You've found the perfect apartment. Now What? Your BRP representative will guide you step by step through the application process. The first step is to fill out the landlord's application or a BRP application. Your BRP representative will advise you of the necessary paperwork required for a specific owner to move forward. You will also be required to pay credit check fees and applications fees at this time. Once all of the appropriate paperwork is gathered, your representative will present your information to the landlord and oversee the approval process including any negotiations. The rental process moves fast so be prepared. If you are renting in a cooperative(coop) or condominium(condo) you will need to prepare a board package. Please note coop's can take 30 days or longer and condos can take several weeks for the waiver of first right of refusal. Speak to your BRP representative about the coop and condo approval process and the specific requirements. 

How much rent can I afford?

You now need to determine your budget. A general guideline for many New Yorkers is to spend approximately 25%-35% of their gross annual income on rent. For example, if you earn $100,000 per year, you might end up spending around $25,000 per year in rent, or about $2,000 per month. Landlords generally require prospective tenants to make 40-50 times the rent and have a good credit score/rating. 

The Who, What & When for a Guarantor

A guarantor is someone who is willing to co-sign a lease on our behalf. They are responsible for all the terms of the lease. A guarantor can be a family member or an unrelated individual. However, they do have to qualify financially. In the event, you do not meet the financial or credit requirements, a guarantor is a good option. Most landlords require the guarantor to live in the tri-state area(New York, New Jersey, and Connecticut) although there are exceptions. Landlords typically require that guarantors earn a gross income between 75-100 times the monthly rent. For example, if you are renting an apartment that is $3,000/month, the guarantor will need to make $225,000 per year. They will be required to produce the same paperwork as a potential tenant. If you think you will require a guarantor, speak with them in advance and confirm they are willing to sign as a guarantor and disclose their financial information along with the documents necessary to secure a lease. 

SIGN a lease and secure your new home

Once your application is approved, a lease signing will be scheduled. At this point, all funds are due in the form of certified checks or cash only. Your BRP representative will advise you on the appropriate fee amount which, where applicable, typically include the first month' rent, a security deposit(i.e. once month's rent or more) and the broker's fee, all due at the lease signing.