Searching for a loft rental in Manhattan is a unique experience. Many of the properties that you will see are inspirational. The most desirable loft apartments rent quickly and most are available for immediate occupancy. It is important to be prepared and ready to make the necessary decision.
Before you start to look for an apartment, it's important to know what you're looking for and what it takes to get it.
What is the target date for your move? There is a direct correlation between when you need an apartment and when you begin your search. Apartments that are vacant are available for immediate occupancy. An occupied apartment may not be available for a couple of weeks, but the landlord will sign the lease for future occupancy. Hence, most rental decisions are made on the spot. Because of this, it's a good idea to start your search as close as possible to your target move-in date, and no more than a month ahead of time. What's the best way to do this? Reserve a day or two to see apartments with your Manhattan Lofts, Inc. specialist, have a general idea of your budget, and familiarize yourself with the many neighborhoods that are New York City.
This is the most important question to answer when you begin your apartment search. As a rule, landlords require their tenants to earn an annual income of 40 to 50 times their monthly rent. Specifically, if you earn $200,000 a year, you are qualified for an apartment that rents from $4000 to $5000 a month. If you do not qualify for an apartment based on your salary, you will need extra rent and security.
If you are in a roommate situation (two or more unmarried tenants on the lease), landlords, in general, do not combine incomes; at least one applicant would have to earn 40 to 50 times the monthly rent to avoid a Guarantor situation. Most loft landlors are reluctant to accept a guarantor. If you are married and applying for an apartment with your spouse, landlords will almost always combine your salaries.
Manhattan is a city of diverse neighborhoods, all with their own unique appeal. Decide what's important to you. Do you want to be close to work, or is proximity to public transportation sufficient? Is it convenience or ambience that's most important? Do you prefer a quiet, residential neighborhood, or a bustling hub of activity and nightlife?
It's good to be open to alternative ideas. Neighborhoods other than your "first choice" might offer more space for the money. For detailed information on specific neighborhoods, see our Neighborhood Profiles.
Your Manhattan Lofts, Inc. specialist will explain a number of neighborhood options that can meet your needs and recommend areas that you may not be aware of. Remember that you are relying on our knowledge to present you with your best option!
In America's most densely populated city, the competition for housing can be fierce. Landlords all have very specific
application requirements that are unlike any you will find elsewhere.
All landlords require the following documentations in order to process an application:
If you do not meet the minimum income requirements or have a credit problem, a Guarantor may be required. The Guarantor, or co-signor, is usually a family member who agrees to guarantee the terms and conditions of the lease in case you default.
Your Guarantor must earn between 80 and 100 times the monthly rent and have a solid credit history. Although landlords of loft properties are reluctant to accept a guarantor, those that do, often require that the Guarantor live in New York, New Jersey, or Connecticut, commonly referred to as the tri-state area. Your Guarantor will have to provide the following:
In most cases, you will need one month's rent and one month's security to complete the application process. Some landlords may require additional security. Payment must be in the form of a bank certified check, traveler's checks, money order, wire transfer, or cash. Landlords do not accept personal checks for the initial rent and security deposit.
Landlords will not consider an application without rent and security. Therefore, we strongly recommend that you make the necessary financial arrangements before going to see apartments. You should also have your employment and Guarantor documentation with you when you arrive at our office.
Unlike most real estate brokers who first meet their clients on the street, Manhattan Lofts,, Inc., welcomes clients to our office for an initial consult. During this time, we familiarize you on the current market and build a profile of your needs based on budget, desired location, types of apartments available, and other considerations. We discuss in great detail the realities of rental rates and the variety of lease options and loft apartment amenities that are available.
During the initial consultation, our specialists utilize a wide array of tools to expedite your loft selection process. Our extensive database of available apartments is updated continuously throughout the day by means of direct contact between our listings department and the city's best landlords and management companies.
The Manhattan Lofts, Inc., library is an ever-expanding collection of floor plans and on-site photographs that provide an accurate visual and spatial representation of select buildings and apartments. ToGether, they give you a better understanding of the market before you leave our office.
Upon completion of the initial consultation, your agent will show you a carefully selected list of available lofts for rent. The combination of the agent's knowledge and experience and your customized profile guarantees that the apartments you see are the apartments you want. Remember, a Manhattan Lofts, Inc specialist saves you time, money, and effort. Our goal is to find you the loft apartment you want quickly!