Resources

 

Renter's Guide

 

Standard Fund Requirements:

 

  • Application Process: All applicants & guarantors are to submit the necessary paper work required by the Management/Landlord , no exceptions.
  • Application fees range from $25 to $100 depending on landlord/management company & application fee for a rental in a coop building range between $150-$1,000.
  • When submitting a rental application a good faith deposit in the amount of $500 is required to secure the apartment pending approval, once the applicant is approved the good faith deposit is applied to the broker fee balance at lease signing, the good faith deposit will be refunded if the applicant is rejected.
  • Lease signing requirements: Once all completed application materials have been submitted, Hatuka Properties can usually get our Customers/clients approved for their apartment or rental property in 1-2 days.
  • Almost all applications are approved within 1-2 business days except Coop rental apartments that usually take 3-4 weeks of process and approval.
  • Renter must have completed all application materials. This includes all supporting documentation that the Management/Landlord requires.
  • Once an application is approved by the Management/Landlord the applicant is 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.
    • When signing a lease, renters should have funds for rent, security and broker fee.
    • Money should be in a form of certified bank checks, Cashiers checks or Money orders only.
    • Personal checks are not accepted.
  • Miscellaneous Fees:
    • Sometimes landlords/management companies require new tenants to pay a move in deposit.
    • This fee can range from $250 - $600.
    • Move in fees 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 in a co-op, renters should expect processing fees, move in fees and other miscellaneous fees sometimes in total of $250 - $1100 in non-refundable fees.
    • Be sure to ask your Hatuka Properties broker if there are additional fees; especially if renting a Condo or Co-Op. Fees for pets.
  • A general price guideline for apartments:
    • Studios range from $1,200 to $2,500 per month
    • One bedrooms range from $1,600 to $3,000 per month
    • Junior 4 range from $1,700 to $2,000 per month
    • Two bedrooms range from $2,000 to $6,000 per month
    • Three bedrooms range from $2,800 to $8,000 per month.

 

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 the application process to have an understanding of what you can afford.