The Apartments at 31-81

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FAQ
Got questions about the Apartments at 31-81? We've tried to think of the questions you need to find answers to and answered them below.
 
Do you permit smoking on the property?
Are pets permitted?
Can I sublet the apartment or share the space?
Will tenants on the 2nd floor have roof access?
Do you charge a credit check fee?

 

Why is Proof of Renters Insurance Required?

 

* Security deposit, proof of renters insurance, first and last months rent are required before move-in.
** For rent by owner, no broker fees.


Q: Do you permit smoking on the property?
A: No, smoking is not permitted anywhere in the building or on the property. As part of the renovation, new carpeting was installed and we'd like to keep it smelling smoke-free. Smoking anywhere on the property affects tenants living in other apartments, as smoke can be drawn in through air conditioning units or windows in the front, back or sides of the building. Illegal drug use is strictly prohibited.
Q: Are pets permitted?
A: Pets of any shape/size are not permitted in the apartment (even on a short term basis).
Q: Can I sublet or share the space?
A: Any potential new arrivals must first be screened and submit to credit and background checks to ensure the safety of others living in the building.
Q: Will tenants on the 2nd floor have roof access?
A: Roof access is restricted to licensed, bonded and insured firms contracted by the landlord to perform maintenance on the building. The roof has not been outfitted with any safety measures -- it's a long trip down that we'd prefer tenants not take.
Q: Do you charge a credit check fee?
A: Yes, however the costs of the credit and background check will be applied towards your first months rent. You will also need a letter of employment, and the security deposit along with first and last months rent are required to move-in.
Q: Why is Proof of Renters Insurance Required?
A: We want to make sure your family's belongings are protected against fire or theft during the time you are residing at our property. The insurance that is carried for the building only covers the building itself against fire. Our insurance does not cover your property in the event of fire or burglary. If your guest is accidentally injured because of a hazard you allowed/permitted in your living space, there is a lot you can lose by not having renters insurance.

 

Most tenants are unaware that rental policies by the owner of the property do not protect them or their personal belongings against such calamites. To fully protect yourself, we require all tenants have a renter's insurance policy, which most insurance companies provide. All your furniture, clothing, and other possessions probably add up to tens of thousands of dollars, don't put your personal property at risk - renters insurance is not something you want to be without.


INCOME

Owners typically require that prospective tenants earn anywhere from 42 to 52 times the monthly rent. Combine income with spouse sometimes acceptable.

 Rent

42x

50x

52x

$800 - $900$34k - $38k$40k - $45k $42k - $47k 
$1,000 - $1,200 $42k - $50k $50k - $60k $52k - $62k
$1,200 - $1,500$50k - $63k$60k - $75k $62k - $78k
$1,500 - $1,800$63k - $75k $75k - $90k$78k - $94k
$1,800 - $2,200$76k - 92k $90k - $110K$94k - $114k 
$2,200 - $2,500$92k - $105k  $110k - $125k$114k - $130k 

 

GUARANTORS

  • 31-81 does not accept applicants with guarantors

 

SECURITY DEPOSIT

  • One month's rent is the usual amount for a security deposit payable at the signing of the lease with the first month's rent and fee. You will need a bank check, money order or certified check. Your security deposit will be held in a designated account, with the total interest minus 1% payable to you annually. If you abide by the terms of the lease and leave the apartment in the same condition it was at the beginning of the lease period (excepting normal wear and tear) the total security deposit will be refunded.

 

Question When should I begin my New York City apartment search?
Answer You should begin your search about three to four weeks prior to your move date. Most of my apartment listings are empty. Therefore the landlord is looking for immediate occupancy.


Question How much rent can I afford?
Answer Generally NYC landlords look for between 42 to 52 times the monthly rent as a qualifying income, scale. However this is often dependant on length of employment, credit, etc. There are exceptions to this, contact me for more information.


Question I don't earn a lot of money or I have fair credit, but I have a lot of money in the bank. Is there a way to get an apartment?
Answer Some landlords will accept extra security or prepayment of rent. Sometimes this is a way to secure an apartment if your salary is low or your credit is not great.


Question Can I find an apartment on my own, without a broker?
Answer Yes, you can find an apartment without a broker. If you are not a "perfect candidate" for an apartment it will be difficult. Also the rent on a "no fee" apartment will generally be higher than an apartment found through a broker. A broker will generally save you a lot of time, get you a lower rent and can work with/around small problems in an application.


Question How much is the broker's fee or is there a broker's fee?
Answer The standard rental broker's fee in New York City is 15% of the annual rent. Some brokers charge more and some brokers charge less. 31-81 does not use brokers.


Question I have a pet, is that a problem?
Answer 31-81 does not allow pets on property permanently or temporarily (no matter how temporary the "visit" is).


Question What are the basics, financially, I'll need to get a New York City apartment?
Answer The basics are first and last month's rent, one month security and processing fee/credit report.