Gea Elika's Blog, page 109

Top 6 Tips for First-Time Home Renovators

There are many good reasons for wanting to renovate your NYC apartment. You might want to expand to accommodate a growing family, you might be looking to upgrade, modernize or simply to increase the property’s value. One thing’s for sure if this is your first home renovation project it can feel a bit overwhelming. But with good forward planning and the right people for the job it needn’t be. Before embarking on your big project consider these tips on how you can make it as smooth as possible.

 

 

1. Have a plan

Like every big project, you need a well-structured plan if you want things to run smoothly. In these days of Pinterest and Instagram, it’s easy to get carried away and fail to differentiate between what you want and what you need. There’s nothing wrong with a little inspiration but try to stay realistic. Begin with the practical basics and what makes financial sense, then look into what else you can afford.

2. Come up with a realistic budget

When coming up with your budget get at least three quotes for any job in your home and account for any job costing 10-20% more than expected. With so many variables involved it will be difficult to work out a strict budget but by calculating the price per square foot you can get a rough estimate. Renovations almost always go over budget so have a contingency fund in place to cover unexpected costs.

3. Choose the right contractors

Whether your project is a success or not depends to a great extent on the contractors you choose for the job. Going with the lowest bid wouldn’t be advisable but neither would the highest bid. The important thing is that you do your own research. Check that they’re fully licensed and insured and have experience with this type of job. Ask to see before and after photos of previous projects and a list of references.

Also, try to find someone that you feel you can get along with. You’ll be dealing with them for quite some time so having a cordial relationship will make a big difference. Once you’ve found the right people, agree to a timeline, a schedule for regular meetings at the site and get everything in writing before the work begins.

4. Follow the building rules

Whether you’re renovating a multi-family townhouse, co-op or condo apartment, you’ll need to follow the building rules and get the proper permits. Otherwise, you could face a fine or a stop-work order. No two buildings in NYC have the same rules so find out what yours are while you’re still in the planning phase. For a start, there may be rules prohibiting work on weekends, public holidays and certain times of the day. Co-ops are well known for being sticklers for rules, so you’ll probably get to know all of them during the renovation.

5. Get the right materials

The old adage holds true, you get what you pay for. Keep these words in mind when selecting the materials for the job. The options are practically limitless in the materials you can choose from so do your homework and choose materials of a good quality that appeals to your taste and is within your budget. If you can’t afford the sort of quality you want now, then it might be better to put the project off until you can.

6. Don’t live in the apartment

No one wants the added cost of temporarily moving out but it should be a consideration. If you can’t afford to move out for the entire duration of the project, then at least try to schedule some time away when possible. Living in the apartment while the renovation is going on will mean you’ll often get in the way and slow down the pace of the work. Adding to that, there’s also the stress you’ll experience of having your lifestyle disrupted. If you choose to live in the apartment, whether periodically or for the whole of the renovation, try to set up a temporary camp in a room that isn’t part of the renovation.

The post Top 6 Tips for First-Time Home Renovators appeared first on | ELIKA Real Estate.

Important Apartment Upgrades Before Moving in

The day you move into your new home is a day few people would describe as “fun.” It’s time-consuming with all the planning, packing, moving and cleaning. Most homebuyers have a list of things they’d like to upgrade over time. While a lot of those things can be pushed off until another time, there are some that are better done before you move in. Changes to the flooring and walls, for instance, cost a lot more after you’ve moved in since you need to shift around your furniture and appliances. Better to do the smart thing and get the minor things out of the way first.

 

 

1. Flooring

Redoing the flooring is not cheap, and after the expenses of buying a home, it’s easy to understand a person’s reluctance to fork over more money so soon. But if you can foot the bill, it’s better to do it now. Redoing carpet, tiles or hardwood gets a lot more expensive when you need to move furniture. Not to mention the disruption to your daily schedule by having an entire room off limits until the work is done.

2. Painting

Same as flooring, painting is better done before you move in, no need to move anything or cover up furniture. If you’re unsure of what color to choose, go for something neutral like clean white or a pretty beige. You can always paint over it again at a later time. Allow several days for this as this type of work always takes longer than expected. Once you’ve got the major patching, priming, trim work and base coats done, getting another color scheme done later will present much less difficulty.

3. Popcorn ceilings and walls

Many old apartments tend to come with popcorn ceilings and walls. While these might have been the style before, their time has long since passed. Adding to that, popcorn ceilings often contain asbestos or other irritants so even if don’t mind the aesthetics you should still have it dealt with. This can be messy work and will require the handyman to cover all furnishings and move things around. Better to do it now before you move in and avoid the extra cost and trouble.

4. Install new locks

This is pretty standard, but a surprising number of new homeowners overlook it. It’s impossible to know how many extra keys are floating around out there for the current locks. The previous owners could have handed out spare keys to neighbors, family or workmen which could end up in the wrong hands. For peace of mind have new locks installed.

5. Get some extra closet organizers

Since the first viewing, you’ve probably already been thinking about where you’ll put what. Now that it’s time to make that reality you should start thinking about it pragmatically. Before moving day, take a tour of the apartment and note where you’ll be storing things and arranging the furniture. If there aren’t enough closets or other storage spaces, have new one’s custom fitted to accommodate everything and make moving day a lot less stressful.

6. Have all mechanical equipment cleaned and serviced

It would be wise not to assume that the previous owners got the heating and cooling systems serviced before the sale. Find a reputable contractor and have them perform a maintenance check of all the inbuilt systems in your apartment. That way you won’t have to overpay for a technician to make repairs if your heating system stops working in the depts of winter.

7. Replace batteries in smoke alarms and carbon monoxide detectors

Not all home inspectors check the batteries in the smoke alarms and carbon monoxide detectors. Even if they did, there’s still no way to know how recently they were changed. Just like changing the locks, give yourself better peace of mind and put new batteries in now.

The post Important Apartment Upgrades Before Moving in appeared first on | ELIKA Real Estate.

Planning for Post-Closing Liquidity – What is it?

Buying a New York City co-op or condo requires a lot of money. However, it is not enough to save up cash for the down payment and closing. You also need enough money to meet the co-op or condo board’s post-closing liquidity requirement. There are varying requirements, depending on the building.

 

 

Add in that your lender has its thoughts on the matter, and the question becomes complex. There are general rules that you can use to help guide you, however.

What are post-closing liquidity requirements?

This is the amount the board of directors and your lender want you to have after you close on your unit. You need to check what the board considered a liquid asset since the definition varies by building. Certainly, cash and money market funds will qualify, while government securities, corporate bonds, and stocks typically count since you can convert these into cash readily.

It gets murkier when it comes to your retirement accounts, such as your 401k. Generally, the board counts these as illiquid assets, although they may decide to give you a certain amount of credit. Additionally, the board of directors is likely not going to consider any real estate you own in their calculation.

Your post-closing liquidity, which is quoted in months or years, is calculated by taking your liquid assets after subtracting your planned down payment and estimated closing costs and comparing it to your combined monthly maintenance charge and mortgage payment.

Co-ops and condos

As you might imagine, co-op boards are typically more restricted than their condo counterparts. For a co-op, you should expect a board will want to see that you have liquid assets totaling one to two years following your closing. In our experience, two years’ post-closing liquidity is more common.

Generally, post-closing liquidity requirements are more commonly found in co-op apartments, rather than in a condo building. This does not mean you should not have a reserve fund, or that your banks won’t ask you to have one, though.

Banks

Your lender also wants to make sure you have a reserve. After all, if you do not have anything saved up in a rainy day fund, you could face a potential foreclosure in the event something happens, such as a job loss. Therefore, while your condo may not require you to have a reserve fund, the bank almost surely will want to see one.

Depending on banks they typically like to see that you have enough liquidity to cover at least one year of mortgage and monthly maintenance fees after your down payment and closing costs are paid.

Your lender will likely allow this money to come from elsewhere, such as a relative’s gift. However, a bank is going to want to make sure you have some post-closing liquidity on your own, and that you meet its other requirements, such as its debt-to-income ratio.

Why do I need it?

It is a good idea to have a safety net in case you run into financial difficulties. Hopefully, you never need it, but it will help you sleep better at night.

Co-op boards want to see it to minimize distressed sales, which hurt comps in the building. Lenders want to ensure you can pay back the borrowed funds, even should you experience an unexpected and unfortunate event.

The post Planning for Post-Closing Liquidity – What is it? appeared first on | ELIKA Real Estate.

Planning for Post-Closing Liquidity

Buying a New York City co-op or condo requires a lot of money. However, it is not enough to save up cash for the down payment and closing. You also need enough money to meet the co-op or condo board’s post-closing liquidity requirement. There are varying requirements, depending on the building.

 

 

Add in that your lender has its thoughts on the matter, and the question becomes complex. There are general rules that you can use to help guide you, however.

What are post-closing liquidity requirements?

This is the amount the board of directors and your lender want you to have after you close on your unit. You need to check what the board considered a liquid asset since the definition varies by building. Certainly, cash and money market funds will qualify, while government securities, corporate bonds, and stocks typically count since you can convert these into cash readily.

It gets murkier when it comes to your retirement accounts, such as your 401k. Generally, the board counts these as illiquid assets, although they may decide to give you a certain amount of credit. Additionally, the board of directors is likely not going to consider any real estate you own in their calculation.

Your post-closing liquidity, which is quoted in months or years, is calculated by taking your liquid assets after subtracting your planned down payment and estimated closing costs and comparing it to your combined monthly maintenance charge and mortgage payment.

Co-ops and condos

As you might imagine, co-op boards are typically more restricted than their condo counterparts. For a co-op, you should expect a board will want to see that you have liquid assets totaling one to two years following your closing. In our experience, two years’ post-closing liquidity is more common.

Generally, post-closing liquidity requirements are more commonly found in co-op apartments, rather than in a condo building. This does not mean you should not have a reserve fund, or that your banks won’t ask you to have one, though.

Banks

Your lender also wants to make sure you have a reserve. After all, if you do not have anything saved up in a rainy day fund, you could face a potential foreclosure in the event something happens, such as a job loss. Therefore, while your condo may not require you to have a reserve fund, the bank almost surely will want to see one.

Depending on banks they typically like to see that you have enough liquidity to cover at least one year of mortgage and monthly maintenance fees after your down payment and closing costs are paid.

Your lender will likely allow this money to come from elsewhere, such as a relative’s gift. However, a bank is going to want to make sure you have some post-closing liquidity on your own, and that you meet its other requirements, such as its debt-to-income ratio.

Why do I need it?

