FAQ About Renting NYC Apartments with Rapid
General Questions: Answers to common questions about our service and finding the right place for you
1. Do I have to pay a brokers fee?
Rapid Realty offers both broker fee and true no broker fee apartments. We are committed to making sure both our landlords and tenants get the best service possible. Apartments with brokers fees are under market value and therefore carry a fee.
2. What is the usual lease term?
The usual lease term is one year. Other options are possible but that is the standard lease term.
3. Can a lease term be more or less than one year?
The usual lease term is one year. Other options are possible but that is entirely up to the landlord.
4. What makes a building rent stabilized?
In general rent stabilized buildings have 6 units or more, built after 1974 and are not coops or condos. However, not all apartments in there buildings are necessarily rent stabilized. For an apartment to be stabilized it must have a rent of less than $2,000, if one initially moved into the apartment in 1993 or later.
5. What is a C of O (Certificate of Occupancy)?
A certificate of occupancy is a copy of a document issued by a municipality that authorizes the use of a building for a particular purpose. Typically, a certificate of occupancy, in addition to the name of the municipality and the date of its issuance (or amendments), will state the following information: *A street address for the premises; *The tax block and lot number; *A modified description, which should be compared with the survey and/or survey reading. Without this document a property cannot accept any tenants.
6. Do you have No Fee apartments?
Rapid Realty is Brooklyn's largest source of true no fee apartments handled by a brokerage. Using a brokerage ensures that your apartment application is properly presented and ensures the landlord that the tenants they receive are properly screened.
7. How is it possible for you to offer no broker fee apartments?
Rapid Realty has such a great rapport with the landlords we do business with they are willing to cover our commission in return for properly screened tenants and all paperwork, apartment showing and deliberation to be handled through us.
8. How do you get paid if I don't pay a commission?
Rapid Realty and our agents gets our commission from the owner of the property rental. This is because Rapid Realty takes care of all the details regarding apartment rentals, everything from the acquisition of necessary paperwork to drafting of leases is covered through our brokerage. This being the case, the landlord is willing to pay for such service in order to have their vacancies filled with the best tenants in the shortest amount of time possible.
9. What area's in Brooklyn does your firm service?
Rapid Realty covers all of Brooklyn, from Brooklyn Heights to East New York, from Coney Island to Greenpoint. There is no area in Brooklyn that has not had a Rapid Realty rental.
10. Is everyone in you office licensed?
Every person working under Rapid Realty is a Licensed Real Estate Salesperson or Licensed Real Estate Broker.
11. Who regulates real estate law and agent licenses?
Real estate licenses are controlled by the New York Department of State. There are scholastic requirements and a set of completion tests that each individual must pass before they are given the opportunity to practice real estate transactions in the state of New York.
12. Are all of your apartments in Brooklyn or do you service other boroughs?
At the moment Rapid Realty is focused on the Brooklyn rental market but we are branching off into the other four boroughs. Currently we do offer some listings in Harlem and northern Manhattan, some in Queens and a handful in Staten Island. This is constantly changing and our agents are branching off to other areas on a daily basis.
13. Does your office accept section 8 or any other housing assistance or housing subsidy programs?
Rapid Realty does work with owners who do accept housing assistance or housing subsidies but this is on a case to case basis. It is not the decision as to who does and who doesn't.
14. How much do apartments go for in Brooklyn?
This of course depends on the the area of Brooklyn you would like to live in, the size of apartment you would like to rent and the amenities you would like to have in your apartment. The best way to check is to do a search on our “rentals” section on this website.
15. What are the “prime” neighborhoods in Brooklyn?
Brooklyn is an ever changing borough and what was once considered “prime” could no longer be so, reversely something that was once considered “nonprime” could no have acquired more desirable attributes. The best way to check if a neighborhood fits the criteria you require is to take a stroll through the neighborhood your potential apartment may be in and see if it suits your needs.
16. Is Brooklyn safe?
Brooklyn, as all of New York City, is getting safer by the year. Brooklyn has had a reputation of being a little tougher than the other boroughs but this is no longer the case. Areas like Park Slope, Williamsburg, Brooklyn Heights and Carrol Gardens have been known to carry prize tags exceeding those of Manhattan's posh penthouses. This just shows that the push to live in Brooklyn has presented a opportunity for landlords and developers to really reinvest in what we believe is New York Cities BEST BOROUGH!
