How to Rent an Apartment
Having done rentals in Hoboken since 2011, I personally have rented hundreds of apartments. We know all the in's and outs to help you navigate the rental market successfully. We have streamlined the application process to get your application submitted within hours. Check out the process below and get a head start by filling out your application online.
Requirements
Landlords can have different requirements but most are the following:
Completed Lease Application
Credit score 650 or higher
Picture of your drivers license or passport
Proof of income - 2 recent paystubs, w2, or employment letter.
Rent to Income Ratio: Combined income should be 3x the rent. (if apt is $2k/month you should make at least $72k/year) Same applies for roommates. ($5k/month rent combine income should be at least $180k/year)
Credit score 650 or higher
If rent to income ratio is tight you will need a guarantor which is someone that can co-sign for you. They will also have to fill out the lease application and provide ID and proof of income or other funds.
How much Money you will Need
Quick answer is 3.5x the rent amount
Here is the break down..
Security Deposit is 1.5 months rent
Broker Fee is equal to 1 month rent (paid by tenant in Hoboken and most of Jersey City)
First Months Rent
For example if you want to rent a $3,000/month apartment in Hoboken. You have to fill out the lease application ($40 per person) that covers the credit check fee. Then to secure the apartment after you have submitted all of your required docs and been approved by the landlord. You will have to put down checks..
Security Deposit ($4,500), Broker Fee ($3,000), First Months Rent ($3,000)
Total Due at Lease Signing $10,500 then you don't have to make another payment until the 2nd month.
These days most landlords have online rent portals to make payments however if move-in date is less than 2 weeks away certified bank checks are usually required.
Renting an Apartment Step-by-Step
Step 1: The Search
The 3 key factors are location, affordability, and size/condition. It's challenging to find a property that perfectly meets all three, so aim to find a balance that suits your needs. We will send you a list from the MLS for you to review but we can also show you just about everything you see online so don't hesitate to forward us a link from Zillow or anywhere else you see something.
Step 2: Showings
Let us know which ones you'd like to view and we will schedule them back to back to make the most of our time. Most showings require 24 hour notice to the current tenants. Attend the showings ideally in person with everyone that will be living there (we can also do virtual showings) but in person is best to get a feel for the property and its surroundings. Take notes and ask any questions you may have about the property and what's included in the rent.
Step 3: Application
Once you find a property you like, submit an online application. This involves filling out a form with your personal information, rental history, employment details, and references. Be prepared to pay a non-refundable application fee of $40 for the credit check and provide necessary documents such as proof of income (pay stubs, w2 or employment letter) and photo ID.
Step 4: Approval
After submitting your application, we process the credit check and send it to the landlord or property manager with all your other docs for them to review. This process may take a few days depending on the landlord. If your application is approved, will will let you know right away and provided further instructions on how to secure the apartment.
Step 5: Lease
Review the lease agreement thoroughly once you receive it. Make sure you understand all the terms and conditions, including the rent amount, lease duration, and any additional fees or rules. If everything looks good, sign the lease (usually done on docusign electronically) and once the landlord signs you will automatically get a signed copy sent to your email.
Step 5: Checks
Prepare the required payments, which typically include the first month's rent, security deposit, and broker fee outlined in the lease agreement. These payments may need to be made on the landlords online portal or by certified bank checks. THE APARTMENT IS NOT TAKEN OFF THE MARKET UNTIL YOU PUT DOWN CHECKS so it is important to do so asap.
Step 6: Keys
Once all payments are made and the lease is fully executed, you will receive the keys to your new home. Keys are not released until the morning of move in date. It’s also a good idea to do a video walkthrough of the property to document its condition before moving in so there is not any confusion about any damages at move out.
Step 7: Planning
Start planning your move by scheduling movers, reserving parking out front the building and transferring utilities to your new address. Call to schedule cable and internet set up. Also update your address with the post office and other important contacts.
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