No Fee Apartment Rental IQ Quiz

New York Apartment Rental IQ Quiz

Find out what you know about renting a no fee apartment in the New York City metro areas.

1. True or False: I won't find a great apartment unless I use a broker and pay a broker's fee.

   Ten years ago you definitely had to use a broker to find the "good" apartment in NYC. But RDNY.com has changed the rules. We have the same apartments brokers have plus many more that are exclusive to us.

   More than 4,000 landlords in Manhattan, Brooklyn, Queens, The Bronx, metro New Jersey and Westchester post their apartment listings to RDNY.com. This gives you more choices than any other service out there, and you will never pay a broker fee.

   Our RDNY Advisors will show you the best way to find and qualify for your next apartment.

2. How do I know how much rent I can afford to pay?

   1. For Manhattan, divide your annual income by 40, and for outside Manhattan divide by 30. The resulting numbers will give you an approximate amount of rent you can afford.
   2. You can afford to pay the equivalent of two weeks salary in monthly rent.
   3. Divide your parents' annual income by the number of kids in your family and multiply by 0.25.

   Landlords require applicants to earn at least 40 times the monthly rent each year in Prime Manhattan (only about 30 times outside Manhattan). If you divide your annual income by 40 (use 30 outside the City), you'll get an amount that tells you how much rent you can afford.

   If you don't meet that requirement, you can consider other options. You can pay several months rent in advance, get a guarantor, find a roommate to help you with the rent or choose a less expensive apartment. Call your RDNY Advisors for some helpful tips on qualifying for your apartment.

3. I'm a student and I don't have a job. Will anyone let me rent an apartment?

   1. No way, dude. Are you kidding?!
   2. Yes, but only if you have at least one roommate.
   3. Yes, if you have a qualified guarantor.

   Believe it or not, you can rent an apartment without a job. But you will absolutely need a guarantor and you must be very prepared to make a great impression on your potential landlord.

   If you or your family can afford to pre-pay several months rent, some landlords may consider renting to you.

   A guarantor guarantees that s/he will pay your rent on time every month on your behalf in the event you don't mail in that rent check.

   If this is your first apartment, you are also likely to need a guarantor even if you're living with one or more roommates. In a roommate situation, only one guarantor is required. Landlords are business people and they want to know that each party signing a lease is good for the rent.

4. True or False: To move in, it will generally just cost me the first month's rent and one month's security.

   In the metro NYC area you'll need the first month's rent and one month's rent as security to get the lease upfront. If you sense the landlord is hesitating because you may be a risk, you can always offer to pay extra security of a month or two. This often makes the difference between getting the apartment and losing it.

   Your rent and security deposit are only part of the many financial requirements involved with moving, such as paying for movers and application and credit check fees. Be smart and prepare for these additional costs.

5. What's a guarantor and how much does she/he have to earn?

   1. A person who guarantees your fine character and earns 40 times your rent.
   2. A person who meets with your landlord and guarantees you throw the best parties.
   3. A person who guarantees the rent will be paid as agreed even if you can't pay it, and earns 50 to 75 times your rent in yearly income.

   A guarantor co-signs the lease with you and is completely responsible for paying all the rent as contracted in the event you are unable to pay it.

   Guarantors need to make 50 to 75 times your rent in yearly income. They have to be able to cover their own life expenses plus your rent. The good news is your guarantor does not have to be a parent. If your parent can't swing the rent, you can call uncle John or your mom's best friend to vouch for you.

6. True or False: By not using a broker I avoid paying the standard broker's commission of 15% of my first year's rent.

   RDNY.com lets you bypass the broker and go straight to the landlord. No broker = No broker fee. The truth is, all apartments are no fee; it's brokers who charge the fees in exchange for their services.

   We give you direct access to thousands of landlords and their apartments via the web. This means you get to choose the apartments you want to see with no pressure from a broker.

   We'll keep you up to date on the latest listings that match your profile, provide you with tons of apartment and neighborhood information, and give you expert assistance to make your apartment search easier.

   All we ask of students is a nominal, one-time registration of $175 to access our database and services for three months--that's $20 off the full price! This will save you thousands of dollars on your move, which leaves you extra cash to pay for renting a van or truck, furniture, appliances, accessories, a new iPod, you name it.

7. My landlord will approve my rental application based on my income from work, student aid or student loans and/or my guarantors without a background or credit check, right?

   1. Obviously, I'm a student, so he'll just know that I'm broke and deserve a break.
   2. No, NYC landlords routinely run credit checks and background checks to approve applications.
   3. Yes, because a letter from my career counselor highlighting my future earning potential will be enough to get me in the door.

   While your monthly/yearly income and reference letters are factors in the approval process, your credit rating is one of the most common barometers a landlord uses to gauge your worthiness as a tenant.

   We highly recommend you run your own credit report to see what it says before you start looking at apartments. Landlords traditionally charge applicants a credit report fee that can run $25 and up. A basic report is only $14.95 through RDNY.com. Carefully check your report for errors and report any you may find immediately to the credit reporting agency.

   Print several copies of your credit report and put them in a folder along with the other typical paperwork needed to submit an application. Carry the folder with you when you're out looking for apartments. You'll score big points with the landlord for being prepared when you show up with your application paperwork in hand.

   You wouldn't go to a job or internship interview without a resume, right? Think of your application paperwork, including the credit report, as a resume when hunting for an apartment.

   Sadly, since 9/11, more and more landlords are now running background checks that reveal your past. While this seems harsh, no one wants a potential trouble maker, or worse, living in their building.

Apartment IQ Score Key

0 to 3 right answers

A Definite Cry For Help. You need our assistance and support! Call a RDNY Advisor now at (888) 278-7111 ext. 3.

4 to 5 right answers

Not bad at all, but sounds like you can still use some assistance, so give us a call to get more info at (888) 278-7111 ext. 3.

6 to 7 right answers

Congrats! You more than anyone will realize the benefits of RDNY.com. With the basics under your belt, let one of our RDNY Advisors help you find an apartment. Give us a ring to start your search (888) 278-7111 ext. 3.