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Apartment Search Frequently Asked Questions The most frequently asked questions about our NY Apartment and New Jersey Apartment rental service taken from a poll of 400 customers.
STRATEGIES FOR GETTING AN APARTMENT...
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We saved the best for last. Everyone wants to know the best way go get a good apartment without paying a broker's fee. If you've been reading the previous pages of our FAQs, you know that we have made a wealth of information available to you, at no cost to you. On this page, we continue to give you more information about credit reports, guarantors, and a few other topics that you should know about.
But there is no way we can distill all that we know into a few quick paragraphs. If you are looking to have detailed questions fully answered, and not just brushed with a broad stroke of generalities, you MUST take a look at our free ebook "The Smart Guide For Desperate Renters". In "The Smart Guide..." we've combined almost 30 years of intense rental experience in the New York market with what you absolutely need to know today.
Yes, you can only access "The Smart Guide For Desperate Renters" when you subscribe to RDNY.com. I'm sorry, but it is the price of sharing so much experience combined with the best listings in the New York area, and all with a 100% guarantee of no broker fees.
If you've been reading the previous pages of FAQs or the rest of our site, by now you know that we are dedicated to bringing you the best rental experience we possibly can. So what more are you waiting for? If you are serious about finding a terrific no broker fee apartments, get started right now...
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| 1. I'm not sure what my credit report shows but I've been late with some credit card payments in the past. What can I do? |
Answer: The first thing is to get a copy of your credit report and of everyone who will be signing a lease (roommates and spouses, for example) by using our link to Experian. You should know what your report says before you make a rental application. We can help you at RDNY.com to interpret your report if you need help and offer some suggestions how to explain your credit problems to a landlord. You'll find more help if you have a credit report problem in the free ebook "The Smart Guide For Desperate Renters" and in the online "Guide" once you become a RDNY.com subscriber.
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| 2. I'm not sure about my credit report? |
Answer: If you don't know what your credit history looks like, or if you're not sure if your credit is good or bad, we can help. For a low $14.95 fee, you can instantly run your credit report online. This will allow you to asses your credit strengths and weaknesses. If there are inaccuracies in the report, you will be able to take corrective action before the landlords see it. If your credit is strong, you can give yourself an advantage over other applicants by having your credit report ready for online viewing by any landlord whom you are considering.
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| 3. What if I have bad credit or no credit? |
Answer: No credit is better than bad credit, but the solution to the credit problem is basically the same for both situations. In essence, you have to satisfy the landlord that you are not a risk. You must satisfy the landlord that you will always pay the rent on time. When you sign up with RDNY.com, we will be able to help assess your situation and offer guidance on the best way to overcome this problem. We discuss this issue at great length in our free ebook "The Smart Guide For Desperate Renters - Renting Without Brokers". On each each listing page, we also have a great audio help guide, giving you solid advice on the best strategies for present your application if you have credit problems.
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| 4. I don't have a credit history. Will a landlord approve my application? |
Answer: Don't worry! New York City landlords are flexible. Prepare reference letters as part of your Landlord Package from former landlords, a bank, or your employer that prove your credit worthiness despite your not having a credit report.
If you have a US Social Security Number (SSN) but you have never needed credit (never had a loan or a credit card, for example), you can have Experion run a report that says you have no credit history and add that to your Landlord Package along with letters of reference from former landlords, a bank, or your employer that prove your credit worthiness.
For someone without a credit report, a landlord might require a guarantor to co-sign the lease. See FAQ #5 or more information about what a guarantor is. Every RDNY.com listing indicates what kind of financial qualifications the landlord wants and whether the landlord will accept a guarantor.
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| 5. How do people with modest means get apartments? |
Answer: If you're a student without an income, or if you're just starting out in a new job at a beginner's salary, New York still wants you. You may need a GUARANTOR to make the landlord feel comfortable that someone will be around to pay the rent. The guarantor cosigns the lease and pledges to pay your rent to the landlord if you come up short.
If you do not have a guarantor or if your guarantor does not meet the 75x-100x monthly rent often required by landlords, the Insurent Lease Guaranty Program can help you. The Insurent Program acts as a guarantor for your apartment lease, without you needing to provide additional security or prepaid rent. This Program is accepted by many large and small landlords throughout the NYC metropolitan area. Assuming you have good credit and your annual income is a minimum of 27.5x the monthly rent (substantially lower than the 40x-50x of the monthly rent often required by landlords), Insurent can pre-qualify you within 2 hours of completing the online application. After validation of your employment and identity as well as payment of the guaranty fee (typically 78% of one month's rent), the landlord will receive an Insurent Guaranty for your one year lease. With Insurent, the renter need only give the landlord the first month's rent and one month of security upon the lease signing.
