Fee vs. No Fee
In a weaker rental market, agents may promote no fee apartments.
This will increase demand as landlords and apartment owners agree to pay
whole or part of the agent’s commission. Keep in mind, that no fee listings are usually
limited in number and aimed at the high end of the market. Apartments with a fee should
still be considered as a lower monthly rent will offset the cost of any up-front brokerage
commissions.
Paperwork to prepare
The New York rental market is highly competitive and landlords can highly scrutinize a
prospective tenant. Prospective tenants may be required to submit numerous items to prove
financial ability and good credit standing.
Here is what landlords usually ask for:
Letter of EmploymentCopy of Recent Pay stubsTax Returns: Typically for last 2 years Bank statements Letter from Current Landlord Good CreditPersonal Identification: A Passport or Driver's License
Money to prepare
At the time of lease signing a prospective tenant should be able to provide: first
month rent plus one month security and broker’s fee. Usually the funds must be paid with
certified checks, bank checks, or money orders. There may also be nominal application fees.
Also, some buildings require a $150-$500 move-in fee.
Guarantors
Some landlords may request a guarantor if the prospective tenant In the case of poor
credit rating or insufficient income a landlord may require a guarantor who can co-sign on
the tenant's behalf. Guarantors are usually asked to disclose some financial information
and fill out a credit application as part of the approval process.
