New York Manhattan Apartment Rental FAQ Page

Q. How much rent can I afford?
A. Usually landlords look from between 40-50 times the monthly rent, as a qualifying income (e.g. a $1000 rental requires a $40,000 income), however this is often dependant on length of employment and credit worthiness. Pre-Qualify on-line, to be sure of your maximum buying power.

Q. What is a guarantor?
A. A guarantor is someone who backs you up on the lease. The guarantor usually has to live in the tri-state area and show enough income to cover their own expenses as well as your rent, if need be. Remember! A guarantor is not a substitute for bad credit but rather, a backup if your income is less than required by the landlord.

Q. I don't earn a lot of money at my job, but I have a lot of money in the bank. What can I do?
A. Some landlords will accept extra security deposit or prepayment of rent. Sometimes a renter is required to pay the entire year's rent up front! If the apartment is rent stabilized, the landlord cannot accept extra security or prepayment of rent.

Q. What are the risks associated with renting in a Coop or Condo?
A. At the expiration of the lease the owner can ask you to leave (he wants to sell, give the apartment to a friend, etc.). the landlord can also raise your rent as much as the market dictates. You'll have no choice but to move.

Q. What is a rent stabilized apartment?
A. An apartment with a regulated rent, usually below the market rate. Landlords of rent stabilized apartments are restricted from raising the rent beyond certain percentages.

Q. Do I need a broker to find an apartment?
A. No. You can find an apartment without a broker if you have the time and patience. Some brokers, like METROPOLIS REAL ESTATE work on a NO FEE basis for a lot of their listings (the landlord pays the fee). A good broker can show you a wider inventory and give you a competitive edge when it comes time to apply.

Q. How much do brokers charge?
A. The norm is 15% of the yearly rent. Some charge more, some less. Fees are usually negotiable and often these days brokers will rent you an apartment NO FEE. Be sure the broker does not charge you a fee and get paid from the landlord as well. Buyer beware!

Q. I own a dog, is that a problem?
A. About 70% of buildings DO NOT take dogs. However Metropolis has special relationships with a large number of "dog friendly" landlords.

Q. I own a cat, is that a problem?
A. Cats are not usually a problem (they do not bark or walk through lobbies with muddy paws!)

Q. I was late with some student loan payments, will this affect my chances of securing an apartment?
A. It could do, but by prequalifying online, we ensure that there are no hidden surprises later.

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