Basics of Renting

Getting Ready

 

About 2 months before your lease ends, consider your options and decide whether you are going to renew or find a new home. Weigh your options considering your income, priorities, and any changes you anticipate in the coming year. Find a Real Estate professional to guide you through your search and make you as competitive as possible in New York's fast paced and volatile rental market.

Carefully gather the documentation you need before you begin! Prospective renters often lose their dream apartment because they were unprepared to present the necessary paperwork. Click the read more link for a complete document check-list and general guidelines.

Related Links: 

Renter's Application Materials Check-List

The Rental High Season - Current Tips and a History of the NYC Summer Market

 

Finding the One

A few major factors will determine where you will live, namely your financial profile (income and credit) and whether or not you own pets. Frankly discuss your financial and pet situations with your agent. Time and energy will be wasted if a poor credit history or your Saint Bernard Sandy is not brought to your agent’s attention early in your search.

​The time frame for finding and applying for rentals is very short, and even shorter during the busy season (April-October). Minutes, hours, days are usually all you have to see and select your new home to be competitive with other prospective renters. Make the time in your schedule to see and consider as many options as you need with one agent - this will give you the best picture of what is available in the entire market most efficiently.

Related Links: 

Compass Neighborhood Guide 

 

Applying

When you find your new apartment, you will begin the application process, submit your documentation, and pay any associated application fees. If there is more than one person applying, landlords typically require each roommate to fill out separate applications.Each landlord and building may vary in terms of requirements, so be prepared to meet your realtor half way with any last minute documents or forms that are required for completing your application.​Depending on where you are renting, application reviews can take anywhere from 24 hours to 30 days, so remember to be patient. 

 

Approval & Leases

 Carefully read any document presented to you before entering into any contract. Many leases contain predominantly boilerplate language, but clauses may be added to the lease contract to alter the lease agreement in some way. Such additions are called riders. In addition, the type of leases presented may vary. Please make sure you ask your Real Estate Agent any questions you have while signing.​

Related Links: 

New Rental Laws for tenants and landlords: Know your rights & obligations

 

Welcome Home!

Time to unpack and relax for another year! Make sure you get all the necessary information from your agent on building logistics, contacts, etc. Most agents are also happy to help suggest or coordinate movers, utilities, and have other helpful moving tips and tricks. When the big day arrives, settle in and enjoy - If possible, make a check-in date with your agent for next year. Long term relationships benefit everyone and will be extremely helpful if you ever decide to buy in the city.

WHAT RENTERS ARE SAYING

1/7

Isil Yildiz Team

 

Compass 

110 5th Avenue

New York, NY 10011

(P) 985-714-4470

isil@compass.com

  • Facebook Classic
  • LinkedIn Classic
  • Instagram Social Icon
  • YouTube Social  Icon

Contact Us

Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdraw without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. Exact dimensions can be obtained by retaining the services of an architect or engineer. This is not intended to solicit property already listed.