K.Mistry Renter's Guide

Looking to Rent?

There's No Place Like Home

Renter's Guide

Moving has longbeen considereda stressfulprocessand we work to changethatevery day. Rediscoverthe funand excitementof real estate with us. YourElegranadvisor isa trustworthy guide tostreamline the experience,from the decision tomove all the waytothe signing a lease and beyond. Let’stacklethe questionsand challengesof rentinga home together. This guide will helpyou makea plan and achieve yourgoals.

Choosing a Neighborhood

Let’sGet Started

From Hamilton Heights toFidi,GowanustoAstoriaand everything in between, selecting the rightneighborhood can be overwhelming,sowe recommend narrowing yoursearchtoyourthreetop areas before hitting the streets. Whileyou may love Sohofor shopping or the UpperEastSide for restaurants, there are a varietyof factors toconsider.

Inventory & Pricing

Are you looking for a high rise or a brownstone? Doyou want an area that’sevolving or one that’smore established?

Getting Around

How much time are you willing to spend commuting? Doyou want a variety of subway options or prefer to walk? And doyou want an easy city getaway bycar?

Green Space

What doyou dooutside? How do you exercise? Doyou picnicor stroll?

Pick: Central Park or Hudson River Park.

The Vibe

Doyou feed off of busy streets? How doyou feel about cobblestone?

Pick: museums or gallery hopping? Earlymorning coffee or late night dinners? Trendyor classic?

Queens

Brooklyn

Property Types

Pre-War

10–20 Stories| Rentals & Co-ops

Built before World War II, these buildings offerspacious layouts and charmingarchitecturalfeaturesincludingfireplaces, larger windows and ornate mouldings. These are typically elevator buildings, mayormaynot have a doormanand tend to have feweramenities.

Lofts

4–15 Stories| Rentals, Condos& Co-ops

Originally constructedforcommercialormanufacturing purposes, these spacesare identified by higherceilings (9’ to 20’), more squarefootage, openplanlayouts and original details likecolumnsand exposedbrick. Lofts are generally exclusive to downtown, and most likely foundin Chelsea, Flatiron, Sohoand Tribeca. Some newer constructionhas been done in a loft style. Expect less amenitiesand services with a loft.

Post-War

20–50 Stories| Rentals, Condos& Co-ops

These mid-rise and high-rise buildings werebuilt betweenthe late 1940s and 1970s, generally constructedofwhite, red or brownbrick. Most will have doormen. For those seekingless bedroomcount, post-warapartments mayafford more living space, and also offerample closets, a live-in superintendent and laundryfacilities.

Townhouses

4–6Stories| Rentals & Co-ops

Built in the1800s to early 1900s, many townhouseshave been convertedfrom single-family homesinto multiple apartments. and some apartments offergrand livingspaces, and therefore will be expensive. Those seekingoutdoor space will enjoy ground-floor gardenapartments. These buildings do not have doormenoramenities, buttheapplicationprocess is typically simpler.

High-Rise

40 Stories+ | Rentals, Condos& Co-ops

Generally associatedwith new constructionglass towers, these post-1980s buildings offermodern architecture, more significant services and amenities, and a higherpotentialforfloor-to-ceiling windows with views and on-site parking. These offerings can oftenincrease theprice.

Rentals

A landlord ownstheentirebuildingand all oftheapartments are available forlease. A rent-stabilized buildingis subject to guidelines foryearly rentincreases. A non-stabilized rental buildingis not subject to any specificrentguidelines. Therentis basedona free market systemsubject to typical supply and demand influences. Theterms ofthelease are established by the landlord’sspecifications and requirements. Options forrenewal mayormaynot be includedin thelease.

Condo

A condominium, or“condo,” is a buildingin whichtheapartment is classified as“real property” and is owned by anindividual. You, the tenant, lease theapartment directly from thecondo owner. Rents can vary widely with supply and demand.

