Introduction
Choosing where to live in Manhattan is not easy, as each neighborhood is very unique. You should take into consideration what is most important to you, whether it’s accessibility to subways, being within walking distance from shops and restaurants, or living in a full service building with amenities. Our agents have access to virtually every apartment in the City and they are more than qualified to assist you in the search for your perfect home.
Timing is everything
You should contact your Platinum Properties agent 4 to 8 weeks prior to the anticipated move in date. Your agent will educate you on the market trends and apartment availability, as well as discuss the paperwork you will need to bring on your appointment to expedite the application process. Apartment vacancy rate is below 1% in Manhattan, so you should bring all the paperwork to your showing and be prepared to move quickly on the apartment you like.
Once You Find “The One”
Once you find your perfect home, you will need to take it off the market with an application and an application fee and provide all the paperwork within 24 hours. Once the paperwork is in, approval should be expected within 24-72 hours and leases need to be signed within 24 hours of the approval.
Rental Paperwork Required by Landlord
Standard paperwork for most landlords will include:
- Copy of a state-issued photo ID
- 3 most recent bank statements
- 2 most recent tax returns
- 3 most recent pay stubs (if not self-employed)
- Employment letter (CPA letter if self-employed)
- Co-op or condo board package (if applicable)
Income Requirements
Typically, a renter’s annual income must exceed 35 to 50 times the gross monthly rent. Unless guaranteed, bonuses do not count towards income calculation. Usually income can be combined between two tenants.
If tenants do not meet the income requirements, a guarantor may be required if allowed by the Landlord, and income requirements for the guarantors are doubled. Typically guarantors’ income can be combined, and up to two guarantors are allowed per apartment. If a tenant does not have a guarantor, some Landlords may allow the use of Insurent, which is a company that acts as a guarantor for a one-time fee.
Renters Costs
In most cases, first month’s rent, a security deposit and broker’s commission are due up at or before the lease signing. The security deposit is usually equivalent to one month’s rent, and it is held in escrow by the Landord for repairs to the apartment that are beyond normal wear and tear. This deposit is usually returned to the renter 1 to 2 months after their lease has expired. All funds are required to be bank certified.
Things to Remember:
- New York City real estate is extremely fast paced. It is important to be organized and prepared while looking for the perfect home for you.
- If you have any pets, you should make sure the home you are interested in allows them. Some apartments have strict policies regarding animals.
- Renter’s insurance is something you should consider getting once you move into your new home, as it will be beneficial if something was to happen to your belongings.
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