NEW YORK

RENT

To be a New York city tenant is not an easy task.

If you already have an existing credit score (history) it will be much easier.

For foreigners be prepared to pay several months upfront (to a year) and sometimes a significant security deposit. You will have to understand how to present, sell yourself to the landlord.

THE RENTAL PROCESS

The real estate agent you choose will prepare and select homes that fits you. 

Once you have found your new home, you will be asked to fill out a rental application form. Application fee range from $25 to $100 depending on the landlord and the management company. Upon acceptance, a credit report will be done and your reference checked. Your agent will be in charge of negotiating the lease terms for you as well as the price. Approved tenants will then sign the lease and provide necessary funds and broker fees (15-18% of the annual rent) the day of the lease signing.

Most landlords will require at least first month/last month rent as well as the equivalent of one month of rent as a security deposit. Some landlords and management companies may require renters insurance. Other buildings might require board package fees, a move in/ move out fee or a pet fee might be applicable if you are renting a home in a condo or co-op. 

Thanks to a strong experience in NYC rental market I’ll be happy to guide you!

BUY

1 / THE CONDOMINUMS OR CONDOS

Being the owner of a condominium (or condo), is similar to being the owner of an apartment in many cities. Upon purchasing, you become the owner of the property. A property deed is transferred to you, then filed in the public registry. You also become the owner of a percentage of the common parts of the building, as well as other owners. The building mangmeent is most of the time outsourced to a company appointed by the condo board (similar to a French “syndic”), to which maintenance costs are due every month. In addition, each owner is required to pay a property tax (Real Estate Tax) to New York City. However, some condos have a tax abatement program.

Condominiums are common in most American cities, but in Manhattan, they only represent 20 to 30% of the total housing stock. Therefore, the majority of properties in New York are Co-Ops.

2 / THE CO-OPERATIVE BUILDINGS OR CO-OPS

Buying a Co-op is still the most common way for long-term ownership in New York city (70% to 80% of the apartments in New York are Co-operative buildings). Buying a “co-op” means buying shares in a corporation, which owns the building. These shares  are held by the people living in the building. This means that all decisions regarding the building must be taken by the “co-op” board.

It is up to the cooperative to pay the full amount of the mortgage on the building, property taxes, employees’ salaries and various maintenance costs. In return, the shareholder-owner pays a percentage on total expenses in proportion to its contribution to the cooperative. His share is prorated on the size and the floor of the apartment. In Manhattan, prospective purchasers shall provide a 20 to 100% deposit of the purchase price.