Renting an apartment can be an exciting process. You may already know what you want in an apartment, and you probably have your heart set on a specific area or neighborhood. However, some aspects of finding an apartment and renting are not exactly enjoyable. And while renting an apartment is often cheaper and quicker than buying a home, getting approved for a rental isn’t always easy. However, there are a number of things you must keep in mind, as well as steps you must take, to help make the process a little smoother. Call brooklyn city view brokerage if you need any help with the process.
Good Credit is Key
People with low credit scores often apply for apartment rentals because they can’t get approved for mortgage loan. But don’t think that all apartment managers and landlords will approve your application. It’s true that some furnished luxury apartments nyc place little emphasis on credit scores; in fact, these communities allow renters with recent bankruptcies, foreclosures, and repossessions. However, some apartment communities have strict credit requirement. Ordering your credit report before applying for a rental provides clues as to whether you’ll receive an approval. Credit score requirements vary by landlord; however, 680 or higher is considered to be a good credit score. Fixing credit problems, such as improving your payment habits and paying off defaulted accounts, improves your odds of getting a rental. But if you can’t fix bad credit, explain it on your rental application, as some apartment managers may show leniency after a job loss, divorce, or illness.
Rent Can Be Raised
If you find an affordable apartment rental, don’t get too excited because rent prices aren’t fixed. There are two primary ways in which rent can be increased:
- Periodic Rent Increases: Signing a one-year lease guarantees your rate during this time span. However, after this one-year period, some apartment landlords increase monthly rent payments. Seasoned renters are aware of periodic rent increases, but if you’re a first-time renter, rent increases can catch you off-guard and impact your personal finances if funds are already tight. Plan for rent increases by selecting an apartment with a monthly rent that’s below your rental budget so that you can handle increases in the future.
- Income Reassessment: Each apartment complex varies. With some apartments, the manager or landlord reviews your income documentation once and never asks for additional information. But if you live in an income-based apartment complex, wherein your monthly income determines your monthly rental payments, your landlord may ask for copies of your W-2 or paycheck stubs on an annual basis. Losing your job, a decrease in your income, and earning a higher salary can affect whether you re-qualify for the apartment, as well as the amount of your monthly rental payment.
Get Renters’ Insurance
Don’t think that you don’t need insurance simply because you’re a renter. If a natural disaster or fire destroys your apartment, the landlord’s insurance does not cover your personal belongings.
Obtain renters’ insurance from any local insurance agent. The monthly premiums are relatively inexpensive, nd covers a lot for you. Renters’ insurance will cover your belongings against theft and damage, as well as any damage you cause to the apartment. Displacement coverage is also a feature of renters’ insurance.
Evaluate the Property and Neighborhood
You should choose a neighborhood that’s comfortable and safe. Some first time renters make a hasty decision and sign a lease without fully checking out the neighborhood. Don’t rush the rental process. Before committing to an apartment, visit the community during different times of the day, perhaps in the evenings and on the weekends when most of the residents are at home. Is the neighborhood quiet? Do you feel safe? If possible, talk to some of the people in the community and get their opinions of the neighborhood.
Once you decide on an apartment, schedule a final walk-through with your landlord and conduct an inspection before signing your lease. Some landlords keep the water and electricity turned on, thus allowing you to test the faucets, the hot water, the shower, the toilets, and the light fixtures. If the electricity is on, make sure the appliances work. Open the refrigerator and freezer and check the temperatures. Turn on the stove burners and the oven. Check the roof for signs of a leak, and inspect the apartment for signs of insects or rodents by checking beneath the sinks for droppings. It is not unusual for an apartment to show some signs of wear and tear, such as scratches on floors or countertops. If you see any damage, take pictures and notify the landlord before signing the lease.
Read Your Lease
Once you sign your lease, there is no going back. Make sure you read your lease agreement. Apartment managers typically go through each page and explain the document. Make sure that you agree with all the terms, and if necessary, ask questions. Sign the document only if you’re comfortable with the terms of the agreement.
If you would like a list of current nyc furnished apartment rentals, or would like to speak with a broker, please call greenpoint city view brokerage anytime! We are here to make sure you find the right home, at the right price, and at the right time.