Frequently Asked Question

 

1. How is it no fee? We are paid directly by the building, saving you thousands. With us, you will never have to pay the month to 15% broker fee generally charged by other brokerages.

 

2. What do I need to qualify for a luxury apartment? In NYC, you must make 40 times the monthly rent, have a FICO credit score of at least 650, and/or a liquid net worth of one to two times the annual rent. If you do not meet these qualifications, be prepared to provide a guarantor.

 

3. What is a guarantor? A guarantors is a person who signs the lease with you and is financially and legally obligated to pay your rent if you fail to pay. Generally, guarantors are required to make at least 80 to 100 times the monthly rent.

 

4. What if I don’t have a guarantor? If you need a guarantor you can try Insurent, a guarantor service. Insurent requires an income of 27.5 times the monthly rent, good credit history, and they’ll charge you 75 to 80 percent of one month’s rent upfront. Keep in mind not all luxury building will accept Insurent and buildings prefer and sometimes require guarantors to live in New York, New Jersey or Connecticut.

 

5. What paperwork will I need to start the application process? Each building requires slightly different information from applicants, these are the general documents buildings are interested in.

Tenants
Letter of Employment stating time at the company, position, direct supervisor contact information, and annual salary.
Prior Year’s Tax Return
Recent pay stubs
Recent bank statements
Guarantor
Letter of Employment stating time at the company, direct supervisor contact information, position, and annual salary. (If self-employed, letter from a CPA verifying prior years earnings).
Prior Year’s Tax Return
Recent pay stubs
Recent bank statements

 

6. How much is the application fee? Luxury rental building application fees will range from $50 to $200, depending on building.

 

7. What will I need at lease signing? You will need a photo ID, 1st months rent and 1 month security deposit.

 

8. Can your apartments be rented on a short-term basis? No, all of our units are 1 year minimum. If you’d like a list of short-term apartments let us know but keep in mind short term apartments always come with broker fees.

 

9. What If I’m a foreigner? I Don’t have a social security number? In this case you will need a US based guarantor or use a service like Insurent. Some buildings will allow you to pay extra security or the full year upfront but this is quite rare.

 

10. Are all the properties always No Fee? No, at times buildings will stop paying our fee. (Especially during summer time, our busy season) In this case we will provide you with all the information you need to set up viewings directly with the building. We are here to help, even if we are not being paid.

 

If there is anything not covered by these questions, feel free to contact one of our professionals Email:contact@nofeeluxury.com

 

 

 

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