Looking to Rent?
Renter’s Guide
Moving has long been considered a stressful process and we work to change that every day. Rediscover the fun and excitement of real estate with us. Your Elegran advisor is a trustworthy guide to streamline the experience, from the decision to move all the way to the signing a lease and beyond. Let’s tackle the questions and challenges of renting a home together. This guide will help you make a plan and achieve your goals.
O N T E N T S
1. Choosing a Neighborhood
2. Property Types
3. Application Checklist
5. Renter's Path to Moving 6. Glossary
Choosing a Neighborhood
L E T ’ S G E T S T A R T E D
Fr o m H a m i l t o n H e i g h t s t o F i d i , G o w a n u s t o A s t o r i a a n d e v e r y t h i n g i n b e t w e e n , s e l e c t i n g t h e r i g h t
n e i g h b o r h o o d c a n b e o v e r w h e l m i n g , s o w e r e c o m m e n d n a r r o w i n g y o u r s e a r c h t o y o u r t h r e e t o p
a r e a s b e f o r e h i t t i n g t h e s t r e e t s W h i l e y o u m a y l o v e S o h o f o r s h o p p i n g o r t h e U p p e r E a s t S i d e f o r
r e s t a u r a n t s , t h e r e a r e a v a r i e t y o f f a c t o r s t o c o n s i d e r
I N V E N TO R Y & P R I C I N G
A r e y o u l o o k i n g f o r a h i g h r i s e o r a
b r o w n s t o n e ? D o y o u w a n t a n a r e a
t h a t ’s e v o l v i n g o r o n e t h a t ’s m o r e
e s t a b l i s h e d ?
G E T T I N G A R O U N D
H o w m u c h t i m e a r e y o u w i l l i n g t o
s p e n d c o m m u t i n g ? D o y o u w a n t a
v a r i e t y o f s u b w a y o p t i o n s o r p r e f e r t o
w a l k ? A n d d o y o u w a n t a n e a s y c i t y
g e t a w a y b y c a r ?
G R E E N S PA C E
W h a t d o y o u d o o u t s i d e ? H o w d o
y o u e xe r c i s e ? D o y o u p i c n i c o r
s t r o l l ? P i c k : C e n t r a l P a r k o r
H u d s o n R i v e r P a r k .
T H E V I B E
D o y o u f e e d o f f o f b u s y s t r e e t s ?
H o w d o y o u f e e l a b o u t
c o b b l e s t o n e ? P i c k : m u s e u m s o r
g a l l e r y h o p p i n g ? E a r l y m o r n i n g
c o f f e e o r l a t e n i g h t d i n n e r s ?
Tr e n d y o r c l a s s i c ?
Property Types
Pre-War
10–20 Stories | Rentals & Co-ops
Built before World War II, these buildings offer spacious layouts and charming architectural features including fireplaces, larger windows and ornate mouldings. These are typically elevator buildings, may or may not have a doorman and tend to have fewer amenities.
Lofts
4–15 Stories | Rentals, Condos & Co-ops
Originally constructed for commercial or manufacturing purposes, these spaces are identified by higher ceilings (9’ to 20’), more square footage, open plan layouts and original details like columns and exposed brick. Lofts are generally exclusive to downtown, and most likely found in Chelsea, Flatiron, Soho and Tribeca. Some newer construction has been done in a loft style. Expect less amenities and services with a loft.
Post-War
20–50 Stories | Rentals, Condos & Co-ops
These mid-rise and high-rise buildings were built between the late 1940s and 1970s, generally constructed of white, red or brown brick. Most will have doormen. For those seeking less bedroom count, post-war apartments may afford more living space, and also offer ample closets, a live-in superintendent and laundry facilities.
Townhouses
4–6 Stories | Rentals & Co-ops
Built in the 1800s to early 1900s, many townhouses have been converted from single-family homes into multiple apartments. and some apartments offer grand living spaces, and therefore will be expensive. Those seeking outdoor space will enjoy groundfloor garden apartments. These buildings do not have doormen or amenities, but the application process is typically simpler.
High-Rise
40 Stories+ | Rentals, Condos & Co-ops
Generally associated with new construction glass towers, these post-1980s buildings offer modern architecture, more significant services and amenities, and a higher potential for floor-to-ceiling windows with views and on-site parking. These offerings can often increase the price.