17. What is a railroad style apartment?
A railroad apartment is an apartment with a series of rooms that connect to each other in a straight line just like cars on a train. Often, there is an entrance at only one end, so a resident must walk through each room to get to the next, though sometimes there is a narrow hallway. Brooklyn landlords have taken into account that many apartment renters have roommates and to better accommodate these types of clients landlords incorporate two entrances.
18. Where do you advertise your listings?
All of our listings can be viewed here on our website and are updated daily. The best thing to do is to check back daily for apartments that fit your search criteria and our agents would be more than happy to show them to you.
19. How much do utilities cost?
It is not uncommon for renters to cover some if not all of their own utilities. New buildings usually incorporate thermostats which allow for the renter to control their own heating/cooling. With this amenity comes the responsibility to pay ones own energy costs. Depending on your personal energy uses these costs may vary and are hard to generalize. If you explain your living habits to your agent they will be able to give you a more realistic ball park figure.
20. Where is your office located?
Rapid Realty is currently located at 681 4th Ave. in Brooklyn, New York. You can find more detailed driving or subway directions on our website or if you call the main office number (718)3691200 and listen to the prompts there is a detailed recording of commuting options.
21. Are pet friendly apartments hard to find?
Pet friendly apartments can take a little more time and at times require more compromise from the renter depending on what type of pet is in question. Our agents are happy to work with you to find the best fit for your living needs, please make sure to disclose any and all information about your pet as trying to keep them a secret will only hurt your application process, waste your time, the landlords time and our of course our agents time.
22. Where can I find pictures of the apartments you show?
Rapid Realty has a comprehensive database and search features on our website that allows you to view clear pictures and gain other important information about specific properties.
23. Where can I find different public school zoning boundaries?
The best resource for finding public school zones is through the NYC Department of Education website found at http://maps.nycboe.net/.
24. If I'm a student can I still rent an apartment on my own?
Absolutely! Rapid Realty works with landlords who actually only want students in their vacancies for a number of reasons. Please be prepared to provide a guarantor if you are not working or the proper student loan/housing allowance information. There is also a paperwork checklist that can be downloaded here (download) which has a list of the information we will need.
25. If I am from out of the country can I still rent an apartment through your firm?
Absolutely! Rapid Realty works with landlords who are more than happy to have “out of towner's” in their vacancies for a number of reasons. Please be prepared to provide a guarantor if you are not working or the proper employment information. There is also a paperwork checklist that can be downloaded here (download) which has a list of the information we will need.
26. Why should I live in Brooklyn?
Brooklyn is New York's most up and coming borough full of social amusement, employment opportunities and housing options like nowhere else in the country. Beautiful brownstones on treelined blocks, newly renovated apartments, new buildings, massive loft spaces, live/work spaces, highrises and much more are all available in this borough so the only limit is your imagination. There are a multitude of parks and recreation areas that cater to all sorts of outdoor interests. Williamsburg is full of galleries and music venues that give New York City the rapport of the most happening city in the world, come and join us!
27. Why should I come to Rapid Realty for my apartment search?
Rapid Realty has been in the rental business for over 10 years and has valuable knowledge about a market that all other real estate companies tend to stay away from. Most other companies only recently turned to the rental market as the recent inflation in mortgage pricing has made purchasing property in New York very difficult. Rapid Realty has always focused on this market and therefore become the industry professionals and specialists. All this aside Rapid Realty has the largest inventory of Broker offered, certified NO FEE apartments that really cannot be beat. Let one of our many licensed real estate salespersons take you out to find the apartment of your dreams.
28. How old do I have to be to rent an apartment?
You must be at least 18 years old to rent an apartment through Rapid Realty.
29. What is a security deposit and how do I get it back after my lease term?
Money that a tenant deposits with the owner of the apartment to insure against the cost of repair for any damages to the apartment that the tenant is responsible for. At the end of the lease term, assuming there is no damage done to the apartment this needs to be requested from the owner directly.
