When it comes to renting an apartment in Manhattan, you can either work with a real estate agent or you can try to rent something on your own. Many people in Manhattan are too busy with their jobs to "pound the pavement" and go building to building looking for the right apartment, so they contact a real estate agent to assist them. In todays market, many owners are now paying part or all of the broker fee, so it may make sense to use a real estate agent since the cost will be minimal and you will save a tremendous amount of time and energy.

 

Online Advertisements

The reality is that many sites, such as Craigslist, are filled with false advertisements and "bait and switch" postings, which are very frustrating and totally unethical. When looking through sites for rentals advertisements, if you see something that sounds too good to be true, it is often not real. Please keep in mind that not all real estate agents are unethical. There are plenty of legitimate, hardworking real estate agents in Manhattan. The key is to find a real estate agent who is honest and has your best interest in mind (not a paycheck)!

The best way to find an honest and ethical real estate agent is to ask your friends and family if they have worked with someone in the past who did a good job for them. The best real estate agents work primarily off of referrals because their clients are very satisfied with their service and they recommend them to their friends, family and co-workers. A good real estate agent will make your search quick, easy and painless.



What is the Typical Rental Process?

1) Find a real estate agent you trust who knows the market and has access to the most amount of properties and landlords. Knowledgeable agents will save you a lot of time and frustration.

2) Locate an apartment you would like to secure. You will need to make 40x the monthly rent to qualify. If this is not the case, you will need a guarantor to co-sign your lease. The guarantor must usually make 80x the monthly rent (example: for a $2500 apartment you will need to make $100,000. If you do not, your guarantor will need to make $200,000 for you to get the apartment). This is a general rule that is followed by most landlords in the city. If your income or the income of your guarantor is not enough, the landlord will usually allow you to secure the apartment with a larger security deposit and/or paying multiple months of rent in advance.

3) Your real estate agent or the landlord will check your credit history. The typical cost of the credit check will be anywhere from $40 to $100. Unfortunately, in most cases, you can not bring your own credit report. Landlords will almost always want to check your credit for themselves.

4) You will need to submit all of your paperwork for the landlord to review (letter of employment, pay stubs, bank statement, tax returns, etc.). Click here for a detailed list of the paperwork you will need to provide.

5) You are either approved or denied based on your income and credit history. If approved, you will need to pay the landlord with certified bank checks at the lease signing. Typically you pay the first months rent and one month security in advance. Some landlords will ask for the first months rent, last months rent and one month security.

6) You get the keys to your new place!

 

It would be a privilege to assist you in finding the right apartment. I have access to literally thousands of rental listings throughout Manhattan. If you are considering renting, please contact me for honest and professional service. I will save you a tremendous amount of time and let you know about the best deals on the market. I can assist you with the rental of an apartment, loft or townhouse anywhere in the city, at any price range.