Rentals in New York>Question Details

g.rynaga016, Renter in New York, NY

How long should it take me to find a place? When is the best time to look for an apartment? How hard will it be for a college student?

Asked by g.rynaga016, New York, NY Mon Oct 14, 2013

My boyfriend and I are in college and looking to get an apartment, hopefully in Manhattan or Brooklyn. We need a 1 bedroom that allows cats for $1500/month. We both work part time, and my mom (75k income) has offered to cosign.

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There are one bedrooms in Manhattan that rent for $1,500/month. But they are not in the "prime" neighborhoods. You will need to look uptown, above 96th Street. One of your best bets for a great neighborhood is Inwood, at the northern tip of Manhattan. The buildings and beautiful Inwood Park are second to none.

How long it will take you to rent is a function of how energized you are to go looking and how organized you are with all your necessary paperwork. And there is lots of paperwork you should have prepared in advanced. I highly recommend the excellent, and free, renter's guide; The Essential Guide for Smart Renters, which can be found here: http://www.rentdirectnewyork.com/rentingguide/Welcome.html .

Good luck in your apartment search!
1 vote Thank Flag Link Tue Oct 15, 2013
As long as your mom can prove that her income is approximately 75 times the monthly rent, you shouldn't have any problem renting. If you have any additional income of your own or your boyfriends, that should be made clear to the landlord as well. Also, if you have any assets that you can show, such as a trust fund or a stock brokerage account, that would be also important to show the landlord. The idea is to make the landlord very comfortable, knowing that you are not living on your last dime and you are not one paycheck away from not being able to buy food. When the landlord is comfortable that he won't have to chase you every month for the rent, you be able to sign the lease.

Also, you didn't specify where your mom lives. If it's in the tri-state area, no problem. But outside the tri-state area, some landlords will be reluctant to let her guarantee your lease - unless she shows substantial assets in addition to the income of 75 times the monthly rent.
Good luck.
Flag Thu Oct 17, 2013
Inwood, Washington Heights and Morningside Heights are the kinds of areas that i was thinking of. Do you think my mother's income is high enough for her to cosign and how will that effect how attractive a candidate I am?
Flag Wed Oct 16, 2013
Finding an apartment doesn't take long. Inventory is constantly changing so most of the real estate professionals will recommend you to start looking about 30 days before your move-in date.

That said, you have to be realistic in terms of price/expectations. Obviously, you won't get a penthouse in Chelsea for $1,500. You may be better off looking in Brooklyn unless you are ready to go further up to northern manhattan.

Also, you may need to prepay a year lease because the requirement for a tenant is to show income of 40x rent and for guarantor 80x rent, so if you are looking at $1,500/month, guarantor needs to be making $120,000.

Let me know if you have any other questions! ;))

Sincerely,
Yulia
1 vote Thank Flag Link Mon Oct 14, 2013
Inwood, Washington Heights and Morningside Heights are the kinds of areas that i was thinking of. Do you think my mother's income is high enough for her to cosign and how will that effect how attractive a candidate I am?
Flag Wed Oct 16, 2013
Hello,

Depending on your criteria and your wants and needs it can take you anywhere from 2 days to 4 weeks. Finding an apartment in NYC is very fast pasted and you need to be ready with all your documentation and most importantly work with an agent who specializes in rentals. The rental market is very demanding and you are competing with multiple renter so you will need to work with someone who is professional and aggressive in finding you an apartment and presenting your file to the appropriate parties. I actually rented 2 apartments yesterday in 1 day since I have a very unique system for finding apartments for tenants. As for being a college student, where is your income from paying the apartment coming from? If you would like to work with me please feel free to give me a call when you have some time.


Sincerely, 
Antonio Sanchez
Exit Realty Search
Licensed Real Estate Salesperson
3928 E. Tremont Avenue
CELL: 347-320-0673
FAX:    347-202-4966

antonio@exitrealtysearch.com
http://www.lovingmytown.com

"RENTAL EXPERT"
"FIRST TIME HOME BUYERS"
"VA LOANS"
"203K LOANS"
"SHORT SALES"
"LISTING AGENT"
"RELOCATION SPECIALIST"
0 votes Thank Flag Link Wed Oct 23, 2013
Hello,

It's a little difficult to find a good 1 BR in good condition and in a good location for that price in Manhattan but if you are willing to explore opportunities, I will be glad to help you search for affordable apartments in the city.

This is why you need to prepare:

1) Letter of Employment including salary and time there. (company letterhead signed by supervisor)
2) 3 most recent pay stubs (as proof of stable income)
3) Most recent bank statement(s) showing balance(s) (as proof of cash flow)
4) Enlarged copy of photo ID. (could be a Driver License, Passport, Green Card, etc.)
5) Rental Application (Ardor or Management Company)
6) Processing Fee (Payable to Ardor or Management Company)
7) Most recent Tax Return (first 2 pages including the name of your Income Tax Professional)
8) Most recent W2 Statement (as proof of your annual income and employer)
9) Personal and Business References (as proof of integrity, responsibility and reliability)

Please keep in mind that the standard for required yearly income of an applicant is 40 times the monthly rent and an acceptable credit score, otherwise you may need a guarantor or more than 1 month deposit.

Your mother can lease the apartment to simplify everything otherwise you need to proof that you are making 40 times the rent or present a co-signer that will make 80 times the rent.

You also need to prepare the following:

1 month rent + 1 month security + 1 month broker's fee = 3 months (there may a possibility that you don't have to pay the broker's fee if the landlord is paying for that for changes are that the rent will be higher and the security deposit too.

I can help you find a decent apartment in a good location that will allow cats for around $1500 in Manhattan in a week or two. The best time to start looking for a new apartment is at least 1 month before the expiration of the lease. We recommend two months if you are very selective about your choices.

If you have any questions or are ready to start searching for an apartment, please contact me by phone, e-mail o text message.

Regards,

Nelson Leon
Phone: 212-470-7460
E-mail: nleon@ardorny.com

Note: Please check my real time listing on Trulia.com or ardorny.com
0 votes Thank Flag Link Mon Oct 21, 2013
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