THE SEARCH

You should start your apartment search 2-3 weeks prior to your move in date.

We highly recommend being prepared with the documents required to rent an apartment

and with a Credit & Housing Report, (done in our office) by doing so you eliminate the chances of losing the apartment you fell in love with to another applicant that took action and was prepared prior to starting his/her apartment search.

DOCUMENTS REQUIRED:

*Credit & Housing Report ( Done in our Office)

* Picture ID ( Driver License or US Passport)

*Social Security Card

*Employment Verification Letter. ( Stating position, salary & length of employment)

*Last two Pay-Stubs

*Last Years Tax Returns (w-2 & 1040) Front Page & Signature Page Only

*Most recent Bank Statement

*Completed Rental Application

*Students are required to submit Grant, fellowship, and scholarship letters

  that reflect income to be used as living expenses.

FINANCIAL REQUIREMENTS:

Most Landlords require that tenants have a gross annual salary of 40 Times the rent.

Example if the rent is $1,000 per month, the annual income should be around 40k.

Many clients are Surprised that their credentials and background seem strong, yet Landlords are so rigid on requirements, especially for individuals without a rental history.

This is the norm here. Cooperative buildings are particularly Demanding.

CREDIT REQUIREMENTS:

An Occasional late payment here and there is usually not a big deal, however

if you credit report shows a pattern of late payments, charge-offs, judgements and last

but not least "the worst of all evils" A Landlord Tenant Housing court record, you better

have a very good explanation or 6 months to 1 Year rent money to pay the Landlord upfront, otherwise chances for an approval can become very slim.

To counteract a negative credit history of any kind, it is in your best interest, to inform your real estate agent immediately so he can save you time and energy, and only show you the those properties where the owner would be open to such arrangements, as Extra Security Deposit, Upfront Payment of 3-6-9 or 12 months in advance or a GUARANTOR with solid FINANCIALS and CREDIT HISTORY. 

(Once in the office your agent will run a Credit & Housing report to begin the process)

STUDENTS & ROOMMATE SITUATIONS:

Many of our clients, particularly those out of college, or graduate school, search for an apartment they can share with one or two people. Some enter into this type of living arrangement out of necessity and others share in hopes of a bigger or better apartment. The latter may find themselves disillusioned, since apartments that are both large and cheap are rare. Landlords often take no more than two names on a lease.

Roommates will be held jointly responsible for rent and brokerage fees. If one roommates does not pay his or her portion, the others will be held responsible for payment. We encourage you to create a written agreement amongst all parties involved binding each individual to the terms of the lease and the broker fee. We also suggest roommates to search for your home together, for one roommate's palace may be anothers dungeon.

GUARANTORS:

Guarantors are usually required if you have credit problems, your income is less than 40 times the rent, are a student, employed part-time or you freelance.

The guarantor must earn ample income, often as much as 80 times the monthly rent.

Guarantors will be required to submit the same Documentation as the applicant.

Prepare your potential guarantor for this situation in advance.

Some say renting an apartment in New York City is more complicated than buying a house.  There is a reason for that. When you buy a house and stop paying the mortgage, the bank simply takes the house from you through a rather simple process called foreclosure. On the other hand, when you stop paying rent, a landlord has to take you to court for non-payment and spend lots of time, money and hire an attorney, in order to get an order to evict from a Housing court judge. (not so simple).

INTERNATIONALS:

If you are relocating to New York City from another country, your eligibility is evaluated differently depending on your employment status at the time when you apply for an apartment. You should consult with your broker to determine a budget. Without a U.S. rental history, many international transferees are required to pay extra security.

Also, some landlords may require as much as 6 to 12 months of advance rent for international applicants.

PETS:

When it comes to pets, every landlord has their own set of rules.

Usually cats are more welcome than dogs " for some reason" but not to worry, we at Inwood Properties will go the extra mile to find a welcoming environment for you and your four legged buddy.

 

I FOUND THE APARTMENT OF MY DREAMS.....NOW WHAT???

Once you have closed in on the apartment of your dreams, what you need to do next is very simple. You need to drop everything you're doing at that moment in time and literally run to your broker's office, and make sure that your application package is Faxed to the Landlord ASAP. Forget all the stories about sleeping on it for a day or two, thinking about it for a little bit and so on.  The apartment is not going to be there when you are done thinking. Very simple, it's just not going to happen. (Welcome to New York City Real Estate Reality)

DEPOSITS:

At the time your application package is sent to the landlord, a good faith deposit equal to one months rent will be due. The Deposit is non refundable unless your application is rejected by the landlord. What does this mean exactly? The deposit is a good faith binding instrument and implies that the applicant will sign the lease unless the application is rejected by the landlord.

If your application is rejected, the deposit will be refunded minus any credit or application fee expenses incurred.

HOW LONG DOES IT TAKE FOR AN APPROVAL?

The length of time for an approval varies depending on the management Company.

A rental application can take as little as one day or as long as one week to be approved.

MY APPLICATION WAS APPROVED. NOW WHAT??

Once your application is approved, you will be given a lease signing date either at our office

 or the landlord's office.

MONIES NEEDED:

The first month's rent and one month security is paid to the landlord at lease signing.

Most landlords require that rent and security be paid in the form of separate certified checks or money orders (no personal checks). These may be purchased with cash or travelers checks at a Manhattan bank.

BROKERAGE FEES:

As most Manhattan brokerage firms, Inwood Properties does not exceed the standard 15% of the first annual rent for a one or two year lease. A broker fee is owed to Inwood Properties only if you, your spouse, boyfriend, girlfriend, roommate or other friend or family member rents an apartment shown or referred to you by Inwood Properties. Broker fee is due in full at the time of the lease signing , and is payable in the form of Money order, travelers checks, certified or bank checks.  Broker fee is to be made payable to Inwood Properties. 

 

 

Inwood Property Group Inc.

Real Estate.......Real Simple.