If you are ready to pay a broker’s fee, than searching the best Manhattan apartments with the help of a broker is highly convenient and is the most common way of finding a good apartment of your dream. Brokers have the access to good rental options. This broker’s can help you in your search and can also make the paperwork easy for you.
But this brokers charge a commission for their services. If you are determined to get the best Manhattan apartments for rent, than surely you have to pay between 12-18% of the year’s rent, typically 15% of the year’s rent as a commission. For example, if your rent is $ 1,000 a month, the broker’s fee works out to $ 1,000 x 12 x 15%, or $ 1,800. For other NYC apartments, the fees are usually less, ranging from one month’s rent to 12% of the year’s rent.
In order to rent an apartment, you will be asked to complete an application form by your landlord. You may also be required to pay $ 50-$ 200 as the application fees. Most of the landlords usually require that the prospective tenant have an income equal to 40-45 times the monthly rent in annual salary. For roommates, the combined income is considered. You and your roommate will need to have all of your income verification paperwork ready to get the required apartment.
If you are a full time student and your budget is low, than most of the landlords require a guarantor. A guarantor is an individual, can be your family member, who preferably lives in New York. Guarantors are asked to reveal all the detailed financial information. The guarantor’s income needs to be at least 75 times the monthly rent and they will also need to submit the paperwork.
These are all the things that are required if you want to buy or lease Manhattan apartments.
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