Adobe City Guide 2019 - NYC

Leasing a Property

TIPS

- In a competitive rental market, bring a completed rental application - including all necessary documentation - and a check for security deposit when visiting the property - Ask if the landlord offers any favorable terms for your employer - Come prepared with enough funds to pay for the first month of rent, plus the deposit amount. Deposit requirements vary, but can be equal to one-month rent (or more) - Be extra diligent when reviewing the lease from a private landlord. Unlike large apartment complexes, which generally have well established agreements, private landlords may be less experienced and may include unfavorable or unrealistic clauses - Ask a family member, friend, or colleague to come along with you on the move-in inspection to have an extra set of eyes

BE THOROUGH Be sure to review the lease! -

Rules about landlord access and your privacy

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Any maintenance required of tenant

Payment of utilities (typically tenant-paid)

BE PREPARED Many landlords and property management companies have very strict requirements for prospective tenants. Qualifying can at times be challenging and a bit frustrating. Most landlords will require some combination of these documents: - Identification - Letter of employment - Recent pay stub - Copy of your credit report BROKER FEE The New York market is very unique in that available rentals are often listed with a real estate agent or broker, and working with that listing agent to secure the rental property makes you their client. The landlord does not pay the broker fee to the agents for helping you with your apartment search. Paying the broker fee is the responsibility of you the tenant. The customary broker fee charged in New York City is 15% of the total first year’s rent. - For example, $4000 x 12 = $48,000 x 15% = $7,200 broker fee - The broker fee is paid to the broker the day of the lease signing

© 2019 Dwellworks, LLC

New York, NY Market Focus Report