How to Get an Apartment Rented in New York

With well over ten thousand listings at any time in New York, competition could get stiff whether you're a landlord, an agent, a management company, or a private homeowner.

Even if you are running an exclusive listing, your apartment still competes with dozens of comparable units all over the city and maybe even in the same neighborhood or street!

So, how can you get ahead of the game?

Get the Pricing Right

If you're with a brokerage that offers the latest tools in valuation, you're in luck.

But most of us must rely on good old-fashioned research and price comparison.

If you're a newer landlord, you'll need to factor in your expenses for any work or renovation to the unit(s), loan payments to the bank, additional expenditures, and a safety cushion.

Remember that the lease term will also affect your outcome.

Look online for similar unitsand features/amenities within the neighborhood.

Study both apartments currently on the market and those recently rented out.

It will also be helpful to look at units within the same building that have been previously rented for up to a year.

An important aspect is how long these units have sat on the market at their prices.

If your research has led you to a lower number, bring it up with the landlord.

As a landlord, if you're unwilling to bring down the price, you can get creative by offering other incentives such as a month of free rent, free wifi to cover gas or electricity, a gym membership discount, or foot the broker's fee for the applicant.

Figure Out Your Approval Criteria

If you're a landlord or a private property owner, you'll need to decide who will be a good tenant.

You most likely want tenants who will pay on time every month and will not cause disturbances in the building. However, everyone has their criteria.

Some landlords don't do official checks but go by their "gut." This is left to the discretion of each property owner.

Setting Criteria by Income and Credit

The standard norm in New York City is to assess their income using a formula that requires the potential tenant to earn at least 40 times the monthly rent.

Remember to evaluate what kind of income paperwork you'll want to look at.

Typically, these can be recent pay stubs, past tax returns or tax documents, past/current landlord references, letters of employment, and a copy of their photo ID to confirm identity.

Credit scores are a mixed bag, and there can be a variety of acceptable score ranges, with landlords accepting anything from the "Fair" range to only "Excellent."

Nevertheless, this is not a rule or law; you can select any margin appropriate for your needs.

If you're unsure how to pull up a potential renter's credit report, there are plenty of online resources from sites like Experian to TransUnion.

Fees can range from about $15 to $50, but the cost goes to the applicant.

Note that if you plan on charging a fee and having prospective tenants fill out their application, you are legally prohibited from charging more than $20 for an application fee and credit check.

Once you receive the report, check the entire history and report even if the score seems acceptable.

Ask yourself some essential questions on whether you'd accept guarantors or extra rent upfront if the applicant doesn't make enough or has less than stellar credit.

If you're an agent, this is easy, as you can ask the landlord or management company their criteria for potential clients.

However, plenty of agents and brokers want to represent their brand as the highest caliber and will often try to bring the most or over-qualified tenants to make a good impression.

This might be a good route if you'd like to strengthen your rapport with a landlord, but just as long as it doesn't cause the listing to sit on the market for too long.

Advertise Your Listings

If you speak to experienced agents and brokers, they'll tell you that consistency is critical.

Posting and regularly updating your ads on listing platforms will help you stay at home and stay fresh.

Different sites work differently, so play around with what works best.

Some sites might require that you refresh or update your ads daily.

For others, it may work every few days or once a week.

Change the photos or description if your ads are not acquiring any leads. Maybe a price drop or other changes are in order.

Tip: Advertise your ads for free on propertyNest

Become a Specialist in the Neighborhood

Some agents may think that posting as many listings as possible all over the city will attract the attention of potential renters, but more often than not, concentrating on one or two select neighborhoods may yield better results.

Have a variety of listings from the same area and building.

However, if you have 20 units for rent in the same building, do not list all the units.
Concentrate on a few choice apartments that represent the building and concentrate on the neighborhood; get to know the streets, local businesses, and transportation so clients can see you as an expert after viewing your listings and meeting you.

Take Showstopping Photos

Your ad's two most significant eye-catching features will be the price and the photos, even before the street or actual location is noticed. Beautiful professional-level photography is your most substantial bet for a click.

Ensure your photos feature great lighting and are clean without any clutter or debris in the spaces.

If the vacant unit looks plain, you might want to try light staging with small accents to liven up the space or virtual staging software, which lets you play around with the composition and ambiance in your photos.

As a landlord or management company, if you have an entire building for rent, it will probably serve in your best interest to stage at least one unit.

Remember that you or your photographer should use a wide lens to more accurately capture the size of the rooms in the apartment, which smaller cameras and camera phones cannot do well.

However, beware of making the apartment look too much more significant than its actual size, which can be misleading to potential renters and ultimately lead to disappointment.

