions

A Studio apartment is one or two rooms with a combined living and sleeping area. The kitchen is likely to be in the same area.

An Alcove studio, sometimes referred to as an L-Shaped Studio, is a one or two room studio with a separate alcove, which is used as the sleeping area.

A Convertible apartment features either a walled-off alcove, or where the large living room has been split to create both bedroom and living room spaces.

A Junior 4 apartment, similar to a Convertible apartment, usually features an alcove adjoining the living room which serves as a dining room or an additional bedroom.

A Duplex is a two-floor apartment; a Triplex is a three-floor apartment.

A Loft area is a space created above a living room with very high ceilings, is reached by a staircase or ladder, and is used for sleeping or storage purposes.

Types of New York Leases:

The type of lease used in New York City may vary depending upon the type of building and the conditions under which it is rented. Sometimes landlords will include a rider that may supersede or effectively change language in the lease. It is important to read the riders carefully because they can nullify any clause in the lease agreement. Both parties must sign any riders added to a lease. Your Vertex Realty Group agent will guide you through the lease signing process.

Under the Rent Stabilization laws, each year the State of New York sets the annual rent increase and a lease is automatically offered for renewal each year.

REBNY Standard Form of Lease

This lease used when renting in both rent stabilized and non-rent stabilized apartment buildings, as opposed to renting in a co-operative or a condominium building. When used for a rent- stabilized apartment, a rent-stabilization rider must be attached to the lease.

Condominium Lease Agreement (Blumberg Form A101)

This lease can provide a cancellation clause and/or require the lessee to pay any increases in condo charges in addition to rent. The majority of landlords will permit tenants to remove these two items from the lease.

Sublease Agreement (Blumberg form P193)

This lease is used primarily when renting in a co-operative apartment and in just about all sublet situations. It is a one-page legal document to which riders are often attached.

Lease Agreement (Blumberg Form A55)

This lease is used for leasing single-family structures such as townhouses and brownstones. Like other forms of leases, riders can be attached and should be reviewed with your Vertex Realty Group agent before signing the lease.