LAND LORD RENTALS
Many landlords in New York, large and small, have found renting through Coast to Coast to be absolutely terrific and efficient. Our high level of integrity and attention to detail ensure a smooth qualification process of prospective tenants.
EXPOSURE
We offer wide exposure for landlords with rental vacancies through a multi-pronged marketing approach taking advantage of synergies created by using cutting edge web techniques. Coast to Coast syndicates through a large variety of websites both domestically and internationally. The result is that the phones never stop ringing, Coast to Coast is never sitting still.
VARIOUS TYPES OF BUILDINGS
There are many different types of apartments in New York City and a lot of the terminology can be quite confusing to the newcomer. Apartments are initially categorized by the age of the building, either pre-war (World War II, that is) or post-war.
Pre-war Apartments:
Aficionados of the pre-war apartment go for the high ceilings, hardwood floors, crown moldings, arched doorways and other old world charms that one usually finds in this type of apartment. Those requesting a pre-war often refer to post-war apartments as “cookie-cutter” and lacking in “charm” and therefore insist on a pre-war apartment. Pre-war buildings tend to be of sturdy construction offering thick firewalls between apartments and therefore can be quieter than the dry walled apartments found in more modern buildings. Watch out for the creaky floors, though. You can sometimes hear every step of the neighbor above in a pre-war apartment.
Post-war Apartments:
For those who like new and modern, the pre-war just doesn’t cut it. Many post-war buildings, especially those recent construction, offer amenities and finishings often sought after by many young tenants. What post-war buildings lack in “charm” can be made up for in perks: a health club, swimming pool, meeting/party room, modern appliances, etc.
The next way to break down New York City apartments is by service level, as in whether it is a doorman or a non-doorman building.
Doorman Buildings:
Usually, if there is building employee stationed at the door or in the lobby(doorman, concierge, etc), the building is referred to as a Doorman Building. Technically, there should be a uniformed attendant to open the door for residents and guests for the building to be designated a “doorman building” but these days the term is used loosely. If there is no one assisting you with the door but there is a building employee in the lobby at a desk (concierge) then the building is traditionally referred to as an “attended lobby building”. If there is both a doorman and a concierge, the building is often designated a “full service building”. Doorman buildings can also offer a part time doorman only.
Non-doorman Buildings:
Non-doorman buildings come in two varieties: elevator building and walk-up.
Elevator Buildings:
This is a building offering an elevator but no doorman or concierge service (almost all “doorman buildings” have elevators). Elevator buildings usually have voice intercoms for “buzzing” guests into the building from the street. Video intercoms are replacing the older voice systems in many elevator buildings. Some sort of laundry facility is offered in most elevator buildings (coin laundry in the basement, etc).
Walk-up Buildings:
Most walk-up buildings are five stories or fewer and are of the pre-war category. They usually offer the voice intercom system and do not have laundry facilities for tenants. Although most walk-ups are tenement buildings, however the upscale “townhouse” is also technically a walk-up.
The Townhouse:
Originally a single family dwelling of three to four stories, the townhouse offers amenities more associated with a house than an apartment, i.e. private backyard, large eat-in kitchen, private street entrance, etc. Many grand old townhouses retain their original details and old world charm not found even in many pre-war apartments. Some townhouses are referred to as “Brownstones”.
The Brownstone:
The term “Brownstone” refers to the brown sandstone quarried in the Connecticut River Valley and on the shores of the Hackensack River and popularized in the 19th Century in townhouse construction. Many of the immigrant stonemasons of the time found the soft stone easy to work with and it enabled them to add design elements with relative ease and at low cost. The brownstone gives the gingerbread house look of many townhouses in New York. Brownstones will have a street entrance to the ground floor sometimes referred to as an “English basement half a story below street level but ground level with the garden at the back of the house. The first floor or “parlor floor” can be accessed inside from the ground floor, or from the street via a grand staircase to what serves as the front door of the house. As in all townhouses, brownstones often offer plenty of unique and charming details.
In recent years many single family townhouses have been converted to multi-unit apartment buildings. A good conversion will preserve much of the original details and amenities of the original townhouse.
New York City apartment buildings can also be broken down into the following categories:
1. Rent-stabilized.
2. Non-stabilized.
3. Condominium.
4. Cooperative.
Rent-stabilized:
Rent stabilized apartments are subject to rent stabilization laws instituted to protect the tenant. When the lease is about to expire the tenant has the option to renew. The rental increase on the renewal is limited to the current limitation in effect at that time. A building can contain a mix of rent-stabilized and non-stabilized apartments.
Non-stabilized:
A non-stabilized apartment is not subject to rent regulations. Non-stabilized apartments are also known as “free market” apartments. Rental prices are set according to what the market will bear.
Condominium:
In a condominium each individual apartment unit is owned privately. All owners share common ownership of common areas such as the lobby, hallways, laundry room, etc. Renters will sublet the apartment from the individual owner. Application to the Board of Directors of the condominium for the rental is required but rarely is the application rejected.