It is a good idea to have a safety net in case you run into financial difficulties. Hopefully, you never need it, but it will help you sleep better at night.

Co-op boards want to see it to minimize distressed sales, which hurt comps in the building. Lenders want to ensure you can pay back the borrowed funds, even should you experience an unexpected and unfortunate event.

The post Planning for Post-Closing Liquidity appeared first on | ELIKA Real Estate.

Safety Tips for DIY Home Repair Projects

Since nowadays you can’t throw a rock without hitting a home repair TV show, it is no wonder, so many of us are rushing to the hardware store to buy the materials for a home renovation session of our own. These TV shows make it seem like it is the most straightforward task in the world – slap a little paint onto the porch here, smash a wall with the sledgehammer there, and you have finished before the first dust particles start building up on the floor.

 

 

While it is entirely possible to be an accomplished and competent DIY home renovator, what many people tend to forget is that these projects require a lot of care and attention. Some jobs are more hazardous than others, so everybody should make sure they are tackling them under the safest conditions possible.

If you want to renovate your house but haven’t decided yet on what could be done regarding safety measures, we are here to help with a few essential pieces of advice.

We would always suggest contacting a professional but if you choose to tackle the repair yourself here are four safety tips for dealing with common home repair projects.

Plumbing Safety

Contrary to popular belief, repairing the plumbing system is not something you could throw yourself into without any prior knowledge. If done incorrectly, it can suddenly turn into a health and safety hazard for both you and your surroundings.

Necessary safety precautions include, but are not limited to, following tool instructions, making sure your installations follow local codes, and knowing the specificities of the plumbing system that your house uses (for example, whether the pipe holds sewage or pressurized water).

Here are a few necessary safety precautions that every DIY plumber should take:

Don’t unclog the drains without prior preparation. Before disassembling the drains, try to figure whether their contents will spill out in your direction. Although admittedly, drains are not under pressure, an old clog could build significant pressure and end up flooding your house. The situation can be even worse if you live in an area with heavy precipitation or if the local sewage system is old. Read more about basement floor drain backing up when it rains if you already have a flooded basement and want to fix the problem yourself.
Shut off the water. This is a no-brainer, but you would be surprised at how many DIY plumbers forget to do it. What looks like an insignificant knob could hold back pressurized water, in some cases, and you do not want to be at the other end of it.
Use a face mask to protect your lungs, especially if the project involves using saws or sand.

Electrical Safety

When it comes to home projects, electrical repairs are an entirely different animal than tinkering with the plumbing system. However obvious it might seem, it is worth mentioning that no electrical device should be opened, repaired, changed, or upgraded without turning off the power supply first.  Something as simple as replacing the outlets could turn into a disaster.

Here are a few basic safety precautions when working with electricity:

Verify that there is no electric current passing through an electrical device before attempting any repairs;
Locate the power source by subpanel and circuit breaker location, or by using a circuit tracer;
Don’t store any flammable liquids near electrical equipment;
Wear the proper safety equipment – gloves, clothes, shoes;
Avoid any contact with electrical circuits while your home’s electricity is on.

Keep Your Work Space Organized

Collect all the equipment and tools you think you will need ahead of time and have them arranged and sorted before beginning your project. To give you a guiding point, you can deposit your materials on a tray, a cardboard box, or in a work apron with pockets.

Keep your sharp tools in a separate place, with enough distance between them so that you do not risk hurting yourself while trying to hastily reach for one. Heavy tools, such as sledgehammers and ladders, should also be kept separate.

Also, consider whether your project will create a mess – you certainly do not want to end up inhaling debris or tripping over a forgotten piece of wood in the midst of your project. So, it is a good idea to plan if your project will be messy and require items that will help you get rid of the waste efficiently, trash bags, wastebaskets, and the like.

Be Careful of Lead-Based Paint

Although producing and selling lead-based paint has been illegal in the United States since 1978, many houses hadn’t had a new paint job since before that law was passed. If you are in this situation, you should be extremely careful with lead-based paint.

Before removing it, make sure you seal off the work site with duct tape and plastic sheeting, and always wear protective clothing, as well as gloves and a respirator. Do not vacuum the area with a regular vacuum cleaner. Use a device specifically designed for the job instead. Furthermore, pregnant women and children should stay away from the work site as lead-based paint can be especially harmful to them. If you have a large area to handle, call a professional in to assist you.

Conclusion

Many of us strive to become accomplished DIY builders. However, doing home repair and renovation projects is not as easy as TV shows make it look as many things could go wrong. If you plan to do this, be sure to read through our basic safety tips before beginning your project.

The post Safety Tips for DIY Home Repair Projects appeared first on | ELIKA Real Estate.

Safety Tips for DIY Home Repair Projects

Since nowadays you can’t throw a rock without hitting a home repair TV show, it is no wonder, so many of us are rushing to the hardware store to buy the materials for a home renovation session of our own. These TV shows make it seem like it is the most straightforward task in the world – slap a little paint onto the porch here, smash a wall with the sledgehammer there, and you have finished before the first dust particles start building up on the floor.

While it is entirely possible to be an accomplished and competent DIY home renovator, what many people tend to forget is that these projects require a lot of care and attention. Some jobs are more hazardous than others, so everybody should make sure they are tackling them under the safest conditions possible.

If you want to renovate your house but haven’t decided yet on what could be done regarding safety measures, we are here to help with a few essential pieces of advice.

We would always suggest contacting a professional but if you choose to tackle the repair yourself here are four safety tips for dealing with common home repair projects.

Plumbing Safety

Contrary to popular belief, repairing the plumbing system is not something you could throw yourself into without any prior knowledge. If done incorrectly, it can suddenly turn into a health and safety hazard for both you and your surroundings.

Necessary safety precautions include, but are not limited to, following tool instructions, making sure your installations follow local codes, and knowing the specificities of the plumbing system that your house uses (for example, whether the pipe holds sewage or pressurized water).

Here are a few necessary safety precautions that every DIY plumber should take:

Don’t unclog the drains without prior preparation. Before disassembling the drains, try to figure whether their contents will spill out in your direction. Although admittedly, drains are not under pressure, an old clog could build significant pressure and end up flooding your house. The situation can be even worse if you live in an area with heavy precipitation or if the local sewage system is old. Read more about basement floor drain backing up when it rains if you already have a flooded basement and want to fix the problem yourself.
Shut off the water. This is a no-brainer, but you would be surprised at how many DIY plumbers forget to do it. What looks like an insignificant knob could hold back pressurized water, in some cases, and you do not want to be at the other end of it.
Use a face mask to protect your lungs, especially if the project involves using saws or sand.

Electrical Safety

When it comes to home projects, electrical repairs are an entirely different animal than tinkering with the plumbing system. However obvious it might seem, it is worth mentioning that no electrical device should be opened, repaired, changed, or upgraded without turning off the power supply first.  Something as simple as replacing the outlets could turn into a disaster.

Here are a few basic safety precautions when working with electricity:

Verify that there is no electric current passing through an electrical device before attempting any repairs;
Locate the power source by subpanel and circuit breaker location, or by using a circuit tracer;
Don’t store any flammable liquids near electrical equipment;
Wear the proper safety equipment – gloves, clothes, shoes;
Avoid any contact with electrical circuits while your home’s electricity is on.

Keep Your Work Space Organized

Collect all the equipment and tools you think you will need ahead of time and have them arranged and sorted before beginning your project. To give you a guiding point, you can deposit your materials on a tray, a cardboard box, or in a work apron with pockets.

Keep your sharp tools in a separate place, with enough distance between them so that you do not risk hurting yourself while trying to hastily reach for one. Heavy tools, such as sledgehammers and ladders, should also be kept separate.

Also, consider whether your project will create a mess – you certainly do not want to end up inhaling debris or tripping over a forgotten piece of wood in the midst of your project. So, it is a good idea to plan if your project will be messy and require items that will help you get rid of the waste efficiently, trash bags, wastebaskets, and the like.

Be Careful of Lead-Based Paint

Although producing and selling lead-based paint has been illegal in the United States since 1978, many houses hadn’t had a new paint job since before that law was passed. If you are in this situation, you should be extremely careful with lead-based paint.

Before removing it, make sure you seal off the work site with duct tape and plastic sheeting, and always wear protective clothing, as well as gloves and a respirator. Do not vacuum the area with a regular vacuum cleaner. Use a device specifically designed for the job instead. Furthermore, pregnant women and children should stay away from the work site as lead-based paint can be especially harmful to them. If you have a large area to handle, call a professional in to assist you.

Conclusion

Many of us strive to become accomplished DIY builders. However, doing home repair and renovation projects is not as easy as TV shows make it look as many things could go wrong. If you plan to do this, be sure to read through our basic safety tips before beginning your project.

The post Safety Tips for DIY Home Repair Projects appeared first on ELIKA Real Estate.

How to Rent an Apartment in NYC

Before you begin your search, it’s important to familiarize yourself with the Manhattan market. Seeking the help of an experienced rental agent can give you keen insights into the many different neighborhoods New York City has to offer, thereby helping you narrow down your search for rental apartments that are within your budget and are the best fit for your lifestyle. Manhattan is the cultural, business and social crossroads of the world, and each of its neighborhoods claim unique offerings regarding schools, restaurants, shopping, and recreation, amongst much other quality of life factors.

 

 

New York City is composed of five boroughs, with Manhattan itself taking up the smallest amount of land. However, with over one million inhabitants, Manhattan, lays claim to being the most densely populated county in the U.S. Its boundaries include the Hudson River on the west, the East River on the east, the New York Harbor to the south and the Harlem River to the north. With its streets laid out in a grid, it is also one of the most easily navigated cities in the country.

Manhattan’s avenues run north to south with Twelfth Avenue being the farthest west and First Avenue the eastern-most boundary. The streets run east to west across the avenues, and as you make your way north, the street numbers increase. Fifth Avenue runs through the center of Manhattan and divides the city into its East and West sides. As a result, there is an East 57th Street and a West 57th Street. Broadway runs diagonally across Manhattan from the Lower East Side to the Upper West Side. The grid system disappears downtown, where getting around becomes somewhat more problematic, but getting lost in Lower Manhattan, particularly in areas like the West Village, can lead to some great restaurant and shopping finds.

Timing is everything

Timing is everything on the NYC apartment rental scene. During the winter, most people are content to stay put, while the summertime is historically the busiest renting season, as students and recent grads descend upon the city creating a severe upswing in demand, and with it, prices. Therefore, Elika recommends that if you can put off your search, the best time to look for a rental apartment is in the late fall and winter months, when rentals are less costly. Of course, seasonal fluctuations also depend on apartment size, neighborhood and how the overall economy is doing.

