Financial Requirements for Renting a Manhattan Apartment
Manhattan is a very expensive part of New York City. Even a small place in Manhattan costs quite a lot of money. You might find yourself coming across many questions while searching for a Manhattan apartment to rent. Some of the questions you could be pondering may include what is the average price for an apartment, what paperwork is required, and whether or not a roommate would help share the costs. Surely, there are many other questions, so let us take a closer look to provide answers to these questions.
Will you meet the financial requirements?
You may be amazed to know how strict the financial requirements are for renting apartments in Manhattan. Landlords prefer the tenants to have annual incomes 35-50 times more than the monthly rental fee. This is not all that they look into because your credit history, present credit status and employment status count as well.
They may also require you to have a credit check performed. They will not only take your personal and financial information, but also copies of income tax returns, letters of recommendation and more. In case you are unable to meet the requirements, the landlord may ask you to get a guarantor. Some landlords require the guarantors’ annual salary be 80-100 times the monthly rental. This could be the biggest problem you face while renting a Manhattan apartment, so plan ahead!
Will a roommate help?
People who are on the look out for roommates are either students or those who cannot afford the apartment alone. There are others who want to live in huge apartments and can’t afford them, so roommates could be easy to find. In Manhattan, finding a cheap apartment is very difficult. You must remember that both you and your roommate are jointly responsible for the rent. If one decides not to pay the rent for a particular month, then you must cover the rent for that month. The only way to make sure this does not happen is to get everything in writing.
What you will have to pay?
After selecting the apartment, you need to pay the rent of the first month and a security deposit in order to gain possession. You are probably wondering how much a security deposit is on an apartment. The security deposit may be the same amount as 1 month’s rent or up to four times the monthly rental. The application fee may range from $25-$100.
How much the brokers would charge?
In Manhattan, brokers charge around 15% of the annual rent. Make sure that you have researched about the brokerage company and have found it legally registered. You can also try negotiating with the broker; there is no harm in that. You can also bypass the brokers by contacting the building owner and the management company. It may be difficult and a bit of a hassle, but at least you may save some money on brokerage fees. The brokerage has to be paid while paying the rent and security deposit. Another important thing is to make sure that you are paying the brokerage in favor of the firm and not the broker who has helped you in getting the apartment.
Happy apartment hunting and hopefully you will find the perfect place in Manhattan.