You should begin your search 30 – 45 days before your desired lease start date.

Prospective renters choose PMPA because they understand PMPA will save them considerable time and money in the long run. There is a lot of paperwork and assessment of your finances to be done even with renting. PMPA agents not only work with our clients to find them the best deals but also understand how frustrating the real estate market can be and work hard to achieve results.

Our agents work hard to negotiate the lowest possible monthly rent payments. And also offer a variety of services covering all aspects of property search. With a management team that offers over 30 years of experience in real estate, PMPA saves our clients time, money, and effort.

As a general rule, landlords typically require a tenant make 40x the rent (or a combined income of 40x the rent for roommates). To calculate this, take your annual income and divide it by 40.

Expect to pay 25% of your gross annual income in rent.

If you do not make 40x the rent in annual income, you need to have an guarantor. Landlords require guarantors to make 80x the rent in annual income.

A general price guideline for apartments in Manhattan:

• Studios range from $1,800 to $2,500 per month
• One bedroom range from $2,200 to $3,700 per month
• Two bedrooms range from $3,500 to $6,500 per month
• Three bedrooms range from $4,500 to $10,000 per month.

The rental market in New York City is different from many areas of the country for one reason: Brokerage fees are customarily paid by the tenant, instead of the landlord or building owner. This is due to the fact there is less than 1% vacancy rate in the city.

Broker fees are often 15 percent of a year’s rent.

If a property is No Fee, that means you will not incur a Broker’s fee.

Sometimes landlords/management companies or brokers offer rental properties for ‘No fee’ (meaning no broker fees or rental application fees).

Working with a broker, “no fee” listings are very rare. They are typically found in buildings that are new construction and are looking to fill units quickly. These listings are also listed at a higher price point.

Keep in mind that the buildings you can walk in to without a broker and rent a “no fee” apartment pay an on-site leasing fee to their leasing staff , so while you may save money upfront, you are still paying the fee throughout the course of your lease in the rent premiums.

A typical lease is one year. Although some landlords/management companies will offer a two year lease. A two year lease is ideal for people who do not want to move as often or would like to lock in a rent price for the second year.

Landlords will not typically offer a lease for shorter than one year, although taking over a sublease is always an option.

There are rental buildings, co-ops, and condo buildings.

• Rental buildings: Usually full service, modern, doorman buildings; rents are generally high but are at market level. Annual rent increases might be considerable, depending on market conditions. A rental building is made up of renters and owned by a landlord.
• Co-op and condo buildings: These are also usually full service buildings. Units have individual owners and there are fewer renters in these buildings. These individual owners may not be familiar with market conditions and usually utilize brokers to market their units.  This means units are typically listed as “exclusive” but it possible to get good deals in co-ops or a condo building. New tenants must complete a board package and the application/approval process could take over a month and require rigorous screening.  Although fees may be higher, these buildings are usually more well-maintained than rental buildings.

Rent stabilized buildings and/or apartments are buildings whose rent is regulated by the City of New York and State of New York.

Rent increases are only about 2-4% annually. Once a renter secures a rent stabilized apartment, they have a right to renew a lease agreement indefinitely.

A lot of brownstones, townhouses with more than 4 units and older tenement/elevator buildings in NYC fall into this category. These types of building are owned and operated by small to medium size landlords/management companies.

Landlords require tenants to make 40x to 50x the rent in annual income.

In order to calculate this, take the rent and multiply it by 40. If the total is equal to or under your annual income, then you qualify for that apartment.

For example, $3,000 (apartment rent) x 40 = $120,000 (annual income)

If you do not make 40x the annual rent, you may need to consider getting a roommate or a guarantor.

If you do not make 40x the annual rent, you will need to have a guarantor that makes 80x the annual rent.

A guarantor, also known as a co-signer, is someone willing to guarantee your lease.

If you do not meet the income requirements (annual income of 40x the rent), you can use a guarantor to meet the income requirements. A guarantor must show they make 80x the rent as well as fill out an application for the apartment, along with a credit report and supporting documents.

If you think you need a guarantor, it is good to make sure they know and are able to act quickly to gather the supporting documents.

Unfortunately, having a dog narrows the selection of properties by 15%. Luckily, usually having a cat isn’t a problem.

Many places require approval from the management for a pet and typically require a pet deposit.

Speak to a PMPA agent to learn more about pet ownership and renting.