To get the best deal, we recommend following the market close by reviewing rental market reports and news, and by studying the apartment listings on a daily basis. Most prospective renters don’t have the luxury of choosing exactly when they will need to get an apartment and recommends that you start looking one month to 45 days before you need to move in. Landlords usually select move-in dates for vacant apartments on the 1st or 15th day of the upcoming month, so prospective renters should plan accordingly.

Steps to Renting an Apartment in NYC

The first thing you need to do before renting is determining your criteria for an apartment. Here are some factors we suggest you consider when thinking about a rental:

1. Consider advantages when using a Rental Agent versus doing it alone.

Before the advent of the Internet, searching for an NYC apartment on your own was a complicated and challenging task. Now that the online world has bloomed, that is no longer the case. It is possible to do all the research you need to do online through the free online websites, no–fee rental sites, public real estate databases. However, you should know that if you go it alone, the process of finding a Manhattan rental apartment can be extremely time-consuming.

If you decide to search for an apartment on your own, you will be forced to spend countless hours pouring over real estate ads and arranging for apartment viewings at times that are often inconvenient for you. Further, you may waste your time checking out 15 apartments, only to find that none of them are suitable and that you have missed out on “the one.” Also, you’ll have to contend with everything from irresponsible owners who don’t return your calls to outright scams. In short, searching for a Manhattan apartment on your own can make you want to scream.

If you decide to go with a rental agent, you will be spared what can seem like unrelenting aggravation. Experienced rental agents will save you valuable time because they know exactly what is available, what apartments are worth and whether or not they meet your criteria. Agents will be able to select the most suitable property for you, help you avoid scams, help you prepare your application package, and negotiate a deal with the landlord. In a city where time is such a valuable commodity, such assistance can be invaluable.

Another benefit of having an experienced agent is the connections they have with other local professionals and landlords. Also, they will be able to provide you with recommendations for services like movers and decorators — which can be especially helpful if you are new to Manhattan.

1. Determine your budget.

By far the most constraining factor in your search for an apartment is your budget. Before even starting your search, you need to get a clear picture of the minimum you want to pay and the maximum you can afford to pay per month. Once you have calculated your monthly expenses with rent figured in, you can get a much better idea of what apartments are in your price range. To qualify for a New York City rental most brokerages and landlords require that you make 40 times the monthly rent in annual income.

2. Choose a Neighborhood.

Regarding neighborhoods, no other city offers the choices that Manhattan does. From the chic and trendy to the upscale and sophisticated, there are an array of neighborhood options. Depending on such criterion as accessibility and food shopping, the vibe may even be different from block to block within a particular neighborhood.

When it comes to Manhattan neighborhoods, no two are the same. From Chelsea to the Upper West Side, each community has its unique qualities. Rental agents will introduce you to the many enclaves that comprise Manhattan, ensure that you know how to navigate around them and help you pick the location that is best suited for you. You can visit our Manhattan and Brooklyn Neighborhood Guide for more details on specific neighborhoods, but don’t forget that there is no substitute for checking out a neighborhood in person to get a feel for its atmosphere. By actually going to an area, you can discover firsthand its flavor and character by talking to residents and visiting stores, schools, restaurants and other local haunts.

New Yorkers may have a reputation for being gruff, but they still love to talk about themselves and where they reside. By asking a simple question like, “Do you like living here?” you can get a wealth of information that you cannot get online or by talking to an agent.

3. Decide on the size of the apartment you need.

Space is a costly commodity in the Manhattan real estate market, so it is essential that you be realistic about your needs. Ask yourself such questions as how many people will I be living with? Am I amenable to sharing a bathroom or bedroom? The more people sharing the rent, the less costly the apartment will be, but that comes at a sacrifice of privacy. Know your limits, but above all, keep an open mind and be ready for compromise.

 

 

4. Pick the essential amenities to you.

Regarding amenities, New York City apartments offer an array of choices. Some luxury buildings feature such things as laundry service, on-site gyms, and electronic rent payment. Modest walk-up rentals have fewer amenities, can be more attractive because the rents are more affordable. Consider compromising on things that are non-essential to you, but that you keep your safety uppermost in your mind as your security should be non-negotiable.

5. Research the Market.

If you are considering a range of options, like renting a studio by yourself or sharing a two–bedroom with a roommate, remember to set up searches for all of these options. Even if you can’t afford a studio in your favorite neighborhood, you might be able to rent in that area if you split the cost of a more significant place with friends. Further, look to your friends and their real estate choices for market information and renting advice. Those who already live in a particular neighborhood are the best sources of information about it. Then, once you narrow down your search to specific properties, you will get a better idea of the types of apartments and features that mesh with your budget.

7. Organize and schedule viewings of the apartments you picked.

Once you’ve selected a broker, you can put them to work scheduling viewings for you. All you have to do is tell your rental agent the dates and times that you are available, and we will do the rest. You probably have a full-time job that makes mid-week viewings difficult, but keep in mind that the faster you see an apartment, the quicker you can snap it up. To save time, schedule back-to-back viewings of some apartments in the same neighborhood (allowing yourself between thirty minutes and an hour to see each apartment). Make sure, however, that you are thorough when you evaluate the property because your first viewing could potentially be your last before you sign the lease and move in.

Keeping tabs on your appointments is vital, and can be accomplished by using a spreadsheet that contains the time, date, location and contact information for each apartment. Agents will also keep track of your appointments in such a manner. It is also essential that you be on time for your viewings to show prospective landlords and your agent that you are reliable and serious about renting. Above all, it is vital that you visit each apartment that you are investigating in person. Advertisements can be deceiving, and what looks great on the Web, can turn out to be a disaster when you visit the place and that dream pad turns out to be a five-floor walk-up with the smells of the restaurant below wafting through the door.

8. Be prepared when viewings apartments.

We highly recommend when you view an apartment, you come prepared with all the information necessary to apply to rent it. Since Manhattan apartments are grabbed up quickly, you will then be able to submit your application on the spot and can rest assured that no one will steal the place out from under you. Plus, the landlord will see that you are someone who is responsible and savvy. Bring the following things with you when you go to your apartment viewings:

Essential Application Information – Required documents can vary depending on the landlord. However, most will require the list of items below to proceed with a rental application.- Letter from employer stating position, length of employment as well as salary.

– Tax returns from the last two years.

– Last two pay stubs.

– Guarantor (If salary does not qualify for 40x monthly rent).

– Verification of assets such as equities, real estate, etc.

– Bank statements form the last two months.

– Name, address and phone number of the previous landlord.

– Two business reference letters.

– Two personal reference letters.

– Photo identification ( passport or driver’s license).
Camera – Bringing a camera along is a good idea, especially when you are seeing some apartments in rapid succession and could use shots of the interiors and exteriors to jog your memory.
Tape Measure – It’s a good idea to tote a tape measure along to make sure that your furniture will fit into an apartment. Be sure to come prepared with the measurements of this furniture.

 

9. Choose the apartment that suits you best.

After you’ve seen the property available, you can decide on an apartment. Many people only have to look at an apartment once to conclude it’s the perfect place for them, but others will have to weigh the advantages and disadvantages of multiple rentals carefully. If you are doing this, you have to consider which property is at the best location regarding such things as commuting, weekend entertainment, and traveling outside of the area. Further, you should think whether any repairs are necessary, whether the apartment unit itself is laid out functionally and has space for all your belongings and whether it has ample natural light. Above all else, you must ascertain whether you can comfortably afford the rent and the cost of utilities.

10. Prepare and submit an apartment rental application.

Renting an apartment in Manhattan requires more than just giving basic information and writing a check. Future renters should understand the qualifications necessary to rent in the city. These include:

Income Requirements — Most landlords require tenants to earn 40 to 50 times the monthly rent of the apartment as their annual salary. This refers to guaranteed income and does not include bonuses. (i.e., If the property is $3000.00 a month, you must earn $120,000.00 to $150,000.00 a year to qualify to rent the apartment.)
Lease Guarantor – If an applicant does not meet the financial requirements, the landlord may require a Lease Guarantor. This is the person who pays the rent if the tenant fails to do so. They are required to navigate the same application process as the tenant and earn 80 to 100 times the monthly rent. Also, most landlords favor tri-state guarantors (people who reside in New Jersey, New York or Connecticut).
Application / Credit Check – This is a single document that will provide a landlord with all of an applicant’s required financial, professional and personal background information. (Credit checks are only applicable to US residents).
Application Fees – Application fees are typically required when you submit your application and range in price from $50–$100 (per application) for a rental building and anywhere from $250–$1,000 for a co-op or condo building.
Certified Funds – One month’s rent and one month’s security is due when you sign your lease. Landlords require this payment in the form of two separate certified checks or money orders. These checks can be obtained at a Manhattan bank for $10–$15. Landlords do not accept personal checks or cash, but some will allow the tenant to pay with a credit card (often with surcharges of 2-3% added to the rent and security payments). If you lack a US credit history or have bad credit, landlords will many times ask for additional security.
Employer Verification Letter – This letter must be written on company letterhead and be signed by your supervisor. It should state your position, starting date, salary and, if applicable, guaranteed bonus. It should also detail whether or not you are entitled to a housing allowance and if so, how much.
Landlord Reference – When trying to rent an apartment, a glowing reference from your current landlord is a great asset. Indeed, this information is often requested during the process. If you were unable to get a letter, be certain you can pass on your landlord’s name, address, and telephone number. Without a reference, a landlord might want to do his check into your history as a tenant.
References – Every landlord doesn’t require references, but it is better to be prepared for that request. In addition to a landlord’s letter, a reference from an accountant or attorney reflects favorably on you. Decide on your references and have up-to-date contact information for them.
Bank Statements – You should come prepared for at least the last two months worth of statements.
Tax Returns – In some cases, you may be asked to provide tax returns, so it is essential to bring the last two years of returns with you.
Photo Identification – It will be necessary to show a driver’s license, passport, or some other form of government-issued photo ID.
Pet Deposit – Many buildings and landlords are pet-friendly but can require an additional month of deposit for pets – in case of any damage or other problems.
Brokerage Agreements – Since tenants pay the brokerage fees in Manhattan, it is customary to be asked to sign a fee agreement when enlisting the help of a broker. This agreement only states that you agree to pay a fee to the broker if they help you to obtain a lease on a particular apartment. You do not have to pay a brokerage fee if you are unable to secure a lease through a broker.
Brokerage Fees – The brokerage fee in Manhattan can be up to 15 percent of the annual rent. This is usually required when you sign your lease. You are only responsible for this fee if you secure an apartment through that broker. Fees should always be made payable to the brokerage firm and not a specific agent. If an apartment listing says NO FEE, there will be no broker fees charged at any stage.
Owner Paid Fees – In certain instances, a landlord may pay a portion of a fee to a broker. Under New York State law, the broker must notify the person responsible for paying the fee, whether that is a tenant or sponsoring corporation. Elika’s Renters Representation will help you prepare your application, double checking all requirements and following up with the leasing organization quickly to ensure that nothing slips through the cracks, particularly in extraordinary circumstances. (See Appendix C for more details.)
Negotiating and Signing the Lease – In times when the market is soft, there is an opportunity in the Manhattan rental market to negotiate more favorable lease terms. Elika’s Renters Representation can offer you expert advice and guidance as to whether negotiation is possible and how to go about it. Bear in mind, however, that even in a soft market, a landlord will walk away from a deal if it does not make financial sense. Once you have agreed on the terms, the lease will need to be signed by all parties, including the landlord, renter, and if applicable, guarantors. All of the necessary documents need to be signed before you can move ahead, so if you are enlisting a guarantor from outside the area, you need to be prepared to ship documents quickly. Once the lease is signed, it’s time to make a toast—the apartment has become yours officially.

