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Rental Guide for New York City apartments

Dominador Pascual III, Esq. gives an unparalleled level of service to my rental customer base by offering in-depth needs analysis prior to selecting one of our specialists to guide you through the process. My goal is to make your rental process as seamless as possible and to give the most aggressive and highly negotiable rates available.

Typical lease types and riders:

New York Real Estate lease types vary depending on the type of NYC apartment being leased. They vary from Manhattan Co-op to Condominium to the standard rental apartment leases. On case-by-case bases, riders or addendum’s are added by landlords. These supersede or effectively change the language in the lease and hence change the lease term. We strongly advise you to read the riders carefully as they can nullify any clause in the lease agreement. Both parties must sign any riders added to a lease. You should also contact your attorney.

REBNY Standard lease Agreement:

This lease is primarily used for New York City rental buildings and has both a stabilized and non-stabilized variation. It is seldom used when renting a Manhattan condominium or a Manhattan co-operative. A rent stabilization rider must be attached to the lease when used for a rent-stabilized apartment. Under the Rent Stabilization laws, the State of New York sets the annual rent increases and the lease is automatically offered for renewal each year

Condominium Lease Agreement (Blumberg Form A101):

This is a very common lease that may require the lessee to pay any increases in condo charges in addition to rent. It may also contain a cancellation clause. Most landlords will allow tenants to remove these two items from the lease. Contact your attorney.

Sublease Agreement (Blumberg form P193):

This is a one-page legal document that usually has a variety of riders attached. It is used in virtually all sublet situations and is most often used when renting in a co-operative apartment. Contact your attorney.

Lease Agreement (Blumberg Form A55):

Predominately used for leasing Manhattan Brownstones, Townhouses, and Single Family Structures. The language in the lease is quite easy to understand and various riders could be attached to the lease. Again, we strongly advise you read and review the riders thoroughly prior to the execution of the lease. Contact your attorney

Landlord Requirements of Prospective Tenants:

Most Landlords are extremely diligent with regards to qualifying a prospective tenant. Prospects may be required to submit numerous items to prove financial ability and credit worthiness. In the event of a less than stellar credit rating, additional security deposit may be required to secure a deal. As a general rule, landlords require that the prospective tenant make approximately 40-50 times the monthly rent in their annual salary (combined income is often used for couples and roommates).

General Required Information for Landlords and Management Boards:

The following is a succinct list of documents required by most landlords and building management Companies:

Good Credit. If your credit is NOT in good standing, you may require a guarantor.
Personal Identification – a Passport or Driver’s License will suffice
Letter of Employment: usually a brief statement on employer’s letterhead of annual salary, bonuses, position held, and employment start date.
• Copies of Recent Pay stubs
• Tax Returns: typically for two most recent years
• Two Business Letters of Reference
• Letter from Current Landlord: reference as to Tenancy history and Rent paying history
• Financial Statement: a standard statement of Assets and Liabilities should be acceptable
• Broker fee (if applicable), and required security deposit (Funds should be Certified check, traveler’s checks, Money orders or Wire transferred)

You should also bring enough funds to cover a Credit Check fee of $25-100 dollars and building application fees that may range from $150 – $500 which in most cases goes towards either the security deposit or the broker fee. These may be paid by personal check or cash to secure the apartment. If you are working with us under a corporate relocation program, it is imperative that you further discuss broker’s commission with your Green Homes Relocation Specialist regarding your company’s affiliation with us.

Presenting this information in a timely manner can qualify you as a potentially strong applicant and hopefully give you the advantage in multiple bid situations for the same apartment.

A Guarantor is an individual that is qualified to guarantee the performance of the tenant. Some landlords may request a lease Guarantor if the prospective tenant does not meet all financial or credit requirements. The Guarantor should earn enough income to satisfy the lease in case of default. Such income requirement is usually in the range of 80-100 times monthly rent. Landlords usually request that the guarantor be a family member living in or around the TRI-STATE area. Guarantors are usually asked to disclose detailed financial information and fill out a credit application as part of the approval process.

Negotiations – In the present New York City rental market, it is quite difficult for tenants to have much room for negotiations due to the strong current demand for housing in New York City. However, here at Green Homes NYC we lend a listening ear to offers the prospective tenants may have. It is advisable that a tenant receives all promises of repairs and improvements in writing. This may be used as a rent negotiation tool if the tenant decides to pay for some of the costs of improvements. Lease renewal increases can be negotiated prior to signing the lease. It is advisable to consult with a rental agent regarding current market trends.

Short Term Rental Apartments – There is a limited supply of short-term furnished New York City rentals. Prices tend to be relatively higher than a one-year lease and the supply is limited to the higher end of the market. For unfurnished Manhattan apartments, tenants may rent furniture for a monthly fee. With basic furniture, the monthly cost of a rental package is about $400.00 per month for a one-bedroom apartment. As a general rule of thumb, one can estimate furniture rental costs as approximately 20% of the apartment rent. Your agent can supply you with a list of reputable furniture rental companies.