Important Information for Prospective Renters
- No Fee/Fee Rentals:Using a broker to rent an apartment in New York City does not always require the tenant to pay the broker’s commission. Onno Realty New York specializes in both no-fee and fee rentals. In some cases, the landlord/management company will compensate the broker directly – this is a “no fee” rental. In other cases, the broker will represent the tenants and receive their fee directly from the clients, without the involvement of the landlord – this is a “fee” rental. Clients can elect what types of listings they would be interested in, and all fees will be disclosed to tenants before previewing apartments.
- Income Requirements:Although each individual landlord/management company determines their specific income requirements for new tenants, the majority of Manhattan landlords require an annual income equal to, or greater than, 40 times the gross monthly rent on the apartment. For example, to qualify for $2,000/month rental, the tenant(s) must make $80,000 or more per year. In most cases, the annual incomes of all occupants in the unit can be combined in order to qualify. It is important to remember that this income needs to be verified by the landlord.
- If a Tenant Doesn't Qualify:If a prospective tenant does not meet the income requirements and/or has a poor credit history, the applicant can still qualify to rent the unit, provided the applicant has a guarantor. A guarantor acts as an additional signatory on the lease, and is responsible for the financial burden of the lease if and only if the tenant defaults on their obligations. In order to qualify as a guarantor, someone must make an annual income of 80 times the gross monthly rent, and have good credit history. To guarantee a $2,000/month rental, the individual must make $160,000 or more per year. A guarantor does not have to be a family member.
For more information on the rental/application processes, please
contact one of our agents