Welcome back to the exciting second installment of our Q & A with Rose Associates, a no-fee rental agency with properties in Manhattan!
As one of you posted earlier this week, it IS frustrating feeling priced out of the entire city. However, just because you cannot afford to live on the lap of luxury, doesn’t mean you won’t be renting. Actually, the thought of having enough money to actually buy a place, any place, right now makes me laugh. Ha. Ha. Ha-Ha. And I’ll be trying to dig up some outer-borough no-fee agencies to see what advice they can give for finding more affordable places.
1) What should prospective tenants bring with them when they look at a prospective apartment?
A prospective tenant should be aware that the landlord will likely verify employment, request references, run a credit report and conduct a criminal background check. Social security numbers, driver’s license numbers, employer contacts and banking information may be required when filling out a lease application. . . The information collected is sent to third party organizations contracted to run credit reports and background checks and verify data supplied on the application.
2) Many of RoseNYC properties are pretty pricey — what amenities would one receive through your apartments that one might not find elsewhere?
Rose Associates provides on-site leasing primarily in full-service buildings. In addition to a doorman and concierge, the buildings offer amenities such as fitness centers.
3) Who is the average RoseNYC renter? What FICO score do they need? And what qualities do you look for/how can would-be renters make themselves more appealing?
The tenants at the buildings on RoseNYC.com are diverse. This is New York City. Financial qualifications vary, but generally a landlord expects that the tenant’s salary is 45-48 times the monthly rent.
EDITOR’S NOTE: That means that with a salary of $32,000(which is a generous – average starting salary for most), you’d have to find a place between $660 – $711. Oh, honey. . .luckily many landlords with smaller properties don’t require this, so don’t freak out too much! And most likely you’ll be looking at roommate shares anyway.
7) When trying to prioritize apartment amenities, which do you think are necessary and which do you think those trying to save money can do without?
It’s truly up to the individual. A doorman or easy access to the subway may be a deal-breaker, however a Residents’ Club with a golf simulator or roof deck swimming pool may be deemed unnecessary by some.
EDITOR’S NOTE: I may have spilled my coffee reading this response. . . and then immediately googled “golf simulator.”
8) With the economy slowing down, have rent prices declined? Do you see a trend either way?
Rent rates are remaining steady. The rental market experiences seasonal fluctuation around college graduation and new hire cycles. It will be quite some time before anyone can make informed statements on any trends as a result of current economic conditions.
10) People often cite the NYC housing market as “crazy”, if not “impossible”. Do you think so? And, either way, is moving here worth it?
The NYC housing market is certainly unique so it is plausible that outsiders may find it crazy and impossible. It’s good to get sound advice from someone who is familiar with the market. That is probably the reason good brokers can charge a finder’s fee to tenants for navigating the market. New York City is a terrific place to work and live – the crowds on the morning commute must think it’s worth it.