It is a well known fact that the New York City Apartments Rental market moves fast. Our Rental Guide addresses the fundamental questions our clients have about finding an apartment. See sections on General Approval Requirements, Standard Fund Requirements, Typical Questions Answered, and Real Estate Terms Defined.
Standard Fund Requirements:
- Approximate costs of Application Process: (credit reports/application fee) – Both applicants and guarantors are required to submit credit reports, no exceptions.
- Credit reports and application fees range from $25 to $100 depending on landlord/management company.
- Lease signing requirements: Once all completed application materials have been submitted, Sommerlyn Associates can usually get our clients approved for their apartment or rental property that same day.
- Almost all applications are approved within 1-2 business days.
- Renter must have completed all application materials. This includes reference letters and supporting documentation.
- Approved clients are expected to sign lease immediately and provide necessary funds. Lease signings take place within 24 hours of application approval.
- Renters sign their lease and provide necessary funds regardless of when the lease starts.
- Funds: Renters generally provide 1st month’s rent and equivalent of 1 month’s rent as a security deposit.
- This money is fully refundable in case a client gets rejected.
- When paying the deposit ask for a receipt that states, the money will be refunded if you are rejected.
- When signing a lease, renters should have funds for rent, security and broker fee (if any).
- Money should be in a certified form Bank Checks: Certified checks or Money orders.
- Personal checks are not accepted.
- Miscellaneous Fees:
- Sometimes landlords/management companies require new tenants to pay a move in deposit.
- This fee can range from $250 – $600.
- Move in fees are usually refundable as long as there is no damage done to a building while moving.
- Some landlords/management companies require renters insurance.
- When renting in a condominium or in a co-op, renters should expect processing fees, move in fees and other miscellaneous fees sometimes in total of $250 – $1100 in non-refundable fees.
Be sure to ask your Sommerlyn Associates broker if there are additional fees; especially if renting a Condo or Co-Op. Fees for pets or for temporary walls are also common.
The Budget: For obvious reasons, a budget is an important factor in determining what apartment or rental property a renter can afford. The price of a property depends on a variety of factors – size, location, condition, features, neighborhood amenities, schools among others. It is key to determine a budget at the beginning of the application process to have an understanding of what you can afford.
- A general price guideline for apartments:
- Studios range from $1,800 to $2,500 per month
- One bedrooms range from $2,200 to $3,700 per month
- Two bedrooms range from $3,500 to $6,500 per month
- Three bedrooms range from $4,500 to $10,000 per month.