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NYREX knows how complex and confusing the process of finding the right rental apartment in Manhattan can be.
We tried to put those questions that are typically asked by our clients. The answers to the questions set forth below are solely for informational purposes and should not be relied upon. Kindly consult with your advisor before entering into any agreement.
- Is the building pet friendly?
Most buildings allow pets.
- Does the building allow guarantors?
Yes. However, guarantors who are residents of New York state or Tri-State area are looked at more favorably.
- Do I have to pay for water?
No, this is not charged to tenants.
- What is included in the rent?
Heat and hot water. Electric and if applicable, gas, is not included and would be included in your electric bill.
- What are utilities?
Gas and electricity.
- What is a security deposit?
A deposit is generally two months rent, though this can vary in each building. This money is used in the event of damages to the apartment. This money may not be used to pay the last months rent.
- What are the lease terms?
Typical lease terms are one year.
- Can I paint the walls?
Yes, but they must be restored to the original color before you vacate.
- Will the apartment be pre-wired for cable and phone lines.
Most new buildings and renovated apartments are pre-wired for cable and phone lines.
- How long does it take for approval?
It varies between one hour and a few days.
- How much do I have to earn to be approved?
Your gross income must equal 40-50 times one month's rent. However, if this financial condition cannot be met, a guarantor may be sufficient.
- Can I sublet my apartment?
For the most part, you cannot.
- How do I reserve an apartment?
Once you submit a fully completed application, you can reserve an apartment by placing a deposit in the amount of one months rent. Then, we will instruct our agents to stop showing that particular apartment, effectively taking it off the market until your application is given full consideration by the landlord. Since NYREX.com specializes in exclusive apartments, you can feel confident that you will likely secure the apartment, provided you meet the minimum qualifying requirements.
- When is lease signing?
Once you have submitted all of the necessary application materials, we can often get you approved for the apartment that same day and most applications are approved within 1-2 business days. Note: You must have a complete application, including all supporting documents, in order to be approved for an apartment rental.
- What happens after an application has been approved?
Once your application is approved, you will be expected to place a one month's rent deposit to hold the apt.. Then, shortly thereafter, you will be expected to sign leases immediately, and to furnish all necessary funds. Lease signing take place within approximately 24 hours of application approval, regardless of the commencement of the lease. You will be required to provide the first month's rent and the equivalent of two month's rent as a security deposit in the form of certified check, bank check, money order or cash only. Additionally, you must redeem our broker's fee via certified check, bank check, money order or cash at this time.
- What is considered good credit?
An occasional late payment is not usually a problem. However, if your credit report shows a pattern of late payments, charge-offs and/or judgements, you will have difficulty renting an apartment. to counteract bad credit, many landlords are willing to accept guarantors, extra security deposits, or rent up front. It is in your best interest to inform your rental agent immediately if you have any credit problems.
- What is minimum income?
While exceptions may apply, landlords typically require that you earn at least 40 times the monthly rent. For example, if an apartment rents $1000/month, your income must meet or exceed $40,000/year.
- When do I need guarantors?
Guarantors are usually required if your credit is problematic, your income is insufficient (less than 40 times the montly rent), or your employer/occupation is deemed "questionable" (i.e., working for a small startup company, working on a part time or freelance basis, etc.,). guarantors should have good credit history and meet the same minimum requirements as the applicant.
- Is security deposit refundable?
The security deposit is refundable at the end of your lease term less any damages except wear and tear. Security deposit money cannot be used as rent at any time during the course of the lease.
- Is the deposit placed to hold an apartment refundable?
The deposit is fully refundable in case you get rejected. If approved, and lease is signed, the deposit will apply toward your rent or security deposit. At lease signing, you must pay the remainder of amount owed.
- Is it okay to rent an apartment with roommates?
Yes. many tenants do, particularly those out of college, or graduate school search for an apartment they can share with one or more people. However, landlords frequently require a lease guarantor even if the combined incomes meet financial requirements.
- Do I need a guarantor?
It is always best to provide a guarantor with good credit history. It will dramatically increase your chances of getting approved for an apartment.
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