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Frequently Asked Questions
INCOME REQUIREMENTS
Most New York City landlords expect tenants' annual salary to be a minimum of 40-50 times the amount of the monthly rent. In your calculations, it is important to take into consideration your outstanding loans and liquid assets. Be aware that landlords are strict and some co-op boards may be even more stringent.
SOME EXCEPTIONS
Foreign nationals who are paying taxes outside the US and those who are receiving a housing allowance from their employers will be assessed differently.
WHAT TO ALLOCATE
When renting a Manhattan apartment, you should not expect to spend more than 25% to 35% of your annual salary on rent.
GUARANTORS
If your finances do not meet the landlord's requirements, you will need someone to guarantee your lease agreement. A guarantor can be a family member, preferably someone who owns property in the tri-state area. Your guarantor must be prepared to prove sufficient annual income to guarantee your rent should you be unable to pay it.
MARA&CO. GUIDES YOU THROUGHOUT THE PROCESS
When we meet, we will discuss your budget and your preferred rental apartment locations. We will answer your questions and devise a strategy to search for your ideal rental property. After we find you the perfect Manhattan apartment, we will assist you in filling out application forms and guide you through the signing of the lease agreement.
Things to consider when renting an apartment:
  • Determine how much you want to spend on rent.
  • Pick a neighborhood.
  • Visit potential apartments.
  • Before you sign, know your rights as a tenant
  • How long is the lease?
  • How large of a deposit will you be required to leave as a security?
  • Are utilities included in your rent? Which ones? (gas, electric, water, cable, etc.)
  • Are pets allowed in the apartment?
  • Are you allowed to sublet?
  • What sort of security does the building have?
  • Does the building have laundry facilities?
  • Does the building have a super or some sort of arrangement for repairs?
  • Have you ever lived in NYC? If so, when?
  • What type of restaurants/entertainment would you like to take advantage of while here in NYC?
  • Do you prefer a doorman building?
  • Do you prefer a high floor or on a low floor?
Obstacles exclusive to Diplomats: (in some instances)
  • Processing fees
  • Application fees
  • Condominium building fees
  • Most buildings want to know your credit history, and will run a credit check
  • Some management companies will not even consider renting to a diplomat
  • Some management companies will ask them to sign a wavier of diplomatic declaration
  • Extra security deposits.

Mara&Co Real Estate Blog


Contact Us For More Info
Phone : 212 905 7788
Fax : 212 905 7800
Email : info@marany.com



Jack Mara


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