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| 6. Do I make enough money that I won't need a guarantor? |
Answer: Every landlord is different. Some have stricter standards than others. When you are dealing with individual owners, as opposed to large corporate landlords, it's more a question how you two hit it off.
As a general rule, if you are searching in Manhattan, below 96th St. on the East Side or 110th St. on the West Side, you will need to earn at least 40 times the monthly rent.
For Example:
If the rent is $1800 per month, you should earn at least 40 times that amount, which is $72,000. If you earn substantially less than that, you will need a guarantor.
In Upper Manhattan and the boroughs, the amount of income that you will need to show varies and is less than in Manhattan. Our free ebook " The Smart Guide For Desperate Renters - Renting Without Brokers" will give you guideline
for each borough so that you will know what kind of income you need to qualify, and if you need a guarantor, the income your guarantor will need. When you subscribe to RDNY.com, each detailed listing indicates the landlord's requirements for you, the tenant, and for your guarantor, if one is needed.
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| 7. What is a guarantor? How do I know if I need one? |
Answer: A "Guarantor" is someone who co-signs the lease with you and will be responsible for paying the rent if you fail to make the payment. (You can find definitions of this term and all other real estate terms used in the New York City metro area in the eBook "The Smart Guide For Desperate Renters" and in the online "Guide" once you become a RDNY.com subscriber.) A guarantor is usually a close family subscriber, like a parent if you're a student.
Landlords will ask for a guarantor if you are a rental risk, like you do not have enough income to pay the entire rent on your own or if you have a bad credit report, but landlords aren't required by law to accept a guarantor -- they always have the right to decline an applicant who needs help with the rent.
Every RDNY.com listing indicates what kind of financial qualifications the landlord wants and whether the landlord will accept a guarantor. If you need a guarantor, you'll be able to concentrate on apartments owned by guarantor-friendly landlords.
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| 8. What's it take to be a GUARANTOR? |
Answer: In general, landlords like a guarantor to have an annual income equal to 75 times your monthly rent in the prime areas of Manhattan and less in Upper Manhattan and the boroughs. It's preferable if the guarantor is a close relative (like a parent or legal guardian) and if the guarantor lives nearby (like in New Jersey or within an easy commute to New York). However, each landlord has his/her own criteria for an acceptable guarantor and many will be flexible. On every RDNY.com listing, you will be informed as to whether the landlord will accept a guarantor or not, and how many times the monthly rent the guarantor needs to earn.
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| 9. I don't have anyone who will cosign for me. What do I do? |
Answer: There are other ways to make a landlord comfortable about taking on a tenant who may not be a perfect fit. For example, you can offer to make a big security deposit, or you can offer to prepay several months' rent. Negotiate with the landlord -- make an offer that will work for both of you.
If you do not have the ability or the desire to provide additional security or prepaid rent, all is not lost. A unique new program – the Insurent Lease Guaranty Program – can act as a guarantor for your apartment lease, without you needing to provide additional security or prepaid rent. This Program is accepted by many large and small landlords throughout the NYC metropolitan area. Assuming you have good credit and your annual income is a minimum of 27.5x the monthly rent (substantially lower than the 40x-50x of the monthly rent often required by landlords), Insurent can pre-qualify you within 2 hours of completing the online application. After validation of your employment and identity as well as payment of the guaranty fee (typically 78% of one month's rent), the landlord will receive an Insurent Guaranty for your one year lease. With Insurent, the renter need only give the landlord the first month's rent and one month of security upon the lease signing.
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| 10. Is it best to apply for one apartment or should I apply for several apartments at the same time? |
Answer: It depends; although it's rare, some landlords ask for a processing fee for an application and you don't want to spend money unless you have to. Most landlords make a decision about an application within 24 hours. If you see more than one apartment you like, though, go right ahead and apply for each one. You increase your odds of success with each application.
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| 11. What's a LANDLORD PACKAGE? |
Answer: That's what we call the bundle of papers, letters, proofs, and monies you should carry with you when you search for your apartment. Every landlord will ask you to fill out an application and to supply certain requirements so they can review your qualifications to be their tenant. You can find out much more about the Landlord Package from our free ebook "The Smart Guide For Desperate Renters", which you will be able to access when you subscribe to RDNY.comhours.
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| 12. I have my Landlord Package all ready. What's next? |
Answer: Every RDNY.com listing will give you all the information you need to make an appointment to see the apartments you're interested in. Access might be through the building Superintendent, an onsite landlord agent, an open house, or maybe the current tenant. You can make arrangements to get into the apartment at your mutual convenience.
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| 13. When will I know if the apartment I've applied for is mine? |
Answer: Most landlords are fast -- you'll usually know within 24-48 hours.
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