At Witten Property Group we understand the mixture of excitement and joy as well as frustration that comes from the process involved in looking for a first apartment or fourth apartment in the City.  Enlisting the help of a trusted professional, who has your interests and goals in mind, will greatly increase your opportunities of finding the “right fit.” We will do our homework so that your experience is as enjoyable as possible. We would be happy to discuss your individual needs and answer any questions you may have.

RENTAL PROCESS

Q: When should I begin my search?

A: I generally recommend that people start their search 4-6 weeks before they plan on moving.  This allows sufficient time to get a feel for the market and understand what type of buildings suit them best.  Most landlords and owners only know their availabilities 30 days prior to vacancies.  As such, searching for your apartment one month ahead provides you with the most options.  Working in a shorter time frame is certainly possible, but may limit availability.

***Out of town clients may gain a preliminary sense of the market through pictures and floor plans available by email.

Q: What happens when I find the apartment?

A: There is nothing more frustrating than finding the right apartment and then losing it to someone else, because the necessary paperwork wasn’t ready.  Therefore, preparing your paperwork ahead of time will significantly increase your chances of securing the apartment of your choice.  

Steps involved:

1) Submit an application and application fee.  This will provide information about your personal, financial and employment history.  Also, there will be a fee that can range from $50-$100 to cover the cost of running a credit report and processing the application.

2) Although all Landlords and Management Companies have different paperwork and income requirements, generally they will all ask for these supporting documents:
 
Paperwork

*Letter of employment: Must be on official company letterhead, stating position, length of employment and annual income.  If starting a new job, bring the offer letter.

*Bank statements and Bank account numbers

*Past two Pay Stubs

*Copy of driver’s license or passport

If self employed or in the case of a guarantor they may ask for:
**Tax Returns from the past two years
**Letter from CPA

Income Requirements: Most landlords require tenants to make 40-45 times the monthly rent of their annual salary.  In most cases the income must be guaranteed and does not necessarily include bonuses.  (ie. If the rent is $2,500, the tenant must earn $100,000-$112,500)

What is a guarantor?

Very often the potential tenant does not meet the landlords specific income requirements and may need a guarantor.  The guarantor is someone who is responsible for all terms of the lease and is essentially willing to guarantee the lease.  They will have to satisfy the same application requirements as the tenant and earn 80-90 times the monthly rent.  

3) The landlord approves the application, generally between 1-3 days.  Having your paperwork in order expedites the process and mitigates problems. A lease agreement will be provided by the landlord, which will require signatures by all parties on the lease, including the guarantor if necessary.  If you are not in New York to sign the lease, this can be mailed, signed, notarized and returned.

 
4) What monies do I need?

One month’s rent and one month’s security deposit is generally required at time of lease signing.  Landlord’s require these monies in the form of two separate certified checks or money orders and do not accept personal checks.