About 2 months before your lease ends, consider your options and decide whether you are going to renew or find a new home. Weigh your options considering your income, priorities, and any changes you anticipate in the coming year. Find a Real Estate professional to guide you through your search and make you as competitive as possible in New York's fast paced and volatile rental market.
Carefully gather the documentation you need before you begin! Prospective renters often lose their dream apartment because they were unprepared to present the necessary paperwork. Click the read more link for a complete document check-list and general guidelines.
Renter's Application Materials Check-List
The Rental High Season - Current Tips and a History of the NYC Summer Market
Finding the One
A few major factors will determine where you will live, namely your financial profile (income and credit) and whether or not you own pets. Frankly discuss your financial and pet situations with your agent. Time and energy will be wasted if a poor credit history or your Saint Bernard Sandy is not brought to your agent’s attention early in your search.
The time frame for finding and applying for rentals is very short, and even shorter during the busy season (April-October). Minutes, hours, days are usually all you have to see and select your new home to be competitive with other prospective renters. Make the time in your schedule to see and consider as many options as you need with one agent - this will give you the best picture of what is available in the entire market most efficiently.
Compass Neighborhood Guide
When you find your new apartment, you will begin the application process, submit your documentation, and pay any associated application fees. If there is more than one person applying, landlords typically require each roommate to fill out separate applications.Each landlord and building may vary in terms of requirements, so be prepared to meet your realtor half way with any last minute documents or forms that are required for completing your application.Depending on where you are renting, application reviews can take anywhere from 24 hours to 30 days, so remember to be patient.
Approval & Leases
Carefully read any document presented to you before entering into any contract. Many leases contain predominantly boilerplate language, but clauses may be added to the lease contract to alter the lease agreement in some way. Such additions are called riders. In addition, the type of leases presented may vary. Please make sure you ask your Real Estate Agent any questions you have while signing.
New Rental Laws for tenants and landlords: Know your rights & obligations
Time to unpack and relax for another year! Make sure you get all the necessary information from your agent on building logistics, contacts, etc. Most agents are also happy to help suggest or coordinate movers, utilities, and have other helpful moving tips and tricks. When the big day arrives, settle in and enjoy - If possible, make a check-in date with your agent for next year. Long term relationships benefit everyone and will be extremely helpful if you ever decide to buy in the city.
WHAT RENTERS ARE SAYING