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| Tips and Guidelines for renting an apartment in Manhattan |
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What is a rent-stabilized apartment?
Rent-stabilized units in New York City are those apartments in buildings
of six or more units built between February 1, 1947 and January 1, 1974.
Tenants are entitled to receive required services, to have their leases
renewed, and may not be evicted except on grounds allowed by law.
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What paperwork will I need?
The paperwork required to complete a rental application includes a credit
check, letter of employment, bank statements, pay stubs and recent tax
returns. Please consult with your agent, as many landlords have different
qualification procedures.
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How much do I have to earn to be approved?
A tenant's annual income typically must equal 40-50 times the monthly rent.
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Does the building allow guarantors?
At the discretion of the landlord, some buildings allow guarantors with
New York State residence only, while others allow Tri-State area
residence. However, certain landlords will accept a guarantor from
anywhere in the United States.
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What does my guarantor need to do?
A guarantor typically must earn an annual income that is 75-90 times
greater than the monthly rent in most buildings.
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Can I combine incomes?
Sometimes landlords will allow a combination of incomes, while in other
cases, they will require that one individual qualifies on his or her own.
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How long does it take for approval?
The length of time varies. A rental application can take as little as one
hour, or as long as one week to be approved. A co-op sublet can take
several weeks, depending on when the board meets.
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Do I have to pay for water?
No, this is not charged to tenants.
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What is included in the rent?
Usually heat and hot water are included. Electric heat is not included;
that would appear on your electric bill.
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What are the utilities?
Gas and electricity are the NYC apartment utilities
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Will the apartment be cleaned?
Most of the time apartments are cleaned and painted prior to a new
tenant's occupancy, but you should always ask for confirmation.
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Will the apartment be pre-wired for phone and cable?
Most new buildings are pre-wired for cable and phone lines, which simply
need to be activated upon occupancy. If wiring is not already in place,
arrangements can be made to install these services.
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What is an alcove studio?
An alcove studio usually has a recessed area within the apartment that can
be divided into a separate space.
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What is a convertible three?
A convertible three is a two bedroom apartment with an alcove or dining
room that can be converted into a bedroom by adding a pressurized wall.
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What is a junior four?
A junior four is a one bedroom apartment, often with one and a half baths
and a dining area that can be converted into a second bedroom.
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