30. How much time should I dedicate to my apartment search?
Rapid Realty recommends that you take about a month to find an apartment. The logic behind this timeframe is because apartments you will be shown are usually available either ASAP or within 1530 days at most. If you devote more time to your search you will be seeing apartments that will no longer be available when you are actually ready to move, ultimately waisting your time. At the same time if within that month you see an apartment you are interested in hesitation could and will most likely lead you to loose this apartment so a more eager mover. The Brooklyn rental market moves at light speed, there are some apartments that are acquired, shown and rented the same day so do not miss out on something you like and be ready to move!
31. Why do I leave a deposit before getting approved for the apartment?
A deposit is left to show two very important things to the landlord. The first being a financial commitment to the application process and the second shows sincere interest in renting this apartment.
32. Who do I contact if I move into my apartment and there are any problems, Rapid Realty or the landlord?
Rapid Realty is responsible to show our clients a rental space and take care of all litigation to provide a lease for both tenant and landlord to sign. Once the lease is signed the tenant and landlord deal directly with each other. Professional courtesy is extended at times regarding lease copies and other such needs but once a lease is signed Rapid Realty is no longer responsible for any aspect of the rental.
33. How do I setup my utilities?
At the lease signing tenants are given a form with all pertinent information and numbers regarding utilities and any apartment issues.
34. How do I setup the TV/Internet?
This depends on what service covers your rental area. There are multiple service providers and contacting them directly is the most efficient way to take care of this.
35. How do I setup my phone service?
This depends on what service covers your rental area. There are multiple service providers and contacting them directly is the most efficient way to take care of this.
36. What are the differences between brownstones, new construction and large apartment buildings?
Each rental style has its own amenities, pros and cons. The best way to see which you prefer or which is best suited to your situation is to tell your rental agent what you want from your apartment and they will be able to point you in the right direction. Remember these are real estate professionals who see our inventory on a daily basis and their recommendation is made through comprehensive knowledge of the market and renters needs.
37. Why is there always this sense of urgency when renting apartments, do they really go that fast?
The Brooklyn rental market is lighting fast, apartments that are here one minute really do disappear the next. This is why Rapid Realty recommends you only start viewing apartments once you are ready to place a deposit and take it off the market. There are two types of renters in this market the lucky and the unlucky. The unlucky are characterized by the person who seems the apartment they love as the first one, they then continue looking for a better deal. During their search the first, perfect, apartment get rented and they then need to compromise on a lesser deal. The lucky renter sees the perfect apartment at the end of their search and they then know that the decision they make is the most educated. While the later is the more desirable it is really as rare as winning the lottery. If you see an apartment you like take it off the market before its gone to a more motivated renter.
38. Can I put a washer/dryer unit into my apartment without the landlords consent?
Anything that is done to a rented apartment without the landlords consent can result in a loss of your security deposit or eviction. It is Rapid Realty's advise to always contact your landlord before you do anything. This promotes a healthy relationship between you and your landlord and saves both parties from a possibly unpleasant situation.
39. Is there a charge to view apartments with your agents?
Absolutely not! Our agents are more than happy to take you to as many apartments you may need to find that perfect space. Please keep in mind that our agents do work on commission for a living and to take them around if your not serious about renting is blatant disregard for their profession. As long as your moving situation is sincere our agents will work with you to end your search with a product you want.
40. If I see an apartment with one agent do I need to finish the process with them or can I ask for another agent to help me?
Should there be any reason you would no longer work with a specific agent please contact Peter Chadzynski, Staff Manager at (718)3691200 ext. 233 or directly (917)4037362. He will be more than happy to pair you up with an agent that is a better fit to your unique moving situation.
41. Is there a super present in all apartment buildings?
Every apartment has a landlord or property manager. This information will given to the renter upon signing of the lease. Anything regarding the apartment after the lease signing is to be directed towards this contact person.
42. Is heat and hot water always included in the rent?
Rapid Realty has many new construction or recently renovated apartments that have amenities like tenant controlled climate, dishwashers and laundry facilities in the apartments. With these amenities also comes the responsibility of paying ones own utilities as these appliances require more energy but are completely controlled by you. Rapid Realty also rents apartments where all utilities are included in the monthly rent, so the best thing to do is include any pertinent information regarding utilities to your rental agent and they will work around your requests.
