What kind of income do I need to get approved?

Typically, annual income must be 40-50 times the monthly rent. Usually, income can be combined between tenants. If one does not meet the income requirement, a guarantor (co-signer) may be required if allowed by the Landlord.

Can I use a guarantor?

Most buildings accept a guarantor or co-signer. Usually, the guarantor must meet the following criteria:

• Must live within the tri-state area
• Income must be a 75-90 times the monthly rent
• Should own their own home

Frequently, guarantors can be combined. Paperwork required of guarantors is the same as that required of the tenant.

How close to my desired move-in date should I start looking?

You should initiate your first meeting with your Platinum Properties Associate 4-6 weeks prior to the anticipated move in date. Because the New York real estate market has such a rapid cycle time (30 days), your initial meeting with your Platinum Associate should be scheduled so your Client Profile is completed about six weeks prior to move in. During the next two weeks, you will accumulate required paperwork as per Landlord Requirements. Your actual search for the perfect property should commence about four weeks prior to the anticipated move in date.

How long will the process take once I find an apartment?

Once an application is submitted, all required paperwork must be submitted within 48 hours. This will be done immediately by your Platinum Associate who is armed with all required documentation from the Preparation stage. After all paperwork is submitted, approval can be expected within 24 hours. If approved, leases are usually required to be signed within 24 hours.

What money is required up front?

Usually 1st month's rent, security deposit, and broker's commission. Some buildings carry no commission because the broker is compensated by the landlord. Other buildings pay a portion of the broker's commission leaving the balance to be paid by the client. All funds must be CERTIFIED FUNDS.

What is included in my rent?

Although individual properties vary, usually heat, hot water, and gas are included in the monthly rent.

What is a security deposit?

Usually equivalent to one month's rent, a security deposit is a fund held in escrow by the Landlord for repairs of the apartment for any damages beyond normal wear and tear. In some instances, the deposit may be used to pay the last month's rent but it is usually returned to the tenant within 1 to 2 months after the lease has expired. The deposit may be greater than the amount of one month's rent if the renter's qualifications are marginal.

What are the usual lease terms?

Lease terms are generally one or two years.

Can I paint my apartment?

Yes, you can paint, wallpaper, or carpet your apartment but you must return it in the condition it was received.