With the start of summer just around the corner, the real estate market is about to heat up. With fierce competition throughout Manhattan to find just the right apartment how do you make sure you are the strongest applicant possible when you finally find your dream apartment? For advice and insight, we turned to Jules Borbely of Oxford Property Group.
Jules Borbely has been with Oxford Property Group for almost 2 years.
This might come as a surprise, but Jules suggests starting the hunt for an apartment 60 days or so before you need to move, instead of the 2-3 weeks that most people give themselves. Why give yourself so much time? Jules thinks that this gives prospective renters a better perspective on what the market is and what they would be able to get for their money. He suggests talking with different agents during this time and exploring neighborhoods. He noted that many potential tenants, especially those from out of town, face sticker shock in New York City, but by giving yourself a bit more time will get expectations in line, as well as start to narrow down which area you’d like to call home.
Giving yourself that much time also allows for what Jules thinks is one of the most important aspects of landing your dream apartment: being organized. Starting out with 60 days of search time will give you plenty of runway to put all of the needed documents together. Jules suggests having a copy of all of your documents on hand, so when you find that perfect place, you can hand over all of your documents at once to position yourself at the top of the pack. Another way to do this is to have all the documents in a draft in your email, ready to forward at a moment’s notice.
The documents required with a rental application are almost always the same in NYC.
The only other things that will be needed besides those documents is the application fee, which runs from $50 - $100+ and the actual application from that particular landlord. You’ll be ahead of the crowd if you have everything ready and on-hand, instead of trying to put together the application piecemeal once you find your dream home.
Since you’re giving yourself so much time, take a moment to run your credit through a free website, like
Credit Karma
. This will allow you to go into the application process knowing exactly how strong your credit is, or if it isn’t, what additional reassurances you can offer the landlord, like an additional month’s rent up front.
Credit Karma offers an overview of your credit history, along with your score.
With peak rental season is coming up, one tactic to avoid is trying to negotiate the rent. During the winter months, some landlords might be open to this in order to fill a unit. But come summertime, there is such a crush of applications that the only reason to pursue this course is if you are completely fine losing the apartment. But if you are, why would you apply for it?
We all have skeletons in our closet, but the once place to be upfront about them is in an application. That means if there have been any bankruptcies or time spent in prison, make sure you are upfront about it on your application. Jules noted that while landlords are forgiving of those who tell the truth, they never want to accept a tenant who has lied on an application.
Now, the big question: how to work with real estate agents during this process. Jules thinks that the best way to go about finding your dream rental is to work exclusively with one agent. The reason? That agent gets to understand exactly what it is that you are looking for in your apartment. Maybe you love exposed brick. Or really want a balcony -- all those details matter, and it saves you the time and hassle of explaining what you are looking for over and over again if you are churning through agents. Additionally, in the interest of not wasting other people’s time, working with one agent ensures that you aren’t seeing units that other agents have already shown you.
Tenants will need a guarantor if they don’t make 40x - 50x the monthly rent. That means finding someone to vouch for you, who makes 80x -100x the rent, and - and this is a big one, lives in the tri-state area. Why the wonderful states of NY/NJ/CT? It’s because landlords don’t want to have to chase down a guarantor who lives way down south or out west. If they get to chose from a wide pool of applicants, they are going to go with the one who has a guarantor nearby.
Requirements for guarantors may vary from landlord to landlord.
Keep in mind that renting with your significant other doesn’t mean that you won’t need a guarantor - in fact, it might make one necessary. The reason is that landlords worry that boyfriends and girlfriends might break up, leaving one to pay the rent by themselves. Usually landlords will combine incomes for engaged and married couples, along with roommates who are friends, so keep this in mind as you look for your dream apartment.
To add some additional flair to your application, consider adding a personal letter to the landlord, explaining exactly why you love their apartment. Jules notes that the nicer and more elegantly put together an application is, the more likely you’ll end up having a new set of keys and a place to call home. Good luck, and remember that Oxford Property Agents are always here to help you find the apartment of your dreams.