RENTAL FAQ     (CLICK HERE FOR SALES FAQs)

1. What are the income requirements for a rental?

2. What is the typical security deposit?

3. What documents do I need to bring with me to rent an apartment immediately?

4. What are the costs of renting an apartment?

5. What is the difference between renting in a rental building versus a co-op or condo building?

6. Are pets allowed?

7. What is the difference between the cost of a furnished and unfurnished apartment?

8. What does rental furniture cost?

9. Are renovations allowed in a rental apartment?

10. Why would a landlord require an extra security deposit if the renter doesn't have pets?

11. What type of insurance is recommended for a renter?

12. How do I set up my utilities?

1. What are the income requirements for a rental? [TOP]
Landlords typically require a tenant's income to be at least 48-50 times the monthly rental amount. For example, a one bedroom apartment renting for $3,000 per month would require a renter to have a minimum of $150,000 annual income. If the renter does not meet income requirements, some landlords will take a guarantor. Most guarantors are required to provide income and asset verification. Out-of-state guarantors might have to provide an extra security deposit.

2. What is the typical security deposit? [TOP]
A typical security deposit is equal to one month's rent. More money may be required if the unit is furnished, or if the tenant has a pet.

3. What documents do I need to bring with me to rent an apartment immediately? [TOP]
Two years tax forms, copies of bank and brokerage statements, employment verification and landlord verification letter. Be ready to write checks on the spot if necessary. Generally the required checks must be certified.

4. What are the costs of renting an apartment? [TOP]
Broker's commission for rentals exceeding 6 months: 15% of one year's rent
Broker's commission for rentals less 6 months: 1 month's rent
Security deposit equals 1 months rent
Application fees typically $50 to $100, which includes a credit-check
First month's rent
AND:
Co-op or Condo sublets require the additional:
Move-in fees/deposit of $500 to $1000
Application fee of $150 to $350
Building credit check of $50

5. What is the difference between renting in a rental building versus a co-op or condo building? [TOP]
The application process in a rental building involves submitting the application to a landlord with a credit check. Usually, the landlord will let the renter know immediately of his approval. The lease term can be one or two years with an option to renew. Many landlords expect leases to be executed immediately and funds made available within 24 hours. In a co-op sublease situation, the applicant must provide a lengthy application package, have a formal interview and wait for acceptance. Co-ops limit the terms of the sublet to one to two years. The condo approval requires a package, no formal interview and is significantly faster than the co-op process. The length of the lease is more flexible in a condominium.

6. Are pets allowed? [TOP]
About half of the buildings in New York will allow pets. Usually an extra security deposit is required with a rider to the lease holding the renter liable for any damage. Cats are more acceptable than dogs. Dogs over 30 pounds are frowned upon.

7. What is the difference between the cost of a furnished and unfurnished apartment? [TOP]
Furnished apartments average $500 to $1,000 more per month depending on the type of furniture. If the apartment is a short-term furnished rental, the average can be significantly higher than a more conventional longer term lease - as much as 20-50%.

8. What does rental furniture cost? [TOP]
Renting furniture can cost $250 to $700 per month. There are numerous furniture rental companies in the city.

9. Are renovations allowed in a rental apartment? [TOP]
Renovations are allowed with landlord approval. Walls that have been painted any color other than white or wallpapered must be returned to their original state before vacating the premises. The tenant risks loss of their security deposit.

10. Why would a landlord require an extra security deposit if the renter doesn't have pets? [TOP]
Additional security may be required when a renter has bad credit history or limited employment experience. Diplomats may be required to provide additional security.

11. What type of insurance is recommended for a renter? [TOP]
Renter's insurance. This is a type of insurance that covers personal possessions. The cost is minimal. A landlord's policy does not cover a tenant's possessions.

12. How do I set up my utilities? [TOP]
Con Edison www.coned.com is the electric and gas provider for New York. Verizon Communications www.verizon.com, which is the merged Bell Atlantic and GTE Company, is the main local telephone provider. Depending on the type of building and area, the cable companies differTime Warner, Liberty Cable and RCN.

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