Co-Op

A cooperative, also known asa “co-op”, is a buildingthat is owned by a corporationcomprisedofthetenant-shareholders ofthe building. If youchoose to rentin a co-op, youare sublettingfrom a tenant-shareholder, who in turn becomesyour landlord. Rental prices are established by supply and demand and, assuch, can vary widely. Co-opshareholders and their tenants are subject to rulesand regulations setforth in thebylaws ofthecorporation. Shareholders in a co-op must get permissionfrom theCo-op BoardofDirectors to renttheir apartment. Whenpermissionis granted, thelease is subject to any restrictions orqualifications placedonsubleasingby theCo-opBoardofDirectors.

Application Checklist

Avoid the hassle and get all your paperwork together before yousearch.

Here’s whatyou’llneed:

• Copyof a photo ID

• Copies of your last 2 pay stubs

• Copies of your last 2 bank statements

• Copies of your last 2 1040tax forms

• Typed letter of employment, signed bya 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’srent*

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 publicaccountant on company letterhead

Using a Guarantor?

If your annual salary isless than 40times the monthlyrent, you will likelyberequired to use a guarantor. Your guarantor’sannual income must typically beinexcess of 80times the monthlyrent. If you are renting with other people or havemultipleguarantors, landlordsuse combined incomes to reach those thresholds. Guarantors will need to providethe same documentation as listed above, plus additional materialsas prescribed bythe individual landlord.

*Not needed for the application, but needed for the lease signing.

Pleasecontact youradvisorfor any additionalquestions onthe application process.

Renter’s Path to Moving

Know the market

Researchneighborhoods and selectyourtop three.

Establish your budget

Review your finances and thenaccount for rent, security deposit,movers and furnishing costs

Identify must-haves

To narrow things down, makelists.

Pinpoint your move-in date

Prepare the paperwork

See theApplication Checklist.

What Our Clients Are Saying:

I highly recommend Kalav. Due to work requirement, I need to relocate to NYC this summer. It is very tough to look for a rental unit in NYC while you are not able to be physically there. However, Kalav really helps make this whole process very easy, smooth and pleasant. Not only she is super knowledgeable but also very responsive & patience even though there is time zone challenge of me being in California. If you want to work with an expert who looks out for you and your best interest, Kalav is the best choice!

— Dawn Kwok

Mimi is one of the most wonderful people I’ve ever worked with! She is so friendly, responsive, and helpful and just a joy to have as an aid when looking for properties in the New York area. She truly puts her clients first and will do what she can to fulfill her clients’ needs to get them everything they are looking for in a place. Would wholeheartedly recommend Mimi for anyone interested in buying or renting a place.

— Elle Harris

Working with Kalav was a super positive experience. It was my first ever apartment rental hunt in New York City and I soon realised how fortunate I was to meet Kalav as the broker for the apartment I was very eager to rent. Kalav is not only a top rate professional but it is clear that she works hard to build relationships, making sure she understands AND prioritizes the needs of both landlord and tennant. From the moment the application was submitted until the lease was signed, Kalav was supportive, easy to reach and made each step uncomplicated.

— Michael Langley

"Kalav responds quickly to any questions. It’s very tough finding the right apartment in Manhattan, but Kalav helped narrow down our choices and guided us in the right direction. We highly recommend her if you’re looking for your next move. She’s kind, respectful and persistent at getting answers for you as you look at properties across NYC."

— Jessie Hamilton

We bought our home with Kalav, we sold our home with Kalav, and she was fantastic throughout. She took as much care during the process as if it were her own home. Kalav sets the gold standard for communication, responsiveness, and tenacity. She helped us navigate a complex range of offers and ultimately negotiated an incredible outcome for us. Kalav has consistently gone above and beyond, and we are proud to call her our realtor AND our friend.