 

 

More to Consider Before Renting
Special Rental Situations

When going to rent an apartment in Manhattan, there are some special situations that you may need to be prepared to address. These include the following:

Roommates – Usually landlords will not accept more than two names on a lease. Roommates are held jointly responsible for rent and broker fees. Also, roommates are held responsible for any other roommate’s unpaid rent. Elika’s Renters Representation therefore strongly suggests that roommates sign is written agreements which bind each of them to the rental fee and terms of the lease. Regarding the financial requirements for renting, landlords will often consider the combined income of the roommates. However, this can vary from landlord to landlord, and you should tell your broker ahead of time if this is how you plan to qualify for an apartment. Also be aware that landlords may require a guarantor even if your combined income meets the financial requirements, so that is why you also need to notify your broker of this circumstance.
International Tenant — If you pay taxes outside of the United States, or if you have a housing allowance from your job, your qualifications are assessed differently. If this is the case, you can consult with Elika’s Renters Representation about the financial resources you will need to become eligible to rent. Without a U.S. rental history, many of those relocating from abroad are required to pay additional security. Some landlords may even require as much as six months to one year of rent to be paid in advance depending on your particular circumstances.
Pets — Your four-legged canine friend can sometimes prove to be your worst enemy when it comes to obtaining an apartment in Manhattan. Most landlords in New York City do not accept dogs over twenty pounds, and in many cases even frown upon smaller dogs, cats, and other small domestic animals. If you have a pet or plan on getting one, your choice of apartments may be limited, so you should alert your broker to this situation.
Walls — Since it’s often difficult to find affordable two-bedroom apartments, many prospective tenants look for one-bedrooms that can be converted into two by the installation of a temporary wall. Elika knows of several reputable businesses in Manhattan that will deliver and erect a wall for a fee. However, many landlords do not allow these shares, so you should advise your broker if you plan on going this route. Be aware that you are often responsible for removing the wall at the end of your lease.

 

Manhattan Apartment Sizes 

The city boasts many standard-sized apartments, but several types have their special kind of layouts. Here are descriptions of a few:

Studio — This is a one-room dwelling in which the living room and the bedroom are in a single space. In larger studios, the kitchen is in a separate room, while in others the eating area can be found along one wall in the main space. Studios are also referred to as efficiencies.
Alcove Studio – This is a one-room apartment that also offers an open area adjacent to the main space which is used for sleeping. This type of dwelling is also referred to as an L-shaped studio because of its configuration or a junior—one bedroom.
Flex (convertible) Two – This is a one-bedroom apartment that features large space, typically the living room, transformed into another bedroom and a smaller living room by the installation of a temporary, also known as pressurized, wall dividing the space.
Junior 4 – This is a one bedroom apartment that features an alcove area in the living room, which is typically used as a dining room, or converted into a second bedroom.
Flex 3 – A two-bedroom apartment with an alcove in the living room that is convertible to a room.
Classic 6 – This type of apartment exists exclusively in prewar buildings, and describes a dwelling with six rooms: a living room, a formal dining room, a kitchen, plus two full sized bedrooms, and a small third bedroom, generally referred to as the maid’s room. (Classic 7s and 8s also exist, and offer one or two additional full-sized bedrooms).
Furnished Apartment –  These apartments are leased for short periods of time—anywhere from one week to one year—and contain all the furniture, kitchenware and bathware you would need to live comfortably.

 

Manhattan Building Types

There are three basic kinds of buildings in Manhattan: Doorman, Elevator (attended and unattended) and Walk–Up (unattended):

Doorman Building – The types of buildings that offer doormen tend to be on the larger side and offer the most significant amount of safety and security. They also afford the highest level of comfort and convenience because your doorman can do a lot for you while you’re not home, including such things as taking drop-offs of packages and dry cleaning. If you are new to the city, you will quickly learn that Manhattan revolves around deliveries, and having someone who can sign for your packages can feel like the ultimate luxury. Within buildings that have doormen, there are kinds of formats: luxury high–rise, standard, and part-time doorman.
Luxury High–Rise – These kinds of buildings have a full around-the-clock staff consisting of multiple doormen and attendants. They often offer such amenities as hotel-type concierge service, on-site health clubs, pools, laundry service and children’s playrooms. The specific luxury amenities will vary from building to building but will leave you feeling thoroughly pampered.
Standard Doorman – These buildings have someone on duty 24 hours a day and offer the safety and convenience of having a doorman without the extra luxury amenities.
Part–Time Doorman – These buildings usually have doormen for day shifts, but rely on security cameras or some other type of technology to protect residents at night.
Elevator Building – These buildings do not have doormen on duty, though some may employ elevator attendants. Regarding security, convenience, and price, these kinds of buildings are considered somewhere between doorman buildings and walk-ups. They often have laundry rooms in the buildings, as well as intercom systems, but the amenities stop there. Still, if these buildings are adequately maintained, they can be comfortable places in which to live.
Walk–Up Building – These buildings do not have doormen or elevators. They can be townhouses or brownstones (4–5 stories), above storefronts (usually 1-2 stories), or low–rise buildings (free standing 4–5 stories). They are the most reasonably priced kinds of apartments in the city, yet they have very few amenities. Most walk–up buildings do, however, have double door security and a few have more sophisticated features, such as intercoms and security cameras. As with elevator buildings, the quality of life in walk-ups can vary greatly depending on the degree to which they are maintained.

 

Manhattan Building Ownership Types

In Manhattan, there are three different ways buildings are owned, and they each vary about the approval process you need to go through to live in them, as well as other related requirements. The easiest building to move into is a rental, followed by a condominium, which has greater restrictions, and then a co-operative building, where the requirements for moving into the property can be stringent.

Rental Buildings – A single landlord owns the whole property, which can be rent stabilized or non-rent stabilized depending on the real estate laws. Landlords typically require the standard paperwork (discussed above) and a credit check, as well as one month’s rent and one month’s security deposit, for you to be approved to move in. The approval process can take anywhere from one day to one week, but usually no longer.
Condominiums (Condos)  – Each unit is individually owned and can be used either as a personal residence or rented out to somebody else as an investment property. Regulations for moving into a condo are set by the board– a governing body for the building made up of individual owners. As long as owners follow the board’s regulations, they can set their rental price and lease length. Owners will typically require you to furnish the standard paperwork, plus whatever additional information they feel necessary for approval. Also, applicants may be asked to supply extra paperwork that is deemed necessary by the board, but generally, the board does not have the right to turn down an applicant that an owner is willing to rent to. Tenants are required to pay application and board and move–in fees, as well as additional security if needed. With a condo, the approval process can take anywhere from one week to one month.
Cooperatives (Co-ops) –  These buildings are similar to condos being privately owned, but in this arrangement, individuals own shares in the building based on their apartment’s size and value, and not the deed to the unit itself. Co-ops tend to have the most precise rules and regulations about rentals. In addition to the standard paperwork, the co-op board almost always requires far-reaching financial and personal information. Prospective renters must attend an extensive interview with the building’s co-op board, and once approved are usually required to pay large application, board, and move–in fees, as well as extra security. If you are from abroad or do not have an extensive credit history, it can be challenging to get the co-op board’s approval. The approval process can take a month or more.

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Guide to Renting an Apartment in NYC

Before you begin your search, it’s important to familiarize yourself with the Manhattan market. Seeking the help of an experienced rental agent can give you keen insights into the many different neighborhoods New York City has to offer, thereby helping you narrow down your search for rental apartments that are within your budget and are the best fit for your lifestyle. Manhattan is the cultural, business and social crossroads of the world, and each of its neighborhoods claim unique offerings regarding schools, restaurants, shopping, and recreation, amongst much other quality of life factors.

 

 

New York City is composed of five boroughs, with Manhattan itself taking up the smallest amount of land. However, with over one million inhabitants, Manhattan, lays claim to being the most densely populated county in the U.S. Its boundaries include the Hudson River on the west, the East River on the east, the New York Harbor to the south and the Harlem River to the north. With its streets laid out in a grid, it is also one of the most easily navigated cities in the country.

Manhattan’s avenues run north to south with Twelfth Avenue being the farthest west and First Avenue the eastern-most boundary. The streets run east to west across the avenues, and as you make your way north, the street numbers increase. Fifth Avenue runs through the center of Manhattan and divides the city into its East and West sides. As a result, there is an East 57th Street and a West 57th Street. Broadway runs diagonally across Manhattan from the Lower East Side to the Upper West Side. The grid system disappears downtown, where getting around becomes somewhat more problematic, but getting lost in Lower Manhattan, particularly in areas like the West Village, can lead to some great restaurant and shopping finds.

Timing is everything

Timing is everything on the NYC apartment rental scene. During the winter, most people are content to stay put, while the summertime is historically the busiest renting season, as students and recent grads descend upon the city creating a severe upswing in demand, and with it, prices. Therefore, Elika recommends that if you can put off your search, the best time to look for a rental apartment is in the late fall and winter months, when rentals are less costly. Of course, seasonal fluctuations also depend on apartment size, neighborhood and how the overall economy is doing.

