Standard Requirements:

• Approximate costs of Application Process: (credit reports/application fee) - Both applicants and guarantors are required to submit credit reports, no exceptions.
• Credit reports and application fees range from $25 to $100 depending on landlord/management company.
• Almost all applications are approved within 1-2 business days.
• Renter must have completed all application materials. This includes reference letters and supporting documentation.
• Approved clients are expected to sign the lease immediately and provide necessary funds. Lease signing may take place within 24-72 hours of application approval.
  • Funds: Renters generally provide 1st month's rent and the equivalent of 1 month's rent as a security deposit.
  • This money is fully refundable in case a client gets rejected.
  • When placing your deposit, make sure to ask for a receipt that states, the money will be refunded if you are rejected.
• When signing a lease, renters should have funds for rent, security and broker fee (if any).
• Money should be in a certified form Bank Checks: Certified checks or Money orders.
• In general personal checks are not accepted.

Miscellaneous Fees:

• Sometimes landlords/management companies require new tenants to pay a move in deposit.
• These fees can range from $250 - $600.
• Move in deposits are usually refundable as long as there is no damage done to a building while moving.
• Some landlords/management companies require renters insurance.
• When renting in a condominium or a co-op, renters should expect processing fees, move in fees and other miscellaneous non-refundable fees to range between $600 - $1100.

Be sure to ask your broker if there are additional fees; especially if renting a Condo or Co-Op. Fees for pets or for temporary walls are also common.

A general price guideline for apartments:

• Studios range from $1,800 to $2,500 per month
• One bedrooms range from $2,200 to $3,700 per month
• Two bedrooms range from $3,500 to $6,500 per month
• Three bedrooms range from $4,500 to $10,000 per month.

The Budget: For obvious reasons, your budget is an important factor in determining what apartment or rental property a renter can afford. The price of a property depends on a variety of factors - size, location, condition, features, neighborhood amenities, schools among others. It is key to determine a budget at the beginning of the application process to have an understanding of what you can afford.