RENTING
FINDING YOUR DREAM RENTAL APARTMENT
A building landlord or apartment owner has a written contract protecting them in the rental of their apartment, and you deserve the same protection. David A. Palmieri will protect your interests and rights as a renter in New York. The rental process can be tricky and complex, especially in Manhattan. David will help you navigate the process with his knowledge and expertise.With David A. Palmieri as your Official Renter’s Agent he’ll provide to you:
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Compiled PDF of all your rental documents
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Exclusive Search for properties that meet your criteria
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VIP listing notification system for on and off-market listings
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Coordination of all showings for selected properties
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Disclosure of all adverse facts about the building, apartment or landlord that we know
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Confirmation that all appliances, plumbing & electrical are in working order
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Confirmation of all included utilities in monthly payments
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Negotiation of all offers and counter-offers for pricing and lease terms
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Review of all legal documents or contracts pertaining to the rental
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Answers to all questions within the scope of expertise
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Advise you on the procedures and steps for a successful rental closing
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Promise to never enter into a conflict of interest
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Recommendations for movers depending on location
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Recommendations on neighborhood hot spots, restaurants and cafes
RENTER CHECK LIST
The following documents must be compiled in PDF format prior to viewing any apartments together:
PHOTO ID or PASSPORT
BANK STATEMENT / PROOF OF ASSETS
(recently dated)
LETTER OF EMPLOYMENT
(verifying position & income from HR)
PAY STUBS
(last two)
(CPA Letter if Self Employed)
TAX RETURN
(1040 front & signature page)
LANDLORD REFERENCE LETTER
(not required but always helpful)
The standard qualifications to rent an apartment in New York require the prospective tenant to earn 40-50x the rent in income. If you fall shy of the income requirement you can get a guarantor that earns 80x the rent in income or provide additional security or some form of prepaid rent. IE. If you earn $100,000 annually you qualify for an apartment up to $2,500 per month. For two occupants you total the joint income. See the chart below for additional information.
QUALIFYING
MONTHLY RENT
$2,000
$3,000
$4,000
$5,000
INCOME REQUIREMENT(40X)
$80,000
$120,000
$160,000
$200,000
GUARANTOR (80X)
$160,000
$240,000
$320,000
$400,000
$6,000
Consider Buying
$7,000
$8,000
$10,000
$12,500
$15,000
$20,000
$240,000
$280,000
$320,000
$400,000
$500,000
$600,000
$800,000
Consider Buying
$480,000
$560,000
$640,000
$800,000
$1,000,000
$1,200,000
$1,600,000
Most NYC apartments are not listed until four or five weeks before lease start date. That said, if you start your search too early, anything you look at will most likely be rented by the time you want to move. Timing is everything so you want to be prepared.