Frequently Asked Questions
CAN I USE AN OUT OF STATE GUARANTOR?
Most landlords in NYC prefer that guarantors live close by, usually from the tri-state area. Guarantors from far away are difficult to track down. Many landlords will allow a US based guarantor, but very few landlords permit guarantors from outside the US.
HOW WILL WE GET FROM ONE APARTMENT TO THE NEXT?
Typically our agents walk, take subways and sometimes busses from one viewing to the next. Since parking in one location can take 30 mins to an hour at times, commuting by car is nearly impossible. Don’t expect an agent to pay for your transportation costs.
HOW MUCH TIME SHOULD I ALLOT FOR A VIEWING?
Since The DiGiulio Team specializes in a one day, comprehensive and productive search, most clients should expect to spend 2-3 hours after the office meeting to view multiple apartments.
WHEN IS THE BEST TIME TO LOOK FOR AN APARTMENT?
Most renters give 30-60 days notice before moving out. Landlords however often don’t allow access more than 30 days before the end of lease and in many cases, until after the tenants have moved out. The first week of the month prior to your move-in date is ideal. (3-4 weeks). If you’re looking at an occupied unit, it’s likely available for a lease start date on the 1st of the following month. If you’re looking at a vacant apartment, the landlord will likely want someone to start a lease as soon as possible.
HOW LONG DO I HAVE TO APPLY AFTER I SEE AN APARTMENT I LIKE?
In NYC the market moves fast. It’s best to be prepared prior to your apartment tour. That way, once you find the best option for you, you can jump and apply on the spot. You don’t want to risk another person taking the apartment from you simply because they’re more prepared than you.
WHAT TIME OF DAY IS BEST FOR VIEWING APARTMENTS?
While The DiGiulio Team is open from 9 AM – 7 PM and can arrange for special appointments beyond those hours, many apartments cannot be viewed after 6 or even 5 PM. Building supers are not as helpful after 5/6 PM and landlords don’t want non-tenant/strangers in and out of their buildings after dark. Luxury doorman buildings restrict access to 9-5 PM. And remember that management companies are usually open only 9-5 Monday – Friday.
WHAT IS A GUARANTOR?
A guarantor is someone who agrees to be financially and legally obligated to pay rent in the event the tenant cannot. Guarantors are required to earn 80x the month rent.
IS IT POSSIBLE TO FIND A NO-FEE APARTMENT?
Yes! The DiGiulio Team offers many no-fee apartments. Just be aware that no-fee means that the broker is compensated by the landlord. Typically the landlord will pay the fee for apartments that likely to sit on the market for an extended time if they do not offer an incentive, like “OP”, Owner Paid commission. The best rental deals come with a fee. No-Fee can often mean the landlord is desperate to rent their apartment.
WHAT IS THE 40X RULE?
Most landlords require that the tenant’s combined income is equal to or greater than 40x the monthly rent. For example; If the apartment is $4,000/month, the tenants must earn $160,000/year combined. If the tenant’s income is less than this amount, they may be required to pay extra security, prepaid rent or obtain a guarantor.
DO I REALLY NEED TO HIRE A BROKER?
The NYC market moves very fast. Many of the current available apartments may not even make it online before they are shown and possibly rented. To get an inside edge on your search, a broker is the clear way to go. Brokers have access to resources that are not available to the public. A good broker will be able to suggest apartments you can’t find on your own, sometimes help you get approved if your income or credit score is below requirements, structure your search to view the best apartments and recommend neighborhoods or apartments styles you wouldn’t have on your own.
DO I NEED TO PAY A DEPOSIT AT THE TIME OF MY APPLICATION?
Yes. A “Good Faith Deposit” is required to take an apartment off the market. Deposits are fully refundable in the event your application is denied. A deposit demonstrates your interest in an apartment and keeps you from backing out. Expect to one month, but sometimes $500-$1000.
DO I NEED TO PAY AN APPLICATION FEE WHEN I APPLY?
Yes. This covers the cost to process an application, which includes running credit and background checks and sometimes housing court history. Every applicant, including guarantors is responsible for this fee. Expect $50-150. This fee is not refundable. Remember that your broker only gets paid when you are approved for an apartment, so a benefit of working with a knowledgeable broker is having someone prepare and pre-approve your application before it’s submitted. That way you don’t waste your application fees and they don’t waste time in preparing and submitting 8-40 page applications X total number of applicants.