Monthly Archives: May 2016

What to look at carefully when signing lease for apartment

Generally, we use standard apartment lease which anyone can purchase at stationary stores, so it is difficult to change contents. So, what you need to check is your name / address / rent / security deposit / move in date /period / what is included in the rent. However, if you are renting condominium, there are 2 articles, you need to ask owner to cross out, and then initial by both owner and tenant next to articles. Normally owner will agree, and if not, you might want to consider if you want to rent this condominium. 17.Sale Of Unit If current owner sell this unit, owner can give 30 days …

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Posted in Real estate market in New York City

How to write a Landlord Letter

Some landlords will require a “Landlord Letter”. It is a letter from your current landlord saying that you have been a good tenant and paid your rent on time. Normally, if you have been a good tenant, your landlord will be happy to provide you with this letter.   Date   Landlord Reference Letter   This tenant reference is given to verify tenancy of  name  in Address.  He is our tenant from date. His last monthly rent was in the amount of $_____. He was responsible and timely in his rent payments which was due the first day of each month. There had been no complaints from his neighbors and he had …

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Posted in Real estate market in New York City

How to write an Employment Letter when renting apartment

In New York, you are requered to submit employment letter when you rent apt. Yearly salary, employment date and position need to be stated. Normally your income need to be more than 40 times of rent to be qualified as tenant.   Example $80,000 income is required to rent $2000 / month apt. If less than 40 times of rent, you might need to  get guarantor in NY whoes income is 80 times of rent, or pay advanced rent, or pay additional security deposit or get rent insurance.   This is example of employment letter. Some owners may contact your employer to verify.   Company letter head Date   To …

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Posted in Real estate market in New York City

How to write a Reference Letter when renting apartment

Some landlords will ask you to submit a Reference Letter. It is a letter from a friend or colleague, saying that you are great person, and a suitable tenant for that apartment. Date Dear Sir or Madam   I am writing to recommend —————–as a tenant for your building.   ————–and I have known each other for 20 years, and I can confirm that he is a person of great integrity, is extremely reliable and personable.   —————–is hard-working and highly committed to his work . He is always loyal, honest and considerate individual.   In summary, I believe the qualities ———-poses would make him a great resident for any …

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Posted in Real estate market in New York City

How to rent office space in New York City

There are many executive offices in New York. They will provide furniture, and you can start business right away. You will share a receptionist and common areas such as a meeting room and a lounge. The process is easy but more expensive than a long term lease. Small offices start from $1000/month and up Long Term Lease Lease term 3-5 years, rarely 10 years rent goes up every year. You set the yearly % increase when you sign the lease. Point 1: It is wise to get a lease for as long as possible: This is because rent for both residential and commercial property goes up every year. For example, …

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What to investigate when you are looking for apartment in New York City.

There are many things you need to investigate when you are looking for a new apartment. One of those things is the noise level. Many apartments in New York City are 50 – 100 years old. This can mean tilted floors and squeaky noises when you walk across the floor. If you have kids or a dog, that could mean future trouble with your downstairs neighbors. You can also hear the footsteps from your upstairs neighbor; especially when he or she comes home and walks around the room. In older apartments you might also hear banging noises from the heating system which is a problem that most owners won’t fix. …

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Average rental prices in New York City

Most newcomers to New York City will be surprised by how expensive it is to rent an apartment in Manhattan. For example, a studio in a good part of Manhattan can cost the following: • $1800/month and up in a walk-up building. A walk-up means there is no elevator • $2200/month and up in doorman building • $2800/month and up in a luxury condominium For less expensive options there is the east side of the Upper East Side ($1500/month and up). Rents are cheaper here because it can be a 20 minute walk to the nearest subway. There are crosstown buses but they are infrequent and can be late at …

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When is the best season to rent apt in New York?

When is the best season to rent apt in NY? If your lease is flexible or if you can choose timing to move, you might want to consider seasonal condition for real estate market in NY. Generally, vacancy rate for apt.in Manhattan is less than 1% throught a year. However, winter season is slow, so you can take time to find apt. Dec – Mar Slowest season for real estate rental market Merit : you can negotiate rent Demerit : Not many choices Owners want to rent apt. without loosing 1 month vacancy, so you can negotiate rent. Summer July – Sept People move at this season, and it is …

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Required documents and fee when renting apartment in New York City

This is what you need to prepare when renting an apartment in New York City: Required Documents: • Copy of photo ID and Visa for all tenants • Bank statement in English ( full name /account no. /statement) • Employment letter in English ( position / yearly income / date of employment stated with the company on company letterhead) • Entry admittance letter in English from School (For student) Sometimes required: • Landlord letter (letter from current landlord that states the rent and dates you have been living in the apartment) • Reference letter (letter from a friend, colleague or employer) If you have been living in the US, you …

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