WHY RENT WITH THE FARE GROUP?Renting a property in the fast-paced New York market can be challenging as it usually requires disclosure forms, lease negotiations, board packages, etc. In addition to helping you find the perfect property, a knowledgeable FARE agent will help you prepare the best deal, and avoid costly delays or mistakes.
NAVIGATE THE RENTAL PROCESS: The FARE Group is comprised of professionals that are specially trained to determine customers’ needs, negotiate real estate transactions and manage the entire process.
EXPERIENCE: Even if you’ve rented before, laws and regulations change. The FARE Group has experience navigating through and negotiating various types of real estate transactions. Having an expert by your side is critical.
EXTENSIVE PROPERTY DATABASE: Many times the property you are seeking is available but not actively advertised on the market. The FARE Group has the resources, know-how and time to find and investigate all available properties that fit your criteria.
CODE OF ETHICS: The FARE Group is a member of the Real Estate Board of New York (REBNY) and the Westchester-Putnam Association of Realtors® (WPAR). Not all real estate practitioners are members of these prestigious real estate associations whose members subscribe to a strict Code of Ethics, based on professionalism and protection of the public. As a customer of The FARE Group you can expect honest and ethical treatment in all related matters.
Determine How Much Can You Afford
While it is typically required that a prospective tenant of a residential property earn approximately 40 times the rental rate, how well you qualify for a rental property depends on several factors such as credit worthiness, combined incomes for roommates or couples, consideration of guarantors and co-signors, etc. Your FARE agent will review your credit report and supporting documents to financially qualify you for your desired property. This service will save you time and unforeseen expenses.
Show Appropriate Properties Your FARE agent will show you properties that fall both above and below your targeted affordability level and those that possess dominant features you desire such as an outstanding view, location, amenity or architectural highlight. This process will help you to establish a sense of value and enable you to make the decision to move forward on the perfect property.
Negotiate Lease Terms FARE agents are experienced and specifically trained on key elements to successfully negotiate various terms of the deal such as rental rate, inclusions, exclusions, etc.
Prepare the Board Application (Required by Coops and some Condos) Upon lease signing, we will assist you in compiling documents necessary to complete the board application as well as suggest ways in which to enhance your application. We, further, critically review the application prior to its submission and prepare you for the board interview, if necessary.
Examine Your Rent v. Buy There are many benefits to owning property including various tax advantages and property value appreciation. If you plan to stay in your home for several years, buying may be more beneficial to you. Your FARE agent may help examine and compare these costs so you can make an informed decision.
Refer to our Rent v. Buy Calculator to explore the possibilities.
Gather Your Documents
While a landlord’s requirements for documents may vary, below is a list of those typically requested:
- Letter of Employment : Letter of Employment – statement from your employer containing your annual salary, bonus, nature of business and start date. If self employed, an income verification letter from your accountant may suffice.
- Bank Statements: – complete bank statements for the last two months.
- Landlord Reference Letter: – letter should reference the landlord’s name, address, and phone number. Cancelled rent checks may be presented in lieu of a letter.
- Personal Reference Letters: – 2 to 4 letters containing name, address and phone number.
- Business Reference Letters: – 2 letters containing name, address and phone number of business references. (Typically required for coops, and possibly condos.)
- Tax Returns: – a complete copy for the last 2 years including W-2 or 1099 forms.
- Pay Stubs: – typically the last 2 months.
- Additional Income: – statement verifying any additional income, if applicable.