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Contract Type

Rentals

It might seem that rentals are straight forward, Not! Renting in New York City is completely different than renting in Connecticut.  Different buildings have different rental requirements.  The more you know about what is involved the better chances you have to get the apartment you want , with the least amount of stress.  Here are some key areas that are important to the process.

TYPES OF RENTALS:

New York City

Landlord - Rental Properties -  These are buildings that are owned as a whole by a person or company.  All of  the apartments in the building are rentals.   The owner of the building is the Landlord for all the apartments in the building. It is the responsibility of the Owner/Landlord to take care of any specified repairs in the apartment and the building.

Types of Rental Properties

Rent Stabilized apartments - In New York City and certain other areas a governing body (such as the Rent Stabilization Board) determine the amount of rent increase a Landlord may charge to tenant.  They also have regulations in terms of assuring the tenant their legal rights in the rental property.

Non Stabilized apartments - These apartments are not subject to the governing body's regulations and they can charge whatever they want for rent as well as increase the rent in any amount they want.

Rent Controlled apartments -  These apartments are occupied by the original tenants and can only be passed down to someone who has been living in the apartment and has a documented relationship to the original tenant.

FEES for RENTAL PROPERTIES: ( Any of these or all of these)

Application Fee

Credit Check Fee

Move-In/Move-out fee

Key Deposit

Most rental buildings rent directly to tenants.  They will charge an application fee and a credit check fee however in most cases there is not a broker's fee charged.

A broker can show you a rental building apartment and charge a fee.  Sometimes the rental building will pay the commission to the real estate agent for bringing them a tenant.

New York City - Current Broker's Fees  - 15% of the annual rent - Most cases Tenant Pays

No Fee Apartments -No Fee Apartments can mean that the landlord is paying the Broker a fee.  It also can be a "scam" that has the tenant pay a higher rent to the Landlord -

eg:  A one bedroom apartment 500 sq feet is renting at $2,000 with a fee.  When it comes time to renew the rent will be based on the $2,000.

       A similar sized apartment in the same location is renting at $2,500 without a fee.  When it comes time to renew, the rent will be based on the $2,500.

Connecticut - Current Broker's Fee - Landlord pays the broker 1 month rent

DOCUMENTATION for RENTAL PROPERTIES

In New York City -

Proof of Employment - Pay Stubs, Letter of Employment

Tax Return(s)

Bank Statement(s)

Application

In Connecticut

Proof of Employment - Pay Stubs, Letter of Employment

Application

(Tax Return(s), Bank Statement(s)) are not usually asked for

Every Rental Property will ask to do a Credit Check

Special Types of New York City Apartments

Co-op Apartment -  In a Co-op Building the owners of each apartment are called shareholders.  They own stock in the whole building.  The number of shares they own is dependent on the size of their apartment as was originally determined upon the formation of the co-op.  No shareholder actually owns their own apartment - They just own shares.  The co-op building's legal entity - Corporation, actually owns the building.  Because of that difference, the Corporation is responsible for taking care of the building as well as the major structure components for the apartments - such as plumbing and electrical to the apartment. Since the shareholders are part of the cooperation, all decisions to do with the building have to go thru a co-op board.  Most Co-ops have more regulations and requirements than other types of rental properties.  There usually is more paperwork.  A interview with the Board is also required to rent in most co-op buildings.  They also can restrict the amount of time you are allowed to rent an apartment ( one or two years for example.)

Documentation for Co-op Buildings

Multiple page application

Proof of Employment ( Letter of Employment plus 2 or 3 current pay stubs)

Bank Statements ( 2 or 3 months bank statements)

Tax Returns ( 2 or 3 years tax returns)

Letters of Reference

Each co-op has their own formula of which documentation they need.

FEES for Co-op Buildings (Any or all of these fees)

Co-op Buildings Application Fee

Management Agent Fee

Credit Check Fee

Move in- Move out Fee

Key Deposit

CONDO BUILDING

A Condo building is owned by individual apartment owners.  Each apartment is purchased in total by a owner.  It can be a person, or a company.  That individual owner is responsible for everything and anything to do with that individual apartment.  If there is a problem with the electric or plumbing, it is the individual owner's responsibility.  The individual owners also pay taxes on the apartment as if it was a separate entity.  They pay a maintenance fee to the primary owner company of the building to take care of the property.  Condo's have Boards also which help handle what happens with the building.

Each condo apartment owner can rent their apartment.  They have to abide by the rules of the Condo however they have the right to rent to whoever they want, for as long as they want.  Each individual condo apartment owner is the "Landlord" of their own apartment.

In New York City, Condo buildings are becoming more strict.    There are no interviews in Condo Buildings.   The building has what is called "The Right of First Refusal"  which they can use to turn down a prospective tenant.  That however means that the building will pay the fair market value instead of allowing the apartment owner the right to rent to who they want.

What the Condo building does, to be selective, is to to NOT issue an acceptance for an application, due to lack of proper papers.  The amount of papers that must be submitted with all kinds of fees is very similar to what is required in a co-op building.  If you do not submit all the documents and fees, the application is "incomplete", therefore not subject to the "right of first refusal clause".

Documentation for Condo Buildings

Multiple page application

Proof of Employment ( Letter of Employment plus 2 or 3 current pay stubs)

Bank Statements ( 2 or 3 months bank statements)

Tax Returns ( 2 or 3 years tax returns)

Letters of Reference

Each co-op has their own formula of which documentation they need.

FEES for Condo Buildings (Any or all of these fees)

Condo Buildings Application Fee

Management Agent Fee

Credit Check Fee

Move in- Move out Fee

Key Deposit

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