Brooklyn NY Apartment Renting Basics

Finding your perfect Brooklyn, NY, apartment is not as difficult as you might think, but knowledge and preparation can greatly affect the time and energy you expend. For a smoother, more successful search in Brooklyn, NY, here is what you should know:

Credit
Know What Your Reports Say
Credit checks are standard practice in the Brooklyn apartment rental market, so if you have not seen your credit reports lately, you should obtain copies before you begin filling out applications. By law, every 12 months you are entitled to a free report from each of the three nationwide consumer credit reporting companies: Equifax, Experian, and TransUnion. You can request all three at the same time by clicking here. (link to www.annualcreditreport.com) If other people will be signing the lease with you, they should obtain copies of their reports, as well. Once you have obtained the reports, check for any inaccuracies, and then contact the issuing companies to have corrections made.

Less-Than-Perfect Or No Credit
If you have bad credit or no credit, you should still be able to find an apartment in Brooklyn, NY, but it will require extra effort. Since rental decisions are made at the landlord’s discretion, you must convince prospective Brooklyn, NY, landlords that you are not a risk—that you will pay the rent on time. If you have bad credit, the first action you should take is to pay off any past-due accounts and get the creditor or lender to write a letter stating that the amount has been paid in full. Next, contact people with whom you have had a financial relationship—previous landlords, banks, past and current employers—and ask them to write a letter vouching for your financial responsibility. This can also be an effective strategy for proving your credit-worthiness if you don’t have a credit history. Finally, write your own letter of explanation that details any extenuating circumstances that led to your financial delinquency and that states why your situation is different today.

Guarantors
Who Needs One
A “guarantor” is someone who co-signs the lease with you and who will be responsible for paying the rent if you fail to make the payment. If you are considered a rental risk—bad credit, no credit, insufficient income, or less than 6 months’ time at your current job—the landlord may ask you for a guarantor. While many Brooklyn, NY, landlords will accept a guarantor, they are under no legal obligation to do so. It is their right to decline an applicant who does not meet the financial or credit requirements.

Qualifications
A guarantor must have an income that not only supports his or her lifestyle, but can support your rent, as well, should you default. Every landlord is different, but in the Brooklyn rental market most require a guarantor’s annual income to be 80 times your monthly rent in Brooklyn. Many prefer that a guarantor own real estate within the tri-state area. It can also help if your guarantor is a close relative and lives near Brooklyn.

Income
How Much Is Enough?
While nothing is set in stone, the standard formula for an apartment in Brooklyn is that earnings should be at least 25 to 35 times the monthly rent. For example, if the apartment in Brooklyn rents for $1,200 per month, the landlord will likely require a minimum annual income of somewhere between $30,000 and $42,000 per year. Individual owners in Brooklyn may be more flexible than large corporate landlords and may be willing to make concessions if you establish a good rapport.

When Earnings Fall Short
If your income is less than required for an apartment in Brooklyn, one of the most effective actions you can take is to find a guarantor. If you do not have anyone who is willing to act as one, then consider including a roommate in your apartment search, preferably someone who has a guarantor to contribute. Another way to make Brooklyn landlords feel comfortable about taking you on as a tenant is to offer to make a larger security deposit and/or to prepay several months rent. These amounts can be negotiated with the Brooklyn landlord.

The Search
There are a number of ways you can go about finding an apartment in Brooklyn. If the amount you have to spend on monthly rent is under $2,500, and your budget is a consideration, then you may want to search through the Brooklyn section of Craigslist to avoid paying high broker’s fees. Be aware that brokers also post on this site, so to avoid fees, look for owner listings. You can also search through an online apartment-listing service, some of which charge up to several hundred dollars to register. If time is critical or you are looking for a higher-end apartment in Brooklyn, then you may want to consider hiring a broker; however, you should expect to pay 15% to 18% of the first year’s rent in commission. Sometimes Brooklyn landlords are willing to pay the broker’s fees, so it is always worth asking, if you choose this route.

Considerations
The best way to find an apartment in Brooklyn that you will be happy with is to tour more than you might think necessary. This will provide you with a basis of comparison and help you to make an informed choice. In addition to the monthly rent, here are some things to consider:

Transit. Find out how far it is to the nearest subway and how long your commute from Brooklyn to work or school will be. If you drive, then ask if the building has a parking garage and what the fees and availability are.

Neighborhood safety. There are several ways you can determine the safety of a neighborhood: Call the local police department in Brooklyn and ask for historical crime information for the area; drive through the Brooklyn neighborhood during the day and night to get a feel for the environment; speak to long-time residents; research the schools; and conduct an online sex offender search.

Pets. If you have a pet, check to see what kind of animals the building accepts. In general, cats and anything that lives in a cage or tank are not a problem. Dog-friendly apartments in Brooklyn are less plentiful, but many exist. If the landlord accepts pets on a case-by-case basis, then offering an additional pet deposit may influence the decision.

Costs. How much does the landlord charge to run a credit check? Are utilities included in the rent? What will it cost to move-in (security deposit and initial rent payments)? The numbers can vary greatly from apartment to apartment in Brooklyn, so it is important to ask up front.
Touring. Make sure the apartment you are shown in Brooklyn accurately represents the one you would be living in. And remember: When in doubt, ask. There are no stupid questions.

Before You Spend Time Searching, Visit Flatbush Gardens—The Smartest Value In Brooklyn Apartments.

Brooklyn Apartment Guide