Downtown Manhattan - Rentals

Rentals


For Landlords

Landlords in New York City are already winners because you own real estate in NYC! With that in mind: New York’s laws are extremely friendly to tenants. The lease is the only protection that you have as a landlord, but landlords can still run into problems even with an airtight lease. Working with an experienced broker can help you minimize the risks.

Every landlord’s situation is completely different. We encourage you to discuss your situation in detail with a professional before making a decision. Please click here to schedule with us. As a courtesy to you, we offer complimentary property evaluations to new clients. No obligations: if you don’t like what we have to say during your evaluation, then you can choose not to work with us.


For Tenants

Renting a home in New York City is more involved than buying a home in other parts of the country. If you are renting in the city for the first time, we strongly recommend that you hire a broker to make sure that you get the best home possible at the best possible price. Even if it’s not your first time, hiring a good broker will save you time and reduce the stress associated with moving. Please click here to schedule with us.

New York’s rental market moves quickly. Time is of the essence: nothing stings more than finding the perfect home… but then losing it because someone else applied and paid before you did. All landlords will want to make sure that any new tenants are financially qualified, and they generally require similar paperwork to help them do this.You can get one step ahead of your competition by preparing yourself before starting your search. We recommend preparing the following documents (Keep in mind that these are the landlord’s requirements, not Tawil & Team’s requirements.):

  • Proof of income showing between 35X and 50X the monthly rent (varies by landlord); OR Proof of funds (if pre-paying all of the rent)
  • Up to three most recent bank statements (checking & savings)
    • Bank statements are NOT your transaction history. Statements are a one-page summary of your starting and ending balance for the month.
    • Make sure your full name and address are on each statement.
  • Signed letters of recommendation from your two most recent landlords confirming that you paid rent on time, along with the landlord’s contact information included (name, phone number, address, e-mail address)
    • Include proof of homeownership if you owned your last home
    • Speak to your broker if you did not own or have a landlord.
  • Contact information for up to three personal and business references
    • Names, addresses, phone numbers, and e-mail addresses
  • Letters of recommendation from your references may be required by certain elite landlords and co-op boards.
  • Last two years of your Federal tax returns (first two pages ONLY)
    • If you filed an extension for the most recent year, then also include proof of the extension.
  • If applicable, signed letter of recommendation from your accountant
    • Include accountant’s name, phone number, address, and e-mail address
  • At least one form of personal identification with photograph (i.e. Driver’s license)
  • Completed rental application for the home that you are applying for
    • Ask your broker for this once you find your next home. Every building is different.

Most landlords DO NOT accept personal checks or electronic payments initially. (Some will make exceptions for future payments.) In order to secure a renal, tenants should expect to pay the following fees in the form of certified bank checks from a U.S. bank account:

  • Rental application fee (varies by landlord; expect $100 to $1,000)
  • Credit check fee (varies by landlord; expect $50 to $250)
  • Move-in/move-out fees (condos and co-ops ONLY)
  • Broker’s fee, paid at lease signing (varies by broker; expect 12% to 15% of the yearly rent)
  • First and last month’s rent, paid at lease signing
  • Security deposit, paid at lease signing (varies depending on your situation; make sure this check is separate from the rent!)
  • If you do not have a U.S. bank account: Expect at least four month’s rent for your security deposit. You can avoid the higher security deposit by pre-paying the year’s rent.

If your salary level, available sources of income, and/or your total financial picture do not meet the landlord’s requirements, then you will need a co-signor, also known as a guarantor, to guarantee the lease. Landlords prefer (and elite ones require) a guarantor from the tri-state area.

If you choose to use a guarantor, then landlords will require paperwork from the guarantor in addition to your paperwork. Please make sure that either you or your guarantor have the following ready:

  • Proof of income showing between 75X and 100X the monthly rent (varies by landlord); OR Proof of funds (if pre-paying all of the rent)
  • Up to three most recent bank statements (checking & savings)
    • Bank statements are NOT your guarantor’s transaction history. Statements are a one-page summary of your guarantor’s starting and ending balance for the month.
    • Make sure your guarantor’s full name and address are on each statement.
  • Signed letters of recommendation from your guarantor’s two most recent landlords confirming that your guarantor paid rent on time, along with the landlord’s contact information included (name, phone number, address, e-mail address)
    • Include proof of homeownership if your guarantor owns their home
  • Contact information for up to three personal and business references
    • Names, addresses, phone numbers, and e-mail addresses
  • Letters of recommendation may be required by certain elite landlords and co-op boards (if your next home is a co-op)
  • Last two years of your guarantor’s Federal tax returns (first two pages ONLY)
    • If your guarantor filed an extension for the most recent year, then also include proof of the extension.
  • If applicable, signed letter of recommendation from guarantor’s accountant
    • Include name, phone number, address, and e-mail address
  • At least one form of guarantor’s personal identification with photograph (i.e. Driver’s license)
  • Completed guarantor section on the rental application for the home that you are applying for
    • Ask your broker for this once you find your next home. Every building is different.

Most rental apartments are located in rental buildings, but it is possible to rent from individual homeowners in a condo or co-op building. These rentals will require extra fees that are determined by each building. If possible, we recommend these over traditional rentals, as the fees are baked into the price and they rent for a lower amount as a result. Staying for longer than one lease term will work out to your benefit. Ask your broker for assistance to learn if a condo or co-op rental is right for you.

 

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Tawil & Team - Rentals