Use Choice Words

You may not feel you have much time to spew out beautiful poetry to describe your listing, but it will help you reach the right audience.

Taking beautiful pictures and writing just a few words about the apartment will sell your listing short.

Some renters might even think your listing is a scam. It's unnecessary to write about every single feature the unit has, but write a few sentences about the apartment, building, street, and neighborhood.

Be sure to mention essential features like nearby transportation, highly-rated neighborhood restaurants or parks, and whether the building is pet-friendly.

Pick out the features you think would appeal to renters the most, and highlight them in your description.

Build a Rapport

Once you receive leads and inquiries, you should respond to each person immediately.

Experienced industry professionals will tell you you won't hear back from everyone, even if they just emailed or texted you.

However, the longer you wait to respond, the less likely you will hear from them again. You need to think of each person as a potential opportunity.

Starting the Conversation

If you start a conversation with a lead, politely offer them right away to show the apartment with times or dates in mind.

Show that you are available, willing to assist, and listen to them.

This works in the favor of both agents and landlords.

After that, you can ask questions like their move-in date, who would be moving in, or if they have any pets.

For agents, other fundamental questions could be their budget and which neighborhoods or types of apartments appeal to them.

If your lead is ready to move immediately, you can inquire if they have their paperwork ready and check their credit score.

Help them understand their chances of being approved and the rental process.

You may do this before or after showing them the listing(s).

Show the Apartment

While daytime is preferred to show the space, many people have busy work schedules, and daylight is not always possible.

If your property shows best during the day, try to set up weekend times when more people are available.

Things can get hectic, but as an agent, it's optimal to be the person showing for your actual lead.

If not, get help from another agent you trust will cater to the client's needs.

This is also an excellent time to discuss anything your client wants to negotiate with the apartment.

Let me know what's reasonable and manage their expectations.

Landlords cannot always be present at showings. They are still meeting a potential tenant; it's an excellent opportunity to assess if the person is a good candidate.

It will also allow you to show them what kind of landlord and person you are.

Strategies for Success

If your unit is sitting on the market for many weeks with little to no leads or no one wants the apartment after seeing it, you must change what you're doing.

Sometimes, taking the unit off the market makes sense to resurface as a fresh listing.

Other times, the price may decrease, or the landlord may have to include incentives or be willing to make concessions with clients.

This is an opportunity to get creative with incentives and give the landlord honest feedback on the unit.

Maybe a wall must come down, or the appliances must be changed.

Look at other comparable units in the neighborhood and compare and contrast what works for those listings, not yours.

For landlords or management companies waiting in limbo for their property to rent, maybe it's time to call in extra help and recruit an agency or two to help out.

To sweeten the deal, it's best to offer to cover the broker's fee so they can advertise it as a "no fee" apartment.

Another essential tip to avoid getting in trouble is to familiarize yourself with tenant rights so you don't inadvertently step on any toes during the process.

Process the Application

This is the part of the process where you need to collect paperwork and retrieve the applicant's credit report.

This can be a tedious step as there are times when you need to wait a few days to receive all the required pieces.

If your potential renter already has everything prepared, this is a good sign that the person is conscientious and probably the same with their finances.

Most brokerages will take a deposit for the unit if the client has serious interest.

Landlords may or may not choose to do this, as the security deposit is due at lease signing anyway.

You can give the person the green light if they meet the criteria. In some cases, landlords may use their prerogative to deny the applicant if they don't feel secure about the person.

Agents should try to use their position to mediate between the landlord and the client if they feel there's been a misunderstanding.

Lease Signing

Landlords and management companies should have alease with the terms clearly stated, details on the security deposit and any interest it accrues, details on utilities, installation of smoke detectors in the unit, and disclosure on lead-based paints.

If the unit is rent-stabilized, you must include the 421-a lease rider.

Any other stipulations discussed and agreed upon with the tenant beforehand should be included in additional riders. Your tenant(s) should have brought the security deposit (if not previously collected), the first month's rent, and any additional funds that may have been required.

Commonly, two copies are presented.

The tenant initials, signs, and dates the lease, which is then handed over to the landlord to sign and date. The second copy goes to the tenant.

Preparing the Apartment

If the landlord or management company has not already sent cleaning personnel to mop up any residual dirt or debris, has not painted the apartment, or made requested repairs, that must be done before the new tenant moves in.

Agents can coordinate this beforehand to streamline the move-in process, including obtaining the keys for the tenant.

Landlords and management companies must ensure your new tenant lets you know the exact date they plan to move so you can make the necessary accommodations for that day.