43. Can I sublet my apartment if I need to?
Apartments can only be sublet at the owners discretion, a tenants desire to have this possibility needs to be relayed to the closing coordinator/deal processor so that they can present this to the landlord properly. Subletting without the owners permission could lead to a forfeit of a security deposit or even eviction.
44. If I do any renovations in the apartment will I loose my security deposit?
Any and all changes made to a rented apartment can warrant the forfeit of security deposit. Any alterations should be presented to the owner before they are done. Many landlords encourage tenants to make repairs or upgrades in the units but this needs to be cleared with them first.
45. If my lease ends on a holiday do I have to move before or after the holiday date?
Landlords usually stay firm with the agreed movein date, any variation needs to be discussed with the landlord before a decision can be made.
46. What are the advantages/disadvantages of a monthtomonth lease verses a year long lease?
Depending on your moving/living situation certain lease terms can be more desirable. The best thing to do is explain in detail to your agent what your looking to get from your rental situation and let their experience guide you to the lease term that works for you. Some terms are not negotiable and because of experiences the landlord may have had leads them to choose one over the other but your rental agent can best explain how each term can benefit your unique moving situation.
47. Is it possible to take an apartment off the market without actually stepping foot in the place?
Absolutely! This is more common than most renters may think! The best “deals” or “featured” listings on our website are often taken off the market by renters who are very educated about the Brooklyn rental market, they know these deals will not last. Action is also better than inaction in the Brooklyn rental market, the more motivated renter always comes out with the best rental deals.
48. What happens if I break my lease early?
There are a number of repercussions for terminating a lease early. The most common is the definite forfeit of the security deposit. A lease is a legal document and should be treated as such, landlords are not willing to be left with great financial strain due to irresponsibility.
49. My moving situation is dire, can Rapid Realty help me move within a short amount of time?
Absolutely! Rapid Realty is one of, if not the only rental brokerage that can end your apartment search in 24hrs, this is not even uncommon. If your situation is dire please make sure to bring all pertinent documentation needed for your move (download here), and please make sure that you are financially ready to go ahead with this process.
50. If my annual income is less than 40 times my monthly rent, is it possible to rent an apartment through Rapid Realty?
Absolutely! Rapid Realty can work with almost every unique moving situation, do not be discouraged by other brokerages. We will find an apartment that fits you financially, socially and geographically. Give us the chance to get you that dream apartment!
51. Does Rapid Realty offer corporate relocation services?
Absolutely! Rapid Realty can work with almost every unique moving situation, do not be discouraged by other brokerages. We will find an apartment that fits you financially, socially and geographically. Give us the chance to get you that dream apartment!
Deposits: Information on making a deposit on a listing
1. How much money do I have to put towards a deposit?
Rapid Realty requires a full month deposit to take any apartment off the market.
2. Are broker fees negotiable?
Rapid Realty charges a standard and firm broker fee of 15% of the annual rent.
3. Can I use my own credit check?
It is Rapid Realty's policy to run every applicants and guarantors credit and we do not accept credit reports run by individuals or through any other credit running agencies. The credit reports we run allow us to get information from the three major credit running agencies (Expirian, TransUnion and Equifax) as well as information regarding tenant court and other rental related information.
4. What type of paperwork will I need to provide for the application process?
Rapid Realty has found over the past 10 years that in order for us to be able to process your applications quickly and efficiently the following paperwork is most representative of your current situation. The paperwork is listed in the order of its importance:
Working Professional
1. Bank Statement
2. Three recent paystubs
3. Last years W2s
4. Letter of employment stating salary
5. Last six months canceled rent checks
Freelancer or off-the-books employee
1. Bank Statements that show recent deposits
2. Letter of employment stating salary
3. Freelance pay checks
4. Last six months canceled rent checks
Students
1. Student loan documentation
2. Recent Bank Statement
3. Last six months canceled rent checks
All three of these groups could also have the need to provide a guarantor if so the following paperwork is required.
1. Last years tax return (W2)
2. Two recent pay stubs
3. Bank Statement
5. What kind of payments do you accept?
Rapid Realty accepts cash, debit, certified check, wire transfer or money order. Payments we DO NOT accept are personal checks or credit cards.
