PML takes pride in our relationships with landlords and management companies throughout New York. We have access to daily listings 24/7.We will take you step by step and make your experience easy and effortless. Our greatest compliments are referrals which we have been truly grateful for throughout the years.
Basic Steps and Tips:
- What is your desired location?
- When is your projected occupancy?
- What is your price range?
- How many bedrooms/ are you open to convertible bedrooms?
- Do you have any pets?
- Do you prefer outdoor space?
- Doorman building?
- Do you prefer elevator or walk-up?
How much can you afford?
Most buildings in Manhattan require you make 40x the monthly rent. Therefore if you rent a studio at $2000 a month $2000 x 40 = $80,000. If you fall a little below then the building may require an additional security deposit or a guarantor.
A guarantor can be either a relative or acquaintance that make 90x the annual rent and also has good credit.
Once you view the apartment that works best for you, you'll fill out an application which can cost anywhere from $50 and up. It is nonrefundable and is used to secure the apartment and also includes a credit check. A credit check provides landlords information on any liens or bankruptcies a prospective tenant may have. Should this be the case the building may require additional rent up front or additional security deposit.
Aside from the credit check you must also submit the following with your application:
- Copy of your photo ID
- 2 copies of last two paychecks /or letter of employment
- Copy of most current bank statements
We recommend having copies of the required paper work on hand to make the process quicker and smoother.
Rental buildings and condos usually take 1-3 business days for the application to go through while Co-op rentals can take up to two weeks and you must also meet with the board members to qualify. Once you are approved you will then set up a time to sign the lease. You may also be given the option for a one or two year lease.
Upon lease signing you will bring in 2 certified checks. The first check is for the first months rent and your security deposit. The second check is for the broker's fees. You will get back your security deposit at the end of your lease as long as you are not responsible for any damage in the apartment while you were living there.
*Note you may be required additional security deposits for pets.
The standard fee is 15% of the first year's total rent. There are a few buildings that pay the brokers fees which would then mean no fee. We always let you know ahead of time whether the apartments are fee or no fee.
Please call us, without any obligation, and we will discuss how we will find and negotiate your dream home in Manhattan at 646 485 5896, or email us at our Contact Page.