To get the best deal, we recommend following the market close by reviewing rental market reports and news, and by studying the apartment listings on a daily basis. Most prospective renters don’t have the luxury of choosing exactly when they will need to get an apartment and recommends that you start looking one month to 45 days before you need to move in. Landlords usually select move-in dates for vacant apartments on the 1st or 15th day of the upcoming month, so prospective renters should plan accordingly.

Steps to Renting an Apartment in NYC

The first thing you need to do before renting is determining your criteria for an apartment. Here are some factors we suggest you consider when thinking about a rental:

1. Consider advantages when using a Rental Agent versus doing it alone.

Before the advent of the Internet, searching for an NYC apartment on your own was a complicated and challenging task. Now that the online world has bloomed, that is no longer the case. It is possible to do all the research you need to do online through the free online websites, no–fee rental sites, public real estate databases. However, you should know that if you go it alone, the process of finding a Manhattan rental apartment can be extremely time-consuming.

If you decide to search for an apartment on your own, you will be forced to spend countless hours pouring over real estate ads and arranging for apartment viewings at times that are often inconvenient for you. Further, you may waste your time checking out 15 apartments, only to find that none of them are suitable and that you have missed out on “the one.” Also, you’ll have to contend with everything from irresponsible owners who don’t return your calls to outright scams. In short, searching for a Manhattan apartment on your own can make you want to scream.

If you decide to go with a rental agent, you will be spared what can seem like unrelenting aggravation. Experienced rental agents will save you valuable time because they know exactly what is available, what apartments are worth and whether or not they meet your criteria. Agents will be able to select the most suitable property for you, help you avoid scams, help you prepare your application package, and negotiate a deal with the landlord. In a city where time is such a valuable commodity, such assistance can be invaluable.

Another benefit of having an experienced agent is the connections they have with other local professionals and landlords. Also, they will be able to provide you with recommendations for services like movers and decorators — which can be especially helpful if you are new to Manhattan.

1. Determine your budget.

By far the most constraining factor in your search for an apartment is your budget. Before even starting your search, you need to get a clear picture of the minimum you want to pay and the maximum you can afford to pay per month. Once you have calculated your monthly expenses with rent figured in, you can get a much better idea of what apartments are in your price range. To qualify for a New York City rental most brokerages and landlords require that you make 40 times the monthly rent in annual income.

2. Choose a Neighborhood.

Regarding neighborhoods, no other city offers the choices that Manhattan does. From the chic and trendy to the upscale and sophisticated, there are an array of neighborhood options. Depending on such criterion as accessibility and food shopping, the vibe may even be different from block to block within a particular neighborhood.

When it comes to Manhattan neighborhoods, no two are the same. From Chelsea to the Upper West Side, each community has its unique qualities. Rental agents will introduce you to the many enclaves that comprise Manhattan, ensure that you know how to navigate around them and help you pick the location that is best suited for you. You can visit our Manhattan and Brooklyn Neighborhood Guide for more details on specific neighborhoods, but don’t forget that there is no substitute for checking out a neighborhood in person to get a feel for its atmosphere. By actually going to an area, you can discover firsthand its flavor and character by talking to residents and visiting stores, schools, restaurants and other local haunts.

New Yorkers may have a reputation for being gruff, but they still love to talk about themselves and where they reside. By asking a simple question like, “Do you like living here?” you can get a wealth of information that you cannot get online or by talking to an agent.

3. Decide on the size of the apartment you need.

Space is a costly commodity in the Manhattan real estate market, so it is essential that you be realistic about your needs. Ask yourself such questions as how many people will I be living with? Am I amenable to sharing a bathroom or bedroom? The more people sharing the rent, the less costly the apartment will be, but that comes at a sacrifice of privacy. Know your limits, but above all, keep an open mind and be ready for compromise.

 

 

4. Pick the essential amenities to you.

Regarding amenities, New York City apartments offer an array of choices. Some luxury buildings feature such things as laundry service, on-site gyms, and electronic rent payment. Modest walk-up rentals have fewer amenities, can be more attractive because the rents are more affordable. Consider compromising on things that are non-essential to you, but that you keep your safety uppermost in your mind as your security should be non-negotiable.

5. Research the Market.

If you are considering a range of options, like renting a studio by yourself or sharing a two–bedroom with a roommate, remember to set up searches for all of these options. Even if you can’t afford a studio in your favorite neighborhood, you might be able to rent in that area if you split the cost of a more significant place with friends. Further, look to your friends and their real estate choices for market information and renting advice. Those who already live in a particular neighborhood are the best sources of information about it. Then, once you narrow down your search to specific properties, you will get a better idea of the types of apartments and features that mesh with your budget.

7. Organize and schedule viewings of the apartments you picked.

Once you’ve selected a broker, you can put them to work scheduling viewings for you. All you have to do is tell your rental agent the dates and times that you are available, and we will do the rest. You probably have a full-time job that makes mid-week viewings difficult, but keep in mind that the faster you see an apartment, the quicker you can snap it up. To save time, schedule back-to-back viewings of some apartments in the same neighborhood (allowing yourself between thirty minutes and an hour to see each apartment). Make sure, however, that you are thorough when you evaluate the property because your first viewing could potentially be your last before you sign the lease and move in.

Keeping tabs on your appointments is vital, and can be accomplished by using a spreadsheet that contains the time, date, location and contact information for each apartment. Agents will also keep track of your appointments in such a manner. It is also essential that you be on time for your viewings to show prospective landlords and your agent that you are reliable and serious about renting. Above all, it is vital that you visit each apartment that you are investigating in person. Advertisements can be deceiving, and what looks great on the Web, can turn out to be a disaster when you visit the place and that dream pad turns out to be a five-floor walk-up with the smells of the restaurant below wafting through the door.

8. Be prepared when viewings apartments.

We highly recommend when you view an apartment, you come prepared with all the information necessary to apply to rent it. Since Manhattan apartments are grabbed up quickly, you will then be able to submit your application on the spot and can rest assured that no one will steal the place out from under you. Plus, the landlord will see that you are someone who is responsible and savvy. Bring the following things with you when you go to your apartment viewings:

Essential Application Information – Required documents can vary depending on the landlord. However, most will require the list of items below to proceed with a rental application.- Letter from employer stating position, length of employment as well as salary.

– Tax returns from the last two years.

– Last two pay stubs.

– Guarantor (If salary does not qualify for 40x monthly rent).

– Verification of assets such as equities, real estate, etc.

– Bank statements form the last two months.

– Name, address and phone number of the previous landlord.

– Two business reference letters.

– Two personal reference letters.

– Photo identification ( passport or driver’s license).
Camera – Bringing a camera along is a good idea, especially when you are seeing some apartments in rapid succession and could use shots of the interiors and exteriors to jog your memory.
Tape Measure – It’s a good idea to tote a tape measure along to make sure that your furniture will fit into an apartment. Be sure to come prepared with the measurements of this furniture.

 

9. Choose the apartment that suits you best.

After you’ve seen the property available, you can decide on an apartment. Many people only have to look at an apartment once to conclude it’s the perfect place for them, but others will have to weigh the advantages and disadvantages of multiple rentals carefully. If you are doing this, you have to consider which property is at the best location regarding such things as commuting, weekend entertainment, and traveling outside of the area. Further, you should think whether any repairs are necessary, whether the apartment unit itself is laid out functionally and has space for all your belongings and whether it has ample natural light. Above all else, you must ascertain whether you can comfortably afford the rent and the cost of utilities.

10. Prepare and submit an apartment rental application.

Renting an apartment in Manhattan requires more than just giving basic information and writing a check. Future renters should understand the qualifications necessary to rent in the city. These include:

Income Requirements — Most landlords require tenants to earn 40 to 50 times the monthly rent of the apartment as their annual salary. This refers to guaranteed income and does not include bonuses. (i.e., If the property is $3000.00 a month, you must earn $120,000.00 to $150,000.00 a year to qualify to rent the apartment.)
Lease Guarantor – If an applicant does not meet the financial requirements, the landlord may require a Lease Guarantor. This is the person who pays the rent if the tenant fails to do so. They are required to navigate the same application process as the tenant and earn 80 to 100 times the monthly rent. Also, most landlords favor tri-state guarantors (people who reside in New Jersey, New York or Connecticut).
Application / Credit Check – This is a single document that will provide a landlord with all of an applicant’s required financial, professional and personal background information. (Credit checks are only applicable to US residents).
Application Fees – Application fees are typically required when you submit your application and range in price from $50–$100 (per application) for a rental building and anywhere from $250–$1,000 for a co-op or condo building.
Certified Funds – One month’s rent and one month’s security is due when you sign your lease. Landlords require this payment in the form of two separate certified checks or money orders. These checks can be obtained at a Manhattan bank for $10–$15. Landlords do not accept personal checks or cash, but some will allow the tenant to pay with a credit card (often with surcharges of 2-3% added to the rent and security payments). If you lack a US credit history or have bad credit, landlords will many times ask for additional security.
Employer Verification Letter – This letter must be written on company letterhead and be signed by your supervisor. It should state your position, starting date, salary and, if applicable, guaranteed bonus. It should also detail whether or not you are entitled to a housing allowance and if so, how much.
Landlord Reference – When trying to rent an apartment, a glowing reference from your current landlord is a great asset. Indeed, this information is often requested during the process. If you were unable to get a letter, be certain you can pass on your landlord’s name, address, and telephone number. Without a reference, a landlord might want to do his check into your history as a tenant.
References – Every landlord doesn’t require references, but it is better to be prepared for that request. In addition to a landlord’s letter, a reference from an accountant or attorney reflects favorably on you. Decide on your references and have up-to-date contact information for them.
Bank Statements – You should come prepared for at least the last two months worth of statements.
Tax Returns – In some cases, you may be asked to provide tax returns, so it is essential to bring the last two years of returns with you.
Photo Identification – It will be necessary to show a driver’s license, passport, or some other form of government-issued photo ID.
Pet Deposit – Many buildings and landlords are pet-friendly but can require an additional month of deposit for pets – in case of any damage or other problems.
Brokerage Agreements – Since tenants pay the brokerage fees in Manhattan, it is customary to be asked to sign a fee agreement when enlisting the help of a broker. This agreement only states that you agree to pay a fee to the broker if they help you to obtain a lease on a particular apartment. You do not have to pay a brokerage fee if you are unable to secure a lease through a broker.
Brokerage Fees – The brokerage fee in Manhattan can be up to 15 percent of the annual rent. This is usually required when you sign your lease. You are only responsible for this fee if you secure an apartment through that broker. Fees should always be made payable to the brokerage firm and not a specific agent. If an apartment listing says NO FEE, there will be no broker fees charged at any stage.
Owner Paid Fees – In certain instances, a landlord may pay a portion of a fee to a broker. Under New York State law, the broker must notify the person responsible for paying the fee, whether that is a tenant or sponsoring corporation. Elika’s Renters Representation will help you prepare your application, double checking all requirements and following up with the leasing organization quickly to ensure that nothing slips through the cracks, particularly in extraordinary circumstances. (See Appendix C for more details.)
Negotiating and Signing the Lease – In times when the market is soft, there is an opportunity in the Manhattan rental market to negotiate more favorable lease terms. Elika’s Renters Representation can offer you expert advice and guidance as to whether negotiation is possible and how to go about it. Bear in mind, however, that even in a soft market, a landlord will walk away from a deal if it does not make financial sense. Once you have agreed on the terms, the lease will need to be signed by all parties, including the landlord, renter, and if applicable, guarantors. All of the necessary documents need to be signed before you can move ahead, so if you are enlisting a guarantor from outside the area, you need to be prepared to ship documents quickly. Once the lease is signed, it’s time to make a toast—the apartment has become yours officially.

