HH Realty Group - New York City Apartments - Manhattan Rentals and Sales

Manhattan Real Estate Neighborhoods Guide

Now that you have decided to live in New York City, one of the most desirable and exciting destinations in the world the next step is to find your dream apartment.

Due to a high demand and the dynamic nature of New York City’s real estate market, hunting for a New York City apartment is extremely competitive and fast paced, but against all rumors it need not be a Herculean task.

At HH Realty Group we welcome the challenge of facilitating the search for your Manhattan apartment. By working with one of our professional and enthusiastic associates, you are assured to have access to one the most extensive rental listings databases in New York City. As members of Real Estate Board of New York (R.E.B.N.Y.) we subscribe to the highest code of ethics. With over 15 years of experience in the New York City rental market trust us as an expert in the field to secure you the best apartment New York City has to offer. By answering our questions as frankly as possible, you will give your experienced HH Realty Group specialist the best opportunity in securing you your dream Manhattan apartment.

In this unique and high demand market where vacancies only last on the market for a few days, it is paramount to be ready. So preparing and having the documents and finances ready beforehand will put you in the position to apply for your desirable New York City apartment at once and reduce the possibility of missing out on a great opportunity.

If you are ready to start your search for your ideal New York City apartment, or have any questions with regards to the Manhattan real estate market, please contact HH Realty Group’s Steve Hakimzadeh at 212.461.4277 or SteveH@HHRealtyGroup.com.

Income and Financials: In order to qualify for your New York City rental apartment you must earn 40 -50 times the monthly rent amount in gross annual salary (usually excluding bonuses and overtime). For example to qualify for a $2,000 monthly rental you must earn at least $80,000 annually. In addition you must have excellent credit history. A stable employment history is a plus. The strict criteria are the norm with all landlords in the New York City rentals market.

Guarantor Situations: If income, financial or credit requirements are not met, a landlord will require a guarantor or a cosigner. A preferred guarantor is usually a family member living in the tri state (New York, New Jersey or Connecticut) area with substantial annual income (80x monthly rent). Students, due to lack of income need guarantors. Many New York City landlords will require a guarantor in roommate situations especially for recent college graduates and new hires. Expect in some cases to be asked to provide additional security in guarantor situations. Keep in mind that a guarantor is guaranteeing the terms and conditions of the entire lease and not an individual(s). A guarantor is ultimately responsible for all rent payments.

Documents Needed: Make copies of the following documents ready in advance for your search because as soon as you have found your desirable Manhattan apartment, you must submit an application form along with the following documents:

Letter of employment: Typed on company letter stating length of employment, position, annual salary with bonuses and overtime if applicable.
Copies of 2 most recent pay stubs.
Copy of most recent bank statement.
Copy of tax returns and W-2s (last 2 years).
Recommendation letter from current landlord.
Picture ID (Driver’s license, passport).

In the case of coops and condos expect to be asked to provide additional documents and a longer approval process. Guarantors are required as well to provide extensive financial documentation.

Monetary Requirements: The standard New York City rental brokerage commission for a one year lease is 15% of the annual rent. For example for a $2,000 per month rent the commission is $3,600. For any lease terms shorter than 6 months, the fee is equal to one months rent. The credit check fees are $50-$100 per applicant. For co-op and condominium apartments expect to pay additional application fees and securities. Most Manhattan real estate brokers will require a refundable good faith deposit of up to one months rent to get your application process started (you will be credited for this deposit). Landlords’ requirements are usually one month security and first month’s rent due within a day upon approval. It is strongly recommended to have these funds ready. All funds must be paid by certified checks, bank check, money orders, travelers checks or by wire. HH Realty Group accepts major credit cards.

Helpful Hints:

Start your search for your New York City apartment no sooner than 40 days prior to your required move in date.
Select firmly your desired neighborhood (s), the size of apartment, and your appropriate budget.
If you belong to a part of a group of roommates or a couple or you must consult a guarantor, have all parties be present when searching.
Our specialists work hard to prepare, arrange access and make appointments with landlords and their representatives and it is important to be punctual in order not to miss an appointment and a great opportunity.