renting in NYC : FAQ

 

WLT answers your questions on renting apartments in NYC

Q:
WHY SHOULD I USE A BROKER IF I’M ONLY

LOOKING TO RENT AN APARTMENT?
A: It’ll help—a lot. Brokers help you navigate the super competitive NYC rental market. As soon as a property is listed, it’s taken. A broker provides access to a comprehensive list of available rentals. We also make efficient use of your time. Unfortunately, there’s a lot of false advertising about available rental properties. We know what’s real and what makes sense for you to tour.
Q:
WHEN IT COMES TO RENTING, IS THERE A

DIFFERENCE BETWEEN A CONDO AND A CO-OP?
A: Yes! The difference is quite significant. Co-ops rarely allow their apartments to be rented. When you do find one, the board approval process is quite stringent. Condos are much more welcoming to renters. And though renters generally need to receive board approval, is it much less onerous than a co-op. There is no board approval required in pure rental buildings.
Q:
HOW DO I KNOW IF I’M FINANCIALLY QUALIFIED

TO RENT AN APARTMENT?
A: Simple. The general rule of thumb to be pre-qualified for a rental is having liquid assets 40x your monthly rent. In lieu of this, buildings may require a guarantor’s signature.
Q:
CAN WE NEGOTIATE WITH THE LANDLORD

ON THE RENTAL PRICE OF THE LISTING?
A: Yes and no. Yes, when the market is slow, and no, when it’s hot. It’s classic supply and demand. In high rental demand months—like August, September, and October—landlords tend to stand firm on price. When the market is slower, say in January and February, there can be negotiating room.
Q:
I’VE FOUND THE PERFECT RENTAL.

WHAT’S THE BEST WAY TO MAKE SURE
I SECURE THE APARTMENT?
A: Two words: move quickly. In the NYC rental market, securing your apartment is all about moving quickly: signing the contract, putting down the deposit, and going through the full application process. WLT’s upfront work puts you in a very strong position to move quickly when you find your ideal rental.
Q:
WHAT IS A BOARD PACKAGE?

HOW DO WE PREPARE ONE?
WHAT INFORMATION DOES IT USUALLY CONTAIN?
A: A board package is your rental application to a condo or co-op. It contains all of the info you would supply when applying for a mortgage: tax returns, W-2s, and asset/bank statements. Boards may also request employment reference letters, landlord reference letters, as well as personal and (possibly) professional reference letters.

Don’t fret! We’ll expertly organize all of the items and put them together for the board and managing agents to review. Note: an in-person interview may be required as part of the rental application process.

Q:
CAN I MOVE INTO A RENTAL HOME WITH PETS?
A: It depends. Pet policies vary by building. While we are pet owners ourselves and love having pets, not all building share this love. Each building will state its policy.
LET US GET YOU STARTED ON FINDING YOUR NYC RENTAL

CONTACT THE WILKINSON LEFEVRE TEAM TODAY