F.A.Q.

Photo of the IRT City Hall Station as seen on http://www.nycsubway.org

Photo of the IRT City Hall Station as seen on http://www.nycsubway.org

Below are some of the common questions emailed or asked.

Q: Do you permit smoking on the property?
A: No, smoking is not permitted anywhere in the building or on the property. As part of the renovation, new carpeting was installed and we’d like to keep it smelling smoke-free. Smoking anywhere on the property affects tenants living in other apartments, as smoke can be drawn in through air conditioning units or windows in the front, back or sides of the building. Illegal drug use is also strictly prohibited.

Q: Are pets permitted?
A: Pets of any shape/size are not permitted in the apartment (even on a short term basis).

Q: Can I sublet or share the space?
A: Any potential new arrivals must first be screened and submit to credit and background checks to ensure the safety of others living in the building.

Q: Will tenants on the 2nd floor have roof access?
A: Roof access is restricted to licensed, bonded and insured firms contracted by the landlord to perform maintenance on the building. The roof has not been outfitted with any safety measures — it’s a long trip down that we’d prefer tenants not take.

Q: Do you charge a credit check fee?
A: Yes, however the costs of the credit and background check will be applied towards your first months rent. You will also need a letter of employment, and the security deposit along with first and last months rent are required to move-in.

Q: Why is Proof of Renters Insurance Required?
A: We want to make sure your family’s belongings are protected against fire or theft during the time you are residing at our property. The insurance that is carried for the building only covers the building itself against fire. Our insurance does not cover your property in the event of fire or burglary. If your guest is accidentally injured because of a hazard you allowed/permitted in your living space, there is a lot you can lose by not having renters insurance.

Most tenants are unaware that rental policies by the owner of the property do not protect them or their personal belongings against such calamites. To fully protect yourself, we require all tenants have a renter’s insurance policy, which most insurance companies provide. All your furniture, clothing, and other possessions probably add up to tens of thousands of dollars, don’t put your personal property at risk – renters insurance is not something you want to be without.

Q: Do you accept applicants with guarantors?
A: At this time, we are not accepting applications from prospective tenants with guarantors.

Q: How much rent can I afford?
A: Generally NYC landlords look for between 42 to 52 times the monthly rent as a qualifying income, scale. However this is often dependant on length of employment, credit, etc. There are exceptions to this, contact us for more information.

Rent 42x 50x 52x
$800 – $900 $34,000 – $38,000 $40,000 – $45,000 $42,000 – $47,000
$1,000 – $1,200 42,000 – 50,000 50,000 – 60,000 52,000 – 62,000
$1,500 – $1,800 63,000 – 75,000 75,000 – 90,000 78,000 – 94,000
$1,800 – $2,200 76,000 – 92,000 90,000 – 110,000 94,000 – 114,000
$2,200 – $2,500 92,000 – 105,000 110,000 – 125,000 114,000 – 130,000

Q: What are the basics, financially, I’ll need to get a New York City apartment?
A: The basics are first and last month’s rent, one month security deposit and processing fee/credit report.

 Security Deposit:

One month’s rent is the usual amount for a security deposit payable at the signing of the lease with the first month’s rent and fee. You will need a bank check, money order or certified check. Your security deposit will be held in a designated account, with the total interest minus 1% payable to you annually. If you abide by the terms of the lease and leave the apartment in the same condition it was at the beginning of the lease period (excepting normal wear and tear) the total security deposit will be refunded.

Q: How much is the broker’s fee or is there a broker’s fee?
A: The standard rental broker’s fee in New York City is 15% of the annual rent. Some brokers charge more and some brokers charge less. 31-81 does not use brokers.