Tips On Apartment Hunting

The housing market is competitive, especially for affordable apartments. Be prepared to make decisions quickly and be flexible by a week or two with your plans. Start your search no earlier than four weeks before your desired move-in date since tenants are not required to give landlords more than 30 days’ notice of their move-out dates. Make apartment hunting your life for two or three weeks - that should be enough time to get familiar with the market and find what you are looking for.

• Decide if You Are Willing to Share an Apartment ““ You can cut costs by sharing a large one bedroom. To find a roommate, check the listings for apartment shares in the OCHA Housing Registry.

• Determine What Size Apartment Fits Your Budget and What Amenities You Can Do Without - Squeezing into a smaller apartment than your ideal and a willingness to accept some commonly perceived flaws such as street noise or lack of view or natural light may save you some money. In addition, rents will vary with the type of building in which the apartment is located such as whether or not the building has a doorman or an elevator.

In order to rent an apartment, you will be asked to complete an application, by your prospective landlord. You may also be required to pay between $50-$200 for credit reports and/or application fees. Landlords want to see evidence of steady income and good credit.

Most landlords require that the prospective tenant have an income equal to 40-45 times the monthly rent in annual salary (combined income is used for roommates). You and your roommate will need to have all of your income verification paperwork readily available upon application for an apartment.

If you are a full time student or do not meet all the financial requirements, most landlords will require a lease co-signer or guarantor. A guarantor is an individual, typically a family member, who lives in the U.S., preferably in New York, New Jersey, or Connecticut. Guarantors are asked to disclose detailed financial information and have a credit report run on them as part of the approval process. The guarantor’s income needs to be at least 75 times the monthly rent and they will also need to submit the paperwork listed below.

When the landlord approves your apartment application, be prepared to pay the first month’s rent and the security deposit upon lease signing. Most landlords require that these funds be paid in the form of separate certified checks or money orders. Landlords will not accept personal checks or credit cards. An additional certified check or money order will be required at the time of lease signing to pay the broker’s fee, if applicable.

Bring the following items with you when you start looking for apartments:
+ Letter from your current employer stating your salary or from a CPA if you are a freelance worker or a business owner
+ First two pages of last year’s tax return
+ Most recent bank statement(s), bank account numbers and credit card numbers
+ Most recent pay stub(s)
+ Names, addresses and phone numbers of previous landlords
+ Names, addresses and phone numbers of personal and business references
+ Photo I.D. such as driver’s license or passport

This post was found on FSBO.FizBer.com
Follow the link to get to the orginal message.