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Approximate Costs of Application Process: (credit reports/application fee) – Applicants and guarantors are required to submit credit reports, no exceptions
- Credit reports and application fees may range from $50 to $150 depending on landlord/management company.
- Lease signing requirements: Once all completed application materials have been submitted, Harlem Lofts, Inc. can usually get our clients approved for their apartment or rental property that same day.
- 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 lease immediately and provide necessary funds. Lease signings take place within 24 hours of application approval.
- Renters sign their lease and provide necessary funds regardless of when the lease starts.
- Funds: Renters generally provide 1st month’s rent and equivalent of 1 month’s rent as a security deposit at lease signing. However, these amounts will vary depending on the renter’s credit profile, income and residency
- When signing a lease, renters should have funds for rent, security and broker fee (if any).
- Money should be in a certified form: Certified checks or Money orders.
- Personal checks are not accepted.
- Sometimes landlords/management companies require new tenants to pay a move in deposit.
- This deposit can range from $250 – $600 or more.
- 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. Insurent is a popular renter’s insurance company.
- When renting in a condominium or in a co-op, renters should expect processing fees, move in fees and other miscellaneous fees sometimes in total of $250 – $1000 in non-refundable fees.
Be sure to ask your Harlem Lofts, Inc. broker if there are additional fees; especially if renting a Condo or Co-Op. Fees for pets or for temporary walls are also common.
The Budget: For obvious reasons, a 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 your search to have an understanding of what you can afford.