— Darcy Andrews

Kalav and Mimi did fantastic work for my wife and I. They knew the market, knew the closing process, knew great referrals for construction/mortgage/etc, and were instrumental in helping us find a 2 BR co-op that we love. They helped us with paperwork, and made the co-op board approval process as seamless as possible. Kalav and Mimi really took the time to make sure we were prepared and knew what to expect for the board interview. 5 stars across the board!! I would definitely use Kalav and Mimi again, and recommend them to any friends/family in need of a broker.

— Mark DiMichael

Glossary

Let us help demystify the industry jargon.

AdjustableRateMortgage (ARM)

The initial interest rate isfixed for a period of time (typically between three to 10years). After thisinitial period of time, the interest rate resets periodically, at yearlyor even monthlyintervals.

Appraisal

Your lender will typically have the home valued byan appraiser to confirm that the price followsfair market value. Thisincludes a physical inspection as well as comparison to similar properties.

Capital Gains

A tax on the growth invalue of your investments (in thiscase, the home) at the time of sale. The percentage rate dependson your tax bracket; short-term capital gains applyto assets heldless than one year.

ClosingCosts

Various fees related to financing that are incurred at the time of closing, including titleand insurance fees, attorney fees, current and future property tax and mortgage insurance payments that are heldinescrow.

Common Charges

The costs of operating a building, which are communally shared byresidents. These include management fees, staff salaries fees, lobby, exterior and amenity operating expenses.

Conversion

Asitrelates 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) withinresidential: from rental to for-sale.

Entity Ownership

Ownershipthat isnot inyour own name, meaning the actual titleis associated with a limited liability company, limited partnership, company, corporation or other person.

Escrow

Fundsor assets temporarily transferred to and heldbya third party, usually on behalfof a buyer and seller to facilitate a transaction. A depositor down payment will beheldinescrow in advance of the closing, and lenders also often holda portion of future tax and insurance payments inescrow during the lifeof a loan.

Equity

The difference between what you oweon your mortgage and what your home iscurrentlyworth. The longer you pay your mortgage, the more equity you earn.

Fixed Rate Mortgage

Aninstallment loan that has a fixed interest rate for the entire term of the loan.

Flip Tax

Many co-op boardsimpose these transfer fees on sellers, often as a

percentage of the saleprice or of the seller’sfinancial gaininthe co-op interest. Some new development condos also charge these fees for sales before a certainperiod of time following purchase.

LandLease

Anagreement between two entities, wherebya commercial tenant paysa landlord (often a city or state government or private institution) to lease land and build upon it; also referred to as a ground lease. The term isgenerally between 50and 99years.

Limited Liability Company(LLC)

A business structure that can combine the pass-through taxation of a partnershipor sole proprietorshipwith the limited liability of a corporation; some purchasers prefer to use an LLC for the personal liability protection and favorable tax treatment.

Loan Commitment

A lender’spromise to offer a loan or credit of a specified amount to a borrower; can beeither secured or unsecured.

Mortgage Interest

The interest charged on a loan used to purchase a piece of property. Mortgage interest compoundsand may beeither fixed or variable. The majority of a borrower’spayment goes toward mortgage interest inthe earlier part of the loan.

Non-Resident Alien (NRA)

Analien who has not passed the green card test or the substantial presence test.

PILOT

“Payment inlieu of taxes”; a payment madeto compensate a government for some or all of the property tax revenue lost due to tax exemptownershipor use of real property. Some properties may be subject to a PILOT tax as part of common charges; thistypically functions similarlyto land lease taxes.

Pre-Approval

A preliminary evaluation of a potential borrower bya lender to determine whether they can be given a pre-qualification offer; a conditional commitment to actually grant you the mortgage, although it does not guarantee a specific interest rate.

Pre-Qualification

Anestimate for credit given by a lender based on information provided bya borrower; the first step ina mortgage approval process which shouldbetaken prior to formal home shopping to determine the appropriate budget range.

Title Insurance

A one-time payment paidat closing that protects you from financial loss and related legal expenses inthe event there isa defect (ex: back taxes, liens and conflicting wills) in the titleto your property.