Rentals
A landlord owns the entire building and all of the apartments are available for lease. A rent-stabilized building is subject to guidelines for yearly rent increases. A non-stabilized rental building is not subject to any specific rent guidelines. The rent is based on a free market system subject to typical supply and demand influences. The terms of the lease are established by the landlord’s specifications and requirements. Options for renewal may or may not be included in the lease.
Condo
A condominium, or “condo,” is a building in which the apartment is classified as “real property” and is owned by an individual. You, the tenant, lease the apartment directly from the condo owner. Rents can vary widely with supply and demand.
Co-Op
A cooperative, also known as a “co-op”, is a building that is owned by a corporation comprised of the tenant-shareholders of the building. If you choose to rent in a co-op, you are subletting from a tenant-shareholder, who in turn becomes your landlord. Rental prices are established by supply and demand and, as such, can vary widely. Co-op shareholders and their tenants are subject to rules and regulations set forth in the bylaws of the corporation. Shareholders in a co-op must get permission from the Co-op Board of Directors to rent their apartment. When permission is granted, the lease is subject to any restrictions or qualifications placed on subleasing by the Co-op Board of Directors.
Application Checklist
Here’s what you’ll need:
Copy of a photo ID
Copies of your last 2 pay stubs
Copies of your last 2 bank statements
Copies of your last 2 1040 tax forms
Typed letter of employment, signed by a superior and printed on company letterhead; letter must state your salary and employment date
1 Certified Check for security deposit*
1 Certified Check for first month’s rent*
Self-Employed? Also bring:
□
□
First page and signature page of last federal tax return
Verification of annual income from last tax year from your certified public accountant on company letterhead
Using a Guarantor?
If your annual salary is less than 40 times the monthly rent, you will likely be required to use a guarantor. Your guarantor’s annual income must typically be in excess of 80 times the monthly rent. If you are renting with other people or have multiple guarantors, landlords use combined incomes to reach those thresholds. Guarantors will need to provide the same documentation as listed above, plus additional materials as prescribed by the individual landlord.
*Not needed for the application, but needed for the lease signing.
Please contact your advisor for any additional questions on the application process.
Renter’s Path to Moving
K N O W T H E M A R K E T
Research neighborhoods and select your top three.
E S TA B L I S H YO U R
B U D G E T
Review your finances and then account for rent, security deposit, movers and furnishing costs
I D E N T I F Y
M U S T- H AV E S
To narrow things down, make lists.
P R E PA R E T H E
PA P E R W O R K
See the Application Checklist.
Property with syndication to over 200 sites. S U B M I T YO U R
P P L I C AT I O N
N D D O C S
Extra step for most co-ops and some condos
Glossary
Board package
An assembled document provided to co-op and condo boards prior to board approval, which typically includes income tax returns and W2 forms, references, confirmation of employment and statements for all accounts.
Board Interview
A meeting which may be required by a co-op board prior to board approval, following submission of a board package; an opportunity for the board members to meet you in person and ask questions.
Brownstone
A category of townhouses in New York City, primarily found in Brooklyn, Greenwich Village and the Upper West Side; refers to the type of material used as facing on the building’s front.
Cooperative
The formal term for co-op, a type of NYC residential building that accounts for approximately 75% of the for-sale market; cooperatives function as corporations, with each owner becoming a “shareholder” and signing a lease for their individual unit.
Condominium
The formal term for condo, whereby homeowners receive separate individual ownership of their specific unit as well as a percentage ownership of the building’s communal space.
Conversion
As it relates to real estate, this refers to a building whose purpose has changed from its original construction; potential conversions: 1) from manufacturing or commercial to residential, 2) within residential: from rental to for-sale.
Escalation
A lease provision in which the landlord requires the tenant to pay a higher aggregate rent by adjusting the annual base rent by an agreed method during the term of the lease agreement.
Guarantor
A person who is willing to pay the rent if a tenant can’t, or if an applicant doesn’t meet a landlord’s requirements. Typically, this person is an immediate family member, but people can use anyone, like a friend or a colleague, who is qualified and willing.
Rent Control
A term for apartments in buildings constructed prior to 1947 with a continuous tenant since 1971, where regulation allows for rents far below market value; leases can be passed on to family members in occupancy prior to the death of the primary tenant; accounts for only 1% of NYC’s rentals and the amount continues to dwindle.
