Renting

1. One Point of Contact

Your life is already full of the more important things you do every day. When you engage us exclusively to represent your rental property we handle everything from advertising to lease signing. All inquiries come through us and you don’t have to worry about other agents or potential tenants contacting your directly so you can get on with your life.

2. Advertising

Your listing is promoted direct to the public on Compass.com, Leasebreak, Naked Apartments, Apartments.com, and IdealEstate, to name just a few of the websites potential tenants are using. For two weeks, we will also post your property on Streeteasy, Trulia, and Zillow at no cost to you. If you would like us to continue to advertise on those sites after two weeks, we are happy to do so at a cost of $6/day, which is what they charge agents to advertise on their site. In addition to direct public marketing, to ensure maximum exposure to other real estate professionals your apartment will also be listed in our database, which instantly shares the listing details with over 2,000 agents at Compass and thousands of other agents who work with over 300 real estate agencies that are members of the Real Estate Board of New York (REBNY). We cooperate with every agency to achieve the greatest possible audience for your listing. 

3. Outreach

As real estate professionals with years of experience and active members of the community we have a network of past clients and connections that have opted to receive information about our listings. Even if they’re not looking to move, they are always willing to share information with their family, friends and connections who may be in the market for a new home.

4. Pre-qualification and Showings:

The implementation of our marketing plan will result in inquiries and requests for showings. We respect your time and that of your current tenant(s) so we ask people a number of qualifying questions before we set up the appointment. We want to make sure they have the income to afford the rent you’re asking, that they are aware of your pet policy and that the characteristics of the apartment are indeed what they’re looking for. Once we’ve established that we’ll schedule a showing for the first available time that fits the parameters you’ve provided.

5. Application

We have a one page application that provides you with a snapshot of the tenant’s qualification. To ensure they have provided accurate information we request a number of supporting documents including latest bank statements, letter of employment, references and more. In addition, we run a credit check that includes criminal and housing court history so that you can be confident in your decision to approve or deny the application based on facts. If you like, we will also set up an interview so that you can meet your potential tenant in person.

6. Lease Preparation and Signing

We prepare all the lease documents and riders that are required, such as lead paint, bed bug and window guard riders. In addition, we can advise you on other items you may wish to address that are not in standard-form leases. These items can include the handling of trash collection, pets, policy for painting walls, etc. We will add any rider you provide to the lease and coordinate the lease signing.

7. Move-in Scheduling, Keys, and Renewals

Our commitment to you doesn’t end with the lease signing. If the apartment is occupied and they can’t collect keys at lease signing we will arrange for the new tenants to get the keys prior to their move-in. We provide them with information on how to set up utility accounts, and recommend movers so that they have as seamless a move as possible, which can set the tone for their whole experience. When it comes time to renew we provide you with the renewal documents and can advise you on market rents to ensure you’re maximizing your return while staying in line with the market.

Step 1: Start with your network

Reach out to the people you know to find out if someone is likely to vacate their apartment soon, or if they know of a vacant apartment in their building. By using your network you may also have additional information about the responsiveness of the landlord, the upkeep of the building, and other little elements that influence your comfort.

Step 2: Contact managing agents directly

Some have in-house brokers that you may still need to pay, but often if you contact the managing agents directly you can avoid paying a broker at all. This is especially useful if there are particular buildings that you have an interest in. If you haven’t narrowed your search down that much yet sites like nybits.com and listingsproject.com are excellent resources for identifying a broad range of available no-fee listings.

Step 3: Get Your Paperwork Together

No matter how you find your apartment there will be a lot of paperwork required for the application, and most landlords have strict standards. They expect tenants to have been employed for at least one year in the same position, make 40 times the monthly rent, and have high credit scores. Yes, it’s a lot. You can take solace in the fact that nearly everyone who has rented an apartment in NYC has gone through the same thing. In addition to the application, here are the supporting documents typically required:

• Completed rental application (this will vary from building to building)
• Last two years tax returns including W-2 forms
• Last three months bank statements
• Reference letter from previous landlord
• Employment letter stating length of employment and current salary or offer letter if new hire
• Salary should be 40X the monthly rent
• If using a guarantor the guarantor should provide tax returns and bank statements
• A guarantor’s income should be at least 80X the monthly rent
• Copy of photo identification
• A credit check authorization (sometimes included in the application form)
• If you have a pet it is often helpful to include a reference letter for and picture of your pet

Step 4: Negotiate 

When you find something you like, you can ask that the landlord pay the fee to their own broker. This is common practice in times of high availability and low demand, but if you’re very well-qualified and the apartment has been vacant for a little while it may be worth trying no matter what the market looks like. Don’t be offended if they say no, at least you tried.

Step 5: Sign the lease

There are two standard leases used in NYC, the REBNY (Real Estate Board of New York) lease and Blumberg leases. These are standard boiler-plate templates. Most landlords also include a rider that outlines additional rules related to the handling of trash, recycling, or other building policies. There are also required riders related to lead paint, window guards, carbon monoxide detectors, indoor allergens, and sprinklers. Brokers cannot give legal advice or write lease language so if you have questions it is best to consult an attorney.

At lease signing you will be required to provide checks for the broker’s fee, first month’s rent and one month security. Typically, these need to be certified checks. If you are renting a condo or co-op where there is a period of time between lease signing and approval these checks are held until the waiver of right of first refusal is obtained or approval provided.

One other thing to keep in mind when searching for a rental in NYC is the timing and potential additional application fees. The Housing Stability and Tenant Protection Act of 2019 capped the amount that can be charged for application fees and credit checks to $20. But that does not apply to co-ops and condos. If you’re renting in a co-op or condo there will be additional application fees, move-in fees, move-in deposits, and possibly more. And while an application for a rental building can be processed in a matter of days, for a co-op or condo it will take weeks to get through the application process. Plan accordingly.