 

 

More to Consider Before Renting
Special Rental Situations

When going to rent an apartment in Manhattan, there are some special situations that you may need to be prepared to address. These include the following:

Roommates – Usually landlords will not accept more than two names on a lease. Roommates are held jointly responsible for rent and broker fees. Also, roommates are held responsible for any other roommate’s unpaid rent. Elika’s Renters Representation therefore strongly suggests that roommates sign is written agreements which bind each of them to the rental fee and terms of the lease. Regarding the financial requirements for renting, landlords will often consider the combined income of the roommates. However, this can vary from landlord to landlord, and you should tell your broker ahead of time if this is how you plan to qualify for an apartment. Also be aware that landlords may require a guarantor even if your combined income meets the financial requirements, so that is why you also need to notify your broker of this circumstance.
International Tenant — If you pay taxes outside of the United States, or if you have a housing allowance from your job, your qualifications are assessed differently. If this is the case, you can consult with Elika’s Renters Representation about the financial resources you will need to become eligible to rent. Without a U.S. rental history, many of those relocating from abroad are required to pay additional security. Some landlords may even require as much as six months to one year of rent to be paid in advance depending on your particular circumstances.
Pets — Your four-legged canine friend can sometimes prove to be your worst enemy when it comes to obtaining an apartment in Manhattan. Most landlords in New York City do not accept dogs over twenty pounds, and in many cases even frown upon smaller dogs, cats, and other small domestic animals. If you have a pet or plan on getting one, your choice of apartments may be limited, so you should alert your broker to this situation.
Walls — Since it’s often difficult to find affordable two-bedroom apartments, many prospective tenants look for one-bedrooms that can be converted into two by the installation of a temporary wall. Elika knows of several reputable businesses in Manhattan that will deliver and erect a wall for a fee. However, many landlords do not allow these shares, so you should advise your broker if you plan on going this route. Be aware that you are often responsible for removing the wall at the end of your lease.

 

Manhattan Apartment Sizes 

The city boasts many standard-sized apartments, but several types have their special kind of layouts. Here are descriptions of a few:

Studio — This is a one-room dwelling in which the living room and the bedroom are in a single space. In larger studios, the kitchen is in a separate room, while in others the eating area can be found along one wall in the main space. Studios are also referred to as efficiencies.
Alcove Studio – This is a one-room apartment that also offers an open area adjacent to the main space which is used for sleeping. This type of dwelling is also referred to as an L-shaped studio because of its configuration or a junior—one bedroom.
Flex (convertible) Two – This is a one-bedroom apartment that features large space, typically the living room, transformed into another bedroom and a smaller living room by the installation of a temporary, also known as pressurized, wall dividing the space.
Junior 4 – This is a one bedroom apartment that features an alcove area in the living room, which is typically used as a dining room, or converted into a second bedroom.
Flex 3 – A two-bedroom apartment with an alcove in the living room that is convertible to a room.
Classic 6 – This type of apartment exists exclusively in prewar buildings, and describes a dwelling with six rooms: a living room, a formal dining room, a kitchen, plus two full sized bedrooms, and a small third bedroom, generally referred to as the maid’s room. (Classic 7s and 8s also exist, and offer one or two additional full-sized bedrooms).
Furnished Apartment –  These apartments are leased for short periods of time—anywhere from one week to one year—and contain all the furniture, kitchenware and bathware you would need to live comfortably.

 

Manhattan Building Types

There are three basic kinds of buildings in Manhattan: Doorman, Elevator (attended and unattended) and Walk–Up (unattended):

Doorman Building – The types of buildings that offer doormen tend to be on the larger side and offer the most significant amount of safety and security. They also afford the highest level of comfort and convenience because your doorman can do a lot for you while you’re not home, including such things as taking drop-offs of packages and dry cleaning. If you are new to the city, you will quickly learn that Manhattan revolves around deliveries, and having someone who can sign for your packages can feel like the ultimate luxury. Within buildings that have doormen, there are kinds of formats: luxury high–rise, standard, and part-time doorman.
Luxury High–Rise – These kinds of buildings have a full around-the-clock staff consisting of multiple doormen and attendants. They often offer such amenities as hotel-type concierge service, on-site health clubs, pools, laundry service and children’s playrooms. The specific luxury amenities will vary from building to building but will leave you feeling thoroughly pampered.
Standard Doorman – These buildings have someone on duty 24 hours a day and offer the safety and convenience of having a doorman without the extra luxury amenities.
Part–Time Doorman – These buildings usually have doormen for day shifts, but rely on security cameras or some other type of technology to protect residents at night.
Elevator Building – These buildings do not have doormen on duty, though some may employ elevator attendants. Regarding security, convenience, and price, these kinds of buildings are considered somewhere between doorman buildings and walk-ups. They often have laundry rooms in the buildings, as well as intercom systems, but the amenities stop there. Still, if these buildings are adequately maintained, they can be comfortable places in which to live.
Walk–Up Building – These buildings do not have doormen or elevators. They can be townhouses or brownstones (4–5 stories), above storefronts (usually 1-2 stories), or low–rise buildings (free standing 4–5 stories). They are the most reasonably priced kinds of apartments in the city, yet they have very few amenities. Most walk–up buildings do, however, have double door security and a few have more sophisticated features, such as intercoms and security cameras. As with elevator buildings, the quality of life in walk-ups can vary greatly depending on the degree to which they are maintained.

 

Manhattan Building Ownership Types

In Manhattan, there are three different ways buildings are owned, and they each vary about the approval process you need to go through to live in them, as well as other related requirements. The easiest building to move into is a rental, followed by a condominium, which has greater restrictions, and then a co-operative building, where the requirements for moving into the property can be stringent.

Rental Buildings – A single landlord owns the whole property, which can be rent stabilized or non-rent stabilized depending on the real estate laws. Landlords typically require the standard paperwork (discussed above) and a credit check, as well as one month’s rent and one month’s security deposit, for you to be approved to move in. The approval process can take anywhere from one day to one week, but usually no longer.
Condominiums (Condos)  – Each unit is individually owned and can be used either as a personal residence or rented out to somebody else as an investment property. Regulations for moving into a condo are set by the board– a governing body for the building made up of individual owners. As long as owners follow the board’s regulations, they can set their rental price and lease length. Owners will typically require you to furnish the standard paperwork, plus whatever additional information they feel necessary for approval. Also, applicants may be asked to supply extra paperwork that is deemed necessary by the board, but generally, the board does not have the right to turn down an applicant that an owner is willing to rent to. Tenants are required to pay application and board and move–in fees, as well as additional security if needed. With a condo, the approval process can take anywhere from one week to one month.
Cooperatives (Co-ops) –  These buildings are similar to condos being privately owned, but in this arrangement, individuals own shares in the building based on their apartment’s size and value, and not the deed to the unit itself. Co-ops tend to have the most precise rules and regulations about rentals. In addition to the standard paperwork, the co-op board almost always requires far-reaching financial and personal information. Prospective renters must attend an extensive interview with the building’s co-op board, and once approved are usually required to pay large application, board, and move–in fees, as well as extra security. If you are from abroad or do not have an extensive credit history, it can be challenging to get the co-op board’s approval. The approval process can take a month or more.

The post Guide to Renting an Apartment in NYC appeared first on | ELIKA Real Estate.

The Complete Guide to Renting an Apartment in NYC

Before you begin your search, it’s important to familiarize yourself with the Manhattan market. Seeking the help of an experienced rental agent can give you keen insights into the many different neighborhoods New York City has to offer, thereby helping you narrow down your search for rental apartments that are within your budget and are the best fit for your lifestyle. Manhattan is the cultural, business and social crossroads of the world, and each of its neighborhoods claim unique offerings regarding schools, restaurants, shopping, and recreation, amongst much other quality of life factors.

 

 

New York City is composed of five boroughs, with Manhattan itself taking up the smallest amount of land. However, with over one million inhabitants, Manhattan, lays claim to being the most densely populated county in the U.S. Its boundaries include the Hudson River on the west, the East River on the east, the New York Harbor to the south and the Harlem River to the north. With its streets laid out in a grid, it is also one of the most easily navigated cities in the country.

Manhattan’s avenues run north to south with Twelfth Avenue being the farthest west and First Avenue the eastern-most boundary. The streets run east to west across the avenues, and as you make your way north, the street numbers increase. Fifth Avenue runs through the center of Manhattan and divides the city into its East and West sides. As a result, there is an East 57th Street and a West 57th Street. Broadway runs diagonally across Manhattan from the Lower East Side to the Upper West Side. The grid system disappears downtown, where getting around becomes somewhat more problematic, but getting lost in Lower Manhattan, particularly in areas like the West Village, can lead to some great restaurant and shopping finds.

Timing is everything

Timing is everything on the NYC apartment rental scene. During the winter, most people are content to stay put, while the summertime is historically the busiest renting season, as students and recent grads descend upon the city creating a severe upswing in demand, and with it, prices. Therefore, Elika recommends that if you can put off your search, the best time to look for a rental apartment is in the late fall and winter months, when rentals are less costly. Of course, seasonal fluctuations also depend on apartment size, neighborhood and how the overall economy is doing.

To get the best deal, we recommend following the market close by reviewing rental market reports and news, and by studying the apartment listings on a daily basis. Most prospective renters don’t have the luxury of choosing exactly when they will need to get an apartment and recommends that you start looking one month to 45 days before you need to move in. Landlords usually select move-in dates for vacant apartments on the 1st or 15th day of the upcoming month, so prospective renters should plan accordingly.

