2015

Signing a lease on a Manhattan rental apartment requires having a guarantor.

What does that mean to you?

You’re filling out the lease agreement for your new apartment rental and you get to the part about a guarantor. “Hmmm…, “ you say, “Who should be my guarantor and what exactly is my guarantor required to do?” If all goes well, your guarantor won’t have to do a thing. But life happens and sometimes things don’t go exactly as planned, which is why virtually all rental building managers (including No Fee Rentals), greatly prefer to have a guarantor listed on a lease. Whether you are signing a short-term lease for a one bedroom on Waverly Place or a long-term lease on a two-bedroom apartment in Chelsea, a guarantor is a critical piece of your lease.

Who is a guarantor?

A Guarantor is someone who agrees to be equally responsible for all of the terms of your apartment rental lease. The guarantor is asked to step in should you be unable to handle your affairs, fail to pay the rent, or violate the terms of your lease. We request that every applicant have a guarantor, including those applying for short-term rentals.  Occasionally, exceptions are made about having a guarantor, but the bottom line is that an applicant with a guarantor may be given preference over one who does not.

Whom should I select as my guarantor?

Most often a parent acts as guarantor.  Relatives, employers, or associates who have excellent financial statements, excellent credit and agree to pay the rent if you are unable, can also qualify.

Oh, come on… what could happen?

New York is the greatest place to live; we don’t like to think about becoming sick or incapacitated. But should that happen, a guarantor would be called upon to look after your rental apartment, carry out your responsibilities under the lease or wind down your affairs and return the apartment in a legal fashion.

A guarantor also brings key benefits to renters

A guarantor enables people who may be rejected for not having a credit or rental history to rent an apartment. For No Fee Rentals, this gives us more flexibility regarding whom we can rent to – NYU and other college students, first time renters, international renters.  Guarantors are in everybody’s best interests as all renters go through the same application and screening process, and ensures all tenants will have the ability to pay their rent no matter what unforeseen circumstances may occur.

In the end, we all hope we never have to call upon your guarantor and that your time in New York City is filled with fun, culture, adventure, and good fortune.

Moving into your NYC rental apartment? These tips make it easier

You’ve signed the lease on your new Manhattan rental apartment and are excited to move-in. Whether it’s a studio in the East Village or a multi-bedroom share on the Lower East Side, these tips can help to make your move-in day, and the days right after, a lot smoother.

The 4 P’s of Moving-In

• Prior notice – Always let your building manager’s office know in advance the date you want to move-in. The beginning of the month is always a busy time for apartment rentals, and you want to make sure that you are not stepping on other new tenants’ toes… literally!
• Parking– Welcome to New York City, where a parking spot is as valuable as the front row at Barclays Center. The majority of rental buildings in NYC, including those owned by No Fee Rentals, don’t have parking garages, which means you will need to rely on street parking for your moving van. We recommend that you have at least two people for your move – one for the heavy lifting, the other to stay by your vehicle to avoid parking tickets. Insider tip: The best time to find street parking is Sunday morning. Move-ins are allowed after 11am on weekends, so get your spot and then get a latte, and then get ready to lift and carry. If you prefer to use a moving company, No Fee Rentals can supply you with a list of those in the area.
• Packing material – Your packing kit should include a tool kit and scissors. Pack essentials separately so you can get to them quickly.  Emptied cardboard boxes should be flattened and recycled; everything else can go into the garbage bins. No Fee Rentals adds extra staff for garbage collection at the beginning and end of each month so hallways are kept neat. Save large items for bulk pick up days, which are posted in the lobby of each building.
• Politeness – Regardless of whether you are moving into a short-term or long-term rental, you will be neighbors with the people in your building for months. New York City can be a very friendly place if you are mindful of your fellow tenants. Avoid move-in activity after 8pm, don’t keep the front open unattended for extended periods while bringing in boxes, and keep the hallways clear of debris.

Moving in is exciting. These tips should help to make it a lot easier so that life in NYC in your new apartment rental starts off with another “p”: painless!