6. Why don't you accept credit cards?
Rapid Realty does not accept credit cards because credit card charges can be reversed. This leaves us in a difficult position if money has been forwarded to the landlord. Once the lease is signed the tenant and landlord can setup a payment form and system that works for both parties involved.
7. Why don't you accept personal checks?
Rapid Realty does not accept personal because personal checks because they are not certified funs. This leaves us in a difficult position if money has been forwarded to the landlord. Once the lease is signed the tenant and landlord can setup a payment form and system that works for both parties involved.
8. Can I wire transfer payments to your account?
Rapid Realty does accept wire transfers and the information can be downloaded here: download wire transfer form
9. Are rents negotiable?
Rapid Realty prides itself in making sure our inventory is representative of the current rental market prices. Our experienced listing agents make sure that they give landlords proper advice regarding how much a rental should be marketed for. In short 90% of our inventory is under market value already so our prices are quite firm.
10. When would I present a list of alterations or changes I would like done in the apartment?
This should be done at the time you leave a deposit so that our processors can know exactly what it is your looking for the landlord to take care of.
11. Do I need to come to the office to leave a deposit or can I give you my card over the phone?
Unfortunately there is no way for Rapid Realty to process a debit card over the phone without it being ran as a credit card.
12. How long does the deposit process take?
The deposit process usually takes 10mins but if you have any questions the deposit taker will be more than happy to take whatever time necessary for your questions to be answered. If you take the time and bring in all of your paperwork it is possible for you to be preapproved before you leave the building.
13. What happens during the deposit process?
The deposit process consists of the tenant actively applying for an apartment and financially committing themselves to the application process. This is also considered the “first step”
14. Why is there a deadline for submitting paperwork?
There is a deadline for paperwork submission because landlords have mortgages to pay and if they keep their apartment off the market for a specific tenant they need to the this commitment will be met. Rapid Realty's policy is to close a deal within three days, submitting paperwork asap is really the only way for this to happen.
15. How is the broker fee determined?
A Brokers fee is established be the difficulty of acquiring the listing, the neighborhood and whether or not the apartment is under market value. Rapid Realty standard brokers fee is a firm 15% of the annual rent.
16. What is a brokers fee?
A Brokers fee is the commission earned by a brokerage in compensation for the time spent and arbitration needed in order to provide a suitable lease for both landlord and tenant.
17. Can I just pay for the credit check and if the landlord accepts my application then I'll pay the funds necessary?
Rapid Realty policy is to have all funds inhouse before the deal closes so that the landlord and the tenant knows that the remaining balance for the transaction is held by a third party.
18. Does my deposit guarantee me the apartment?
Rapid Realty cannot guarantee that the landlord will not rent said apartment by themselves, what you do guarantee is that the apartment is no longer shown by any of our 40+ rental agents who are responsible for most of the rentals in Brooklyn.
19. Does my deposit take the apartment off the market?
It is Rapid Realty policy that once a deposit is left on a apartment then our office no longer shows this space. The apartment can still be rented by the owner but if the tenant can provide all funds and paperwork necessary in a timely manner this chance is greatly diminished.
20. Can the landlord still rent out the apartment after I've left my deposit with you?
Yes they can, in short Rapid Realty does not own these properties and therefore cannot dictate how the landlord must conduct their own business. If you provide all funds and paperwork necessary this chance is greatly reduced.
21. Can any other agent, within or outside of your agency, still rent the apartment?
It is Rapid Realty policy to honor the first deposit that is brought inhouse. Once a prospective tenant leaves a full deposit that apartment is no longer shown by Rapid Realty. The owner may still choose to have other agencies work on renting the space but the faster the remaining balance and paperwork are brought inhouse the faster our processors can solidify any transaction.
22. Does my roommate need to be on the lease?
Any and all tenants above the age of 18yrs residing in the apartment need to be clearly noted on the lease because of Homeland Security laws.
23. If I'm not on the lease why do I need to have a credit check?
Any and all tenants above the age of 18yrs residing in the apartment need to be clearly noted on the lease because of Homeland Security laws.
24. How soon do I need to turn in paperwork?
ASAP!!!!
