NYC Renter's FAQ

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Frequently Asked Questions........

1.  When should I start looking for an apartment?
2.  What is the " High Rental Season" ?
3.  What is a guarantor?
4.  I need a guarantor but I don't have one?
5.  How much money will I need to sign leases?
6.  What is a No Broker Fee apartment?
7.  What is a Low Broker Fee apartment?
8.  I'm an international student. Do I have to pay the complete year of rent up front?
9.  What can I expect from the Apartments Expert?

Answer 1:

You should begin tp plan your search prioritizing your wants and needs and organizing your paper work about 6-8 weeks before you expect to move. If you are looking to move May 1st you should probably be researching and viewing apartments by March 15th. Typically landlords and management companies will begin to accept applications for May 1st around April 1st so you should be prepared to "pull the trigger" when you find the apartment you can call home. Some landlords and management companies will still push for April 15th occupancy at April 1st

Answer 2:

Apartment rental activity begins to increase mid March to early April and continues to increase through the summer due to high demand. During this time landlords and management companies may increase prices and be less willing to negotiate lease terms or offer concessions.  There will be less landlords willing to pay our fees so there will be less no fee apartments available particularly in trendy high demand neighborhoods. Winter months have fewer people searching for apartments so you will find the best prices, willingness to negotiate concessions and the largest selection of No Fee apartments

Answer 3:

A guarantor is supporting your application as a co-signer for your lease. Guarantors are considered case by case if your annual household income is 30 x the rent. Landlords and management companies may have different criteria for guarantors such as stipulating a guarantor is a close family member or reside in the tri state area. Typically a landlord will need annual income of 80-100 times the rent and have excellent credit

Answer 4:

We can discuss an institutional guarantor with you. An institutional guarantor works like an insurance company. For a one time premium they become your guarantor. A large number of NYC landlords accept a qualified institutional guarantor.

Answer 5:

Typically you will need the first month of rent and the equivalent of one month of rent as security. Some landlord's are now accepting insurance policies for security deposits from companies like Rhino. NY passed the Tenant Protection Act of 2019 limiting application fees to $20. As a broker we reimburse all approved applicants for their application fees.

Answer 6:

No broker fee apartments are in buildings where the landlord's are paying for our services so you don't have to. When you rent a No Broker Fee apartment we pay you 15% of the first month of rent.

Answer 7:

Manhattan broker fees vary from the equivalent of one month of rent to 15 percent of the first year which is almost 2 months of rent. In most cases, If we are not offering you a no fee apartment our fee will be less than a month of rent

Answer 8:

We work better than anyone with international students. NY passed the Tenant Protction Act of 2019 limiting landlord's to collect only the 1st month of rent and 1 month of security deposit from anyone.

Answer 9:

We will offer you advice and options. We will quickly plan your search and viewings, promptly submit your complete application package and efficiently guide you towards a lease signing and move in. After attending your lease signing we will be following up with you to make sure the details of your move in are in place as part of our premier service.