Steps to Renting an Apartment in NYC

The first thing you need to do before renting is determining your criteria for an apartment. Here are some factors we suggest you consider when thinking about a rental:

1. Consider advantages when using a Rental Agent versus doing it alone.

Before the advent of the Internet, searching for an NYC apartment on your own was a complicated and challenging task. Now that the online world has bloomed, that is no longer the case. It is possible to do all the research you need to do online through the free online websites, no–fee rental sites, public real estate databases. However, you should know that if you go it alone, the process of finding a Manhattan rental apartment can be extremely time-consuming.

If you decide to search for an apartment on your own, you will be forced to spend countless hours pouring over real estate ads and arranging for apartment viewings at times that are often inconvenient for you. Further, you may waste your time checking out 15 apartments, only to find that none of them are suitable and that you have missed out on “the one.” Also, you’ll have to contend with everything from irresponsible owners who don’t return your calls to outright scams. In short, searching for a Manhattan apartment on your own can make you want to scream.

If you decide to go with a rental agent, you will be spared what can seem like unrelenting aggravation. Experienced rental agents will save you valuable time because they know exactly what is available, what apartments are worth and whether or not they meet your criteria. Agents will be able to select the most suitable property for you, help you avoid scams, help you prepare your application package, and negotiate a deal with the landlord. In a city where time is such a valuable commodity, such assistance can be invaluable.

Another benefit of having an experienced agent is the connections they have with other local professionals and landlords. Also, they will be able to provide you with recommendations for services like movers and decorators — which can be especially helpful if you are new to Manhattan.

1. Determine your budget.

By far the most constraining factor in your search for an apartment is your budget. Before even starting your search, you need to get a clear picture of the minimum you want to pay and the maximum you can afford to pay per month. Once you have calculated your monthly expenses with rent figured in, you can get a much better idea of what apartments are in your price range. To qualify for a New York City rental most brokerages and landlords require that you make 40 times the monthly rent in annual income.

2. Choose a Neighborhood.

Regarding neighborhoods, no other city offers the choices that Manhattan does. From the chic and trendy to the upscale and sophisticated, there are an array of neighborhood options. Depending on such criterion as accessibility and food shopping, the vibe may even be different from block to block within a particular neighborhood.

When it comes to Manhattan neighborhoods, no two are the same. From Chelsea to the Upper West Side, each community has its unique qualities. Rental agents will introduce you to the many enclaves that comprise Manhattan, ensure that you know how to navigate around them and help you pick the location that is best suited for you. You can visit our Manhattan and Brooklyn Neighborhood Guide for more details on specific neighborhoods, but don’t forget that there is no substitute for checking out a neighborhood in person to get a feel for its atmosphere. By actually going to an area, you can discover firsthand its flavor and character by talking to residents and visiting stores, schools, restaurants and other local haunts.

New Yorkers may have a reputation for being gruff, but they still love to talk about themselves and where they reside. By asking a simple question like, “Do you like living here?” you can get a wealth of information that you cannot get online or by talking to an agent.

3. Decide on the size of the apartment you need.

Space is a costly commodity in the Manhattan real estate market, so it is essential that you be realistic about your needs. Ask yourself such questions as how many people will I be living with? Am I amenable to sharing a bathroom or bedroom? The more people sharing the rent, the less costly the apartment will be, but that comes at a sacrifice of privacy. Know your limits, but above all, keep an open mind and be ready for compromise.

 

 

4. Pick the essential amenities to you.

Regarding amenities, New York City apartments offer an array of choices. Some luxury buildings feature such things as laundry service, on-site gyms, and electronic rent payment. Modest walk-up rentals have fewer amenities, can be more attractive because the rents are more affordable. Consider compromising on things that are non-essential to you, but that you keep your safety uppermost in your mind as your security should be non-negotiable.

5. Research the Market.

If you are considering a range of options, like renting a studio by yourself or sharing a two–bedroom with a roommate, remember to set up searches for all of these options. Even if you can’t afford a studio in your favorite neighborhood, you might be able to rent in that area if you split the cost of a more significant place with friends. Further, look to your friends and their real estate choices for market information and renting advice. Those who already live in a particular neighborhood are the best sources of information about it. Then, once you narrow down your search to specific properties, you will get a better idea of the types of apartments and features that mesh with your budget.

7. Organize and schedule viewings of the apartments you picked.

Once you’ve selected a broker, you can put them to work scheduling viewings for you. All you have to do is tell your rental agent the dates and times that you are available, and we will do the rest. You probably have a full-time job that makes mid-week viewings difficult, but keep in mind that the faster you see an apartment, the quicker you can snap it up. To save time, schedule back-to-back viewings of some apartments in the same neighborhood (allowing yourself between thirty minutes and an hour to see each apartment). Make sure, however, that you are thorough when you evaluate the property because your first viewing could potentially be your last before you sign the lease and move in.

Keeping tabs on your appointments is vital, and can be accomplished by using a spreadsheet that contains the time, date, location and contact information for each apartment. Agents will also keep track of your appointments in such a manner. It is also essential that you be on time for your viewings to show prospective landlords and your agent that you are reliable and serious about renting. Above all, it is vital that you visit each apartment that you are investigating in person. Advertisements can be deceiving, and what looks great on the Web, can turn out to be a disaster when you visit the place and that dream pad turns out to be a five-floor walk-up with the smells of the restaurant below wafting through the door.

8. Be prepared when viewings apartments.

We highly recommend when you view an apartment, you come prepared with all the information necessary to apply to rent it. Since Manhattan apartments are grabbed up quickly, you will then be able to submit your application on the spot and can rest assured that no one will steal the place out from under you. Plus, the landlord will see that you are someone who is responsible and savvy. Bring the following things with you when you go to your apartment viewings:

Essential Application Information – Required documents can vary depending on the landlord. However, most will require the list of items below to proceed with a rental application.- Letter from employer stating position, length of employment as well as salary.

– Tax returns from the last two years.

– Last two pay stubs.

– Guarantor (If salary does not qualify for 40x monthly rent).

– Verification of assets such as equities, real estate, etc.

– Bank statements form the last two months.

– Name, address and phone number of the previous landlord.

– Two business reference letters.

– Two personal reference letters.

– Photo identification ( passport or driver’s license).
Camera – Bringing a camera along is a good idea, especially when you are seeing some apartments in rapid succession and could use shots of the interiors and exteriors to jog your memory.
Tape Measure – It’s a good idea to tote a tape measure along to make sure that your furniture will fit into an apartment. Be sure to come prepared with the measurements of this furniture.

 

9. Choose the apartment that suits you best.

After you’ve seen the property available, you can decide on an apartment. Many people only have to look at an apartment once to conclude it’s the perfect place for them, but others will have to weigh the advantages and disadvantages of multiple rentals carefully. If you are doing this, you have to consider which property is at the best location regarding such things as commuting, weekend entertainment, and traveling outside of the area. Further, you should think whether any repairs are necessary, whether the apartment unit itself is laid out functionally and has space for all your belongings and whether it has ample natural light. Above all else, you must ascertain whether you can comfortably afford the rent and the cost of utilities.

10. Prepare and submit an apartment rental application.

Renting an apartment in Manhattan requires more than just giving basic information and writing a check. Future renters should understand the qualifications necessary to rent in the city. These include:

Income Requirements — Most landlords require tenants to earn 40 to 50 times the monthly rent of the apartment as their annual salary. This refers to guaranteed income and does not include bonuses. (i.e., If the property is $3000.00 a month, you must earn $120,000.00 to $150,000.00 a year to qualify to rent the apartment.)
Lease Guarantor – If an applicant does not meet the financial requirements, the landlord may require a Lease Guarantor. This is the person who pays the rent if the tenant fails to do so. They are required to navigate the same application process as the tenant and earn 80 to 100 times the monthly rent. Also, most landlords favor tri-state guarantors (people who reside in New Jersey, New York or Connecticut).
Application / Credit Check – This is a single document that will provide a landlord with all of an applicant’s required financial, professional and personal background information. (Credit checks are only applicable to US residents).
Application Fees – Application fees are typically required when you submit your application and range in price from $50–$100 (per application) for a rental building and anywhere from $250–$1,000 for a co-op or condo building.
Certified Funds – One month’s rent and one month’s security is due when you sign your lease. Landlords require this payment in the form of two separate certified checks or money orders. These checks can be obtained at a Manhattan bank for $10–$15. Landlords do not accept personal checks or cash, but some will allow the tenant to pay with a credit card (often with surcharges of 2-3% added to the rent and security payments). If you lack a US credit history or have bad credit, landlords will many times ask for additional security.
Employer Verification Letter – This letter must be written on company letterhead and be signed by your supervisor. It should state your position, starting date, salary and, if applicable, guaranteed bonus. It should also detail whether or not you are entitled to a housing allowance and if so, how much.
Landlord Reference – When trying to rent an apartment, a glowing reference from your current landlord is a great asset. Indeed, this information is often requested during the process. If you were unable to get a letter, be certain you can pass on your landlord’s name, address, and telephone number. Without a reference, a landlord might want to do his check into your history as a tenant.
References – Every landlord doesn’t require references, but it is better to be prepared for that request. In addition to a landlord’s letter, a reference from an accountant or attorney reflects favorably on you. Decide on your references and have up-to-date contact information for them.
Bank Statements – You should come prepared for at least the last two months worth of statements.
Tax Returns – In some cases, you may be asked to provide tax returns, so it is essential to bring the last two years of returns with you.
Photo Identification – It will be necessary to show a driver’s license, passport, or some other form of government-issued photo ID.
Pet Deposit – Many buildings and landlords are pet-friendly but can require an additional month of deposit for pets – in case of any damage or other problems.
Brokerage Agreements – Since tenants pay the brokerage fees in Manhattan, it is customary to be asked to sign a fee agreement when enlisting the help of a broker. This agreement only states that you agree to pay a fee to the broker if they help you to obtain a lease on a particular apartment. You do not have to pay a brokerage fee if you are unable to secure a lease through a broker.
Brokerage Fees – The brokerage fee in Manhattan can be up to 15 percent of the annual rent. This is usually required when you sign your lease. You are only responsible for this fee if you secure an apartment through that broker. Fees should always be made payable to the brokerage firm and not a specific agent. If an apartment listing says NO FEE, there will be no broker fees charged at any stage.
Owner Paid Fees – In certain instances, a landlord may pay a portion of a fee to a broker. Under New York State law, the broker must notify the person responsible for paying the fee, whether that is a tenant or sponsoring corporation. Elika’s Renters Representation will help you prepare your application, double checking all requirements and following up with the leasing organization quickly to ensure that nothing slips through the cracks, particularly in extraordinary circumstances. (See Appendix C for more details.)
Negotiating and Signing the Lease – In times when the market is soft, there is an opportunity in the Manhattan rental market to negotiate more favorable lease terms. Elika’s Renters Representation can offer you expert advice and guidance as to whether negotiation is possible and how to go about it. Bear in mind, however, that even in a soft market, a landlord will walk away from a deal if it does not make financial sense. Once you have agreed on the terms, the lease will need to be signed by all parties, including the landlord, renter, and if applicable, guarantors. All of the necessary documents need to be signed before you can move ahead, so if you are enlisting a guarantor from outside the area, you need to be prepared to ship documents quickly. Once the lease is signed, it’s time to make a toast—the apartment has become yours officially.