Processing: Information on how to apply for a listing and application status
1. How long does processing usually take?
It is Rapid Realty policy to try and close pending deals within 3 days of the initial deposit. This can be achieved only with the complete cooperation from the applicants as the all paperwork and funds need to be submitted for this timeframe to be possible. Our processors will call and ask for any additional information that is needed and will present the application to the landlord once everything has been submitted. We cannot force a landlord to make a decision and ultimately it is entirely up to them for how long this process may take.
2. Are rents negotiable?
The majority of rents are nonnegotiable. When landlords list apartments with us we analyze the property and make a suggestion for each apartments current market value. This gives the landlord a ballpark figure of what they should charge for each vacancy.
3. Can I speak directly to the owner of the rental directly?
Landlords choose to list with Rapid Realty for many reasons one being that they would rather we handle all aspects of the deal from start to finish. Landlords are often too busy to take the time to speak with any and everyone interested in their property. They hire us to do all negotiating, drafting of paperwork and procuring of funds. If you have any questions, concerns or requests please make sure you express them clearly at the time of deposit and to the deal processor.
4. How long will it take before you hear from the landlord about my application?
While this timeframe does vary with each landlord, one aspect that is entirely controlled by the renter is the submission of all required paperwork and balance. The sooner we have information and funds the sooner the landlord can make their decision.
5. Who do I speak to about the status of my application?
Every apartment is handled by specific “listing agents”. Each listing agent has a team of processors who are in charge of acquiring all paperwork, balances and scheduling lease signings. They are the ultimate coordinators and facilitators for each apartment application. Keeping these individuals in the loop about your unique moving situation is the most effective way to make sure your concerns are dealt properly.
6. What is a guarantor (cosigner)?
A guarantor (cosigner) is a person who guarantees to the owner that the monthly rent will be paid in full and on time. In New York the general rule for applicant eligibility is a simple formula that takes into account employment status, credit history, annual income and financial stability. Should there be a reason to doubt any or all of these four criteria then a guarantor is required.
7. What are the qualifications for a guarantor?
A guarantor (cosigner) needs to have excellent marks in those same four criteria for them to be eligible to be utilized in such a manner. They need to have good credit (650 or above), solid income (employed or financially self sufficient) and a stable financial cushion to fall back on should there be need.
8. What would determine whether or not I need a guarantor?
As stated before the four criteria looked at most frequently by landlords are the following; good credit, employment, annual income and general financial stability.
9. What is required of the guarantor?
The guarantor needs to fill out a notarized guarantors application and submit 2 recent pay stubs, last years W2 (tax return) and a recent bank statement. The application can be faxed to expedite the application process but the original notarized copy does need to be sent or brought into our office. (download here)
10. What is the total movein cost?
If the apartment carries a brokers fee then the movein cost is first month rent, one month security and the brokers fee. If the apartment carries no brokers fee then the movein cost is first months rent, last months rent and one month security. In both situations there is a $30 credit check fee for all applicants (this is nonrefundable) and some apartments carry application fees and charges outside of Rapid Realty so please make sure you ask your agent just in case.
11. Can I use my own credit check?
Unfortunately due to the increase of identity fraud we cannot accept credit checks that are not done by our office. Landlords that choose to list with us expect that Rapid Realty does the screening that they require. Part of that screening is a credit report that does show information pertinent to apartment rentals.
12. What type of paperwork will I need to provide for the application process?
As a potential tenant and current applicant we at Rapid Realty request that you supply the following information; 3 recent pay stubs, last years W2 and a recent bank statement. In addition to this we will run your credit report and create a easy to read landlord package for the owner to review. What we are trying to present to the landlord are the following things; employment status, income verification, credit history and financial stability. Over the past ten years we have found that the documents listed above help our processors complete this task with the utmost efficiency. (download checklist here)
13. Can I back out of the application process?
This is something that we cannot allow for during the application process. We take the apartment off the market in our office once a deposit is left and we expect the same commitment from you, the applicant. Also by showing your financial commitment shows the owner that you are serious about residing in this apartment.
14. What happens if the owner denies my apartment application?
If your application does get denied you as the applicant have two options. The first is a full refund of monies left during the deposit, the only thing that is nonrefundable