Deciding the Criteria - Sumitomo Real Estate NY - Sumitomo Real Estate Sales New York

RENTERS GUIDE

Deciding the Criteria

Think about your desired conditions and prioritize your needs to find the right apartment.

Consider the desired neighborhood and floor plans

  • Think about your desired lifestyle (things like commute to work or school) and find the neighborhood that suit your needs.
  • Consider the room size and floor plans.

Check List

Move-in dateMove-in date for the listed apartments are usually immediately or within one month. For rental apartment buildings, it usually takes at least 7 to 10 days to move-in. For condominiums, it will usually take 2 to 4 weeks to get approval from the condominium board.
Budget and Income RequirementFor renting an apartment, your annual income usually must be at least 40~45 times greater than the monthly rent. For International students or anyone without income, there must be a guarantor and the guarantor’s annual income should be at least 80~90 times the monthly rent.
Lease TermThe lease term is usually one to two years. For condominiums, the lease term may be more flexible.

Difference between Rental Buildings and Condominiums

Rental Building Condominium
Characteristics The building’s management company manages all operations including lease contracts. It will be a contract with the individual owner of each unit. In addition, approval by the condominium board is necessary.
Contract Party Building’s management company Individual owner
Application Fee Approximately $50 ~ $200 Approximately $200 ~ $3,000
Wait time for Move-in Approximately 7 ~10 days Approximately 2 ~ 4 weeks (Application review by condominium board)
Negotiation on lease term, lease termination clauses, etc.
  • Rules are basically uniform.
  • Flexibility in negotiations such as lease terms and early lease termination clauses are somewhat limited.
Generally it would be individual negotiation with the owner. It offers more flexibility in negotiation on lease terms, lease termination clauses, etc.
Property condition, repair and security deposit refund
  • The room condition is always maintained at pristine conditions at the time of move-in because it is managed by a professional building management company. The building’s super respond swiftly to make repairs.
  • Security deposit refund is also based on general rules. Therefore, it is expected that security deposit refunds should be reasonable.
  • The room condition is managed by the individual owner; therefore, room conditions at the time of move-in and how quickly repairs are made can vary.
  • Security deposit refund is based on judgment/ inspection by the individual owner.