 

 

More to Consider Before Renting
Special Rental Situations

When going to rent an apartment in Manhattan, there are some special situations that you may need to be prepared to address. These include the following:

Roommates – Usually landlords will not accept more than two names on a lease. Roommates are held jointly responsible for rent and broker fees. Also, roommates are held responsible for any other roommate’s unpaid rent. Elika’s Renters Representation therefore strongly suggests that roommates sign is written agreements which bind each of them to the rental fee and terms of the lease. Regarding the financial requirements for renting, landlords will often consider the combined income of the roommates. However, this can vary from landlord to landlord, and you should tell your broker ahead of time if this is how you plan to qualify for an apartment. Also be aware that landlords may require a guarantor even if your combined income meets the financial requirements, so that is why you also need to notify your broker of this circumstance.
International Tenant — If you pay taxes outside of the United States, or if you have a housing allowance from your job, your qualifications are assessed differently. If this is the case, you can consult with Elika’s Renters Representation about the financial resources you will need to become eligible to rent. Without a U.S. rental history, many of those relocating from abroad are required to pay additional security. Some landlords may even require as much as six months to one year of rent to be paid in advance depending on your particular circumstances.
Pets — Your four-legged canine friend can sometimes prove to be your worst enemy when it comes to obtaining an apartment in Manhattan. Most landlords in New York City do not accept dogs over twenty pounds, and in many cases even frown upon smaller dogs, cats, and other small domestic animals. If you have a pet or plan on getting one, your choice of apartments may be limited, so you should alert your broker to this situation.
Walls — Since it’s often difficult to find affordable two-bedroom apartments, many prospective tenants look for one-bedrooms that can be converted into two by the installation of a temporary wall. Elika knows of several reputable businesses in Manhattan that will deliver and erect a wall for a fee. However, many landlords do not allow these shares, so you should advise your broker if you plan on going this route. Be aware that you are often responsible for removing the wall at the end of your lease.

 

Manhattan Apartment Sizes 

The city boasts many standard-sized apartments, but several types have their special kind of layouts. Here are descriptions of a few:

Studio — This is a one-room dwelling in which the living room and the bedroom are in a single space. In larger studios, the kitchen is in a separate room, while in others the eating area can be found along one wall in the main space. Studios are also referred to as efficiencies.
Alcove Studio – This is a one-room apartment that also offers an open area adjacent to the main space which is used for sleeping. This type of dwelling is also referred to as an L-shaped studio because of its configuration or a junior—one bedroom.
Flex (convertible) Two – This is a one-bedroom apartment that features large space, typically the living room, transformed into another bedroom and a smaller living room by the installation of a temporary, also known as pressurized, wall dividing the space.
Junior 4 – This is a one bedroom apartment that features an alcove area in the living room, which is typically used as a dining room, or converted into a second bedroom.
Flex 3 – A two-bedroom apartment with an alcove in the living room that is convertible to a room.
Classic 6 – This type of apartment exists exclusively in prewar buildings, and describes a dwelling with six rooms: a living room, a formal dining room, a kitchen, plus two full sized bedrooms, and a small third bedroom, generally referred to as the maid’s room. (Classic 7s and 8s also exist, and offer one or two additional full-sized bedrooms).
Furnished Apartment –  These apartments are leased for short periods of time—anywhere from one week to one year—and contain all the furniture, kitchenware and bathware you would need to live comfortably.

 

Manhattan Building Types

There are three basic kinds of buildings in Manhattan: Doorman, Elevator (attended and unattended) and Walk–Up (unattended):

Doorman Building – The types of buildings that offer doormen tend to be on the larger side and offer the most significant amount of safety and security. They also afford the highest level of comfort and convenience because your doorman can do a lot for you while you’re not home, including such things as taking drop-offs of packages and dry cleaning. If you are new to the city, you will quickly learn that Manhattan revolves around deliveries, and having someone who can sign for your packages can feel like the ultimate luxury. Within buildings that have doormen, there are kinds of formats: luxury high–rise, standard, and part-time doorman.
Luxury High–Rise – These kinds of buildings have a full around-the-clock staff consisting of multiple doormen and attendants. They often offer such amenities as hotel-type concierge service, on-site health clubs, pools, laundry service and children’s playrooms. The specific luxury amenities will vary from building to building but will leave you feeling thoroughly pampered.
Standard Doorman – These buildings have someone on duty 24 hours a day and offer the safety and convenience of having a doorman without the extra luxury amenities.
Part–Time Doorman – These buildings usually have doormen for day shifts, but rely on security cameras or some other type of technology to protect residents at night.
Elevator Building – These buildings do not have doormen on duty, though some may employ elevator attendants. Regarding security, convenience, and price, these kinds of buildings are considered somewhere between doorman buildings and walk-ups. They often have laundry rooms in the buildings, as well as intercom systems, but the amenities stop there. Still, if these buildings are adequately maintained, they can be comfortable places in which to live.
Walk–Up Building – These buildings do not have doormen or elevators. They can be townhouses or brownstones (4–5 stories), above storefronts (usually 1-2 stories), or low–rise buildings (free standing 4–5 stories). They are the most reasonably priced kinds of apartments in the city, yet they have very few amenities. Most walk–up buildings do, however, have double door security and a few have more sophisticated features, such as intercoms and security cameras. As with elevator buildings, the quality of life in walk-ups can vary greatly depending on the degree to which they are maintained.

 

Manhattan Building Ownership Types

In Manhattan, there are three different ways buildings are owned, and they each vary about the approval process you need to go through to live in them, as well as other related requirements. The easiest building to move into is a rental, followed by a condominium, which has greater restrictions, and then a co-operative building, where the requirements for moving into the property can be stringent.

Rental Buildings – A single landlord owns the whole property, which can be rent stabilized or non-rent stabilized depending on the real estate laws. Landlords typically require the standard paperwork (discussed above) and a credit check, as well as one month’s rent and one month’s security deposit, for you to be approved to move in. The approval process can take anywhere from one day to one week, but usually no longer.
Condominiums (Condos)  – Each unit is individually owned and can be used either as a personal residence or rented out to somebody else as an investment property. Regulations for moving into a condo are set by the board– a governing body for the building made up of individual owners. As long as owners follow the board’s regulations, they can set their rental price and lease length. Owners will typically require you to furnish the standard paperwork, plus whatever additional information they feel necessary for approval. Also, applicants may be asked to supply extra paperwork that is deemed necessary by the board, but generally, the board does not have the right to turn down an applicant that an owner is willing to rent to. Tenants are required to pay application and board and move–in fees, as well as additional security if required. With a condo, the approval process can take anywhere from one week to one month.
Cooperatives (Co-ops) –  These buildings are similar to condos being privately owned, but in this arrangement, individuals own shares in the building based on their apartment’s size and value, and not the deed to the unit itself. Co-ops tend to have the most precise rules and regulations about rentals. In addition to the standard paperwork, the co-op board almost always requires far-reaching financial and personal information. Prospective renters must attend an extensive interview with the building’s co-op board, and once approved are usually required to pay large application, board, and move–in fees, as well as extra security. If you are from abroad or do not have an extensive credit history, it can be challenging to get the co-op board’s approval. The approval process can take a month or more.

The post The Complete Guide to Renting an Apartment in NYC appeared first on | ELIKA Real Estate.

Sellers: Make Your Old Co-op Compete with a New Condo

Co-op apartments are facing tough competition these days on the NYC market. And it’s easy to see why. Few people, if any, like the thought of going through the co-op board application and if the co-op apartment is getting on in the years, it’s hard for it to compete with brand new condos fitted out with the latest appliances and styles. But even so, co-ops are still the main choice for a lot of people as they’re generally better value for money.

 

 

If you’ve got a co-op apartment you want to sell, then there are a few little things you can do to help it compete on the market. Many buyers might want a condo but are unsure if they can afford it. If you can get your co-op looking just as good as a new condo, then that might be just enough to get the right offer.

1. Get a kitchen upgrade

The kitchen is probably the most important room in an apartment, and the one most buyers give attention to. It’s hard for it to compete if your lighting, appliances, and décor are some years behind the current styles. A good start would be to upgrade your appliances with high-end brands like Bosch, Sub-Zero, and Liebherr. Recessed lighting is currently a hot item that buyers expect to see. Also good are customized cabinets and drawers with space-saving designs, soft-close doors, and automatic lights.

2. Before staging, clean everything

Home staging is a tried and tested strategy for selling an apartment. But before you can start you need to prep the apartment. Go through the entire place, from ceiling to floor and give everything a deep clean. Nobody likes to see faded walls or dirty windows. If it’s been a while since you had a professional deep clean now is the time to do it.

3. Start decluttering especially the heavy furniture

People accumulate a lot of things over the years in a home. Some of those things might be treasured by the current owner but to most buyers, they’re just clutter. Home sellers often struggle with removing beloved possessions and changing the apartment to suit the most buyers but if you want to sell it’s got to be done. This is especially so for any heavy furnishings as they impede a potential buyers’ ability to visualize living there. Hiring a professional home stager at this point will help in deciding what should stay and what should go.

4. Consider a renovation

Alright, this is where we get into the pricy territory. Renovations can be expensive and time-consuming but if your broker is pushing for it, there’s probably a good reason. If done right, there’s a good chance that the apartment will sell for higher than expected. Meaning you’ll not only recuperate the costs of the renovation but maybe also make some extra money from it.  Renovations can be relatively straightforward such as whitewashing the walls and removing carpets. Or more complex such as doing an entire bathroom and kitchen remodel. A remodel on that scale is better done a few years before you plan to sell so if that’s where you are now it’s well worth considering.

The post Sellers: Make Your Old Co-op Compete with a New Condo appeared first on | ELIKA Real Estate.