Cooperative:
In a cooperative the building is owned by the corporation formed by the coop association. All apartment “owners” own shares in the corporation and are referred to as “proprietary lessees”. In rare cases and subject to restriction the proprietary lessee is allowed to sublet his apartment. The tenant will be required to submit a lengthy application package to the Board of Directors for their approval of the sublet. The Board can turn down an applicant for no apparent reason and the applicant nor the proprietary lessee has grounds to successfully challenge the Board’s decision. Most Coop Boards discourage subletting of apartments in their buildings.
HOW TO RENT IN MANHATTAN
When to Start Looking For Manhattan Rentals
It is a good idea to begin your New York City apartment rental search four to six weeks before you actually want to move in to (or start paying rent ). Most landlords list their vacancies for a Manhattan apartment one month before the available for occupancy date. In the case of construction or uncooperative tenants, be prepared to see a “similar” unit in the building as an example of an available apartment. Many of our landlords will allow you to apply for a New York City apartment rental you have not actually seen, allowing you to get a jump on the competition. In this case you will not be required to sign a lease until after you have seen the actual New York City apartment rental or Manhattan apartment you are applying for.
How to Compete for Manhattan Rentals and Apartments in New York City
Competition for a New York City rental apartment or Manhattan rentals can be intense, especially for special apartments in New York City or a Manhattan apartment that is a really good deal. It is highly recommended that you be prepared to move as quickly as possible. Most landlords will not hold a New York City apartment rental without a complete application. If you submit half or three quarters of what is required for a NYC or Manhattan apartment and then scramble to get everything else together you stand a chance of loosing the apartment to someone else.
Housing laws in New York City favor the tenant. Therefore, landlords require a very thorough application process which at times can seem somewhat intrusive. Here is what you will need to prepare:
1. Money: Prepare to have the first month’s rent and one to two months’ security deposit available in a New York City bank. Some landlords expect rent and security in certified funds (refundable if you are turned down) at the time you make application. If you are from out of town, make arrangements to have your money immediately available. Ask your bank for wiring instructions if you think you will need to wire money from an out of town bank. You should also expect to pay some sort of processing fee, usually $50 to $100 per applicant.
2. Proof of Income: The landlord wants to know how you will pay the rent and he wants to see proof. Have ready the following:
— Last two years’ tax return.
— Last two years’ W-2 or equivalent.
— Letter from your CPA if you are self-employed.
— Letter of employment written on company letterhead and stating your salary, expected bonus, position, length of employment.
— Last two pay stubs.
Most landlords require an annual income of at least 40 times the monthly rent. If your income is less than this multiple, in some cases you can offer extra security, prepaying of rent or a guarantor. For those individuals with lots of assets but a low paying job, the next item is very important.
3. Proof of Assets: The better a candidate can look on paper the more favorably he/she will be looked upon by the landlord. It is important to come prepared with the following documents:
— All recent bank statements.
— All trading accounts, stock portfolios, etc.
— All statements regarding any other liquid assets, trust funds, etc.
— Proof of ownership of any income property.
— Letter from CPA stating expected yearly income and net worth (for self employed individuals).
4. Landlord Reference Letter: Ask your most recent landlord to write a brief letter stating that you have been a good tenant and that you have paid your rent on time. If you are a member of a Condo or Coop association, have them write a letter for you stating that you are a tenant and member in good standing.
5. Credit Report: Get a look at your credit report before you start the process to identify any potential problem areas. Sometimes things will appear on a credit report that do not belong there. You will be able to prepare an explanation before the landlord sees the problem. Inform Coast to Coast about anything on your credit report that you think might be a problem. There are steps we can take to help you in your application to the landlord. Even if you have a copy of your credit report, the landlord will most likely run their own credit report and/or a Housing Court report on you.
POTENTIAL PROBLEMS
1. No credit: If you are from outside the U.S. or very young, you may not have credit established. Some landlords may object to this. Speak to Coast to Coast about what steps may be taken.
2. No Social Security Number: Most landlords require tenants to have a Social Security Number. For those new to the U.S., it is a good idea to begin the application process for a Social Security Number as soon as possible.
3. Bad Housing Court Report: If a landlord runs a Housing Court Report on you and finds that you have had a conflict with a landlord in the past, this could be a problem. Even if you were in the right, some landlords will not be favorable to your application. If you have settled a conflict amicably with a previous landlord, have the landlord write a letter stating that fact.
4. No verifiable income: If you have no verifiable income, prepare to prepay rent, sometimes up to a year in advance. Not all landlords will go for this. Speak to Coast to Coast immediately if you have this special circumstance. We can work with you.
5. Diplomatic Immunity: Most landlords in New York City will not rent to individuals with diplomatic immunity. Some landlords will rent to diplomats. Speak to Coast to Coast immediately if you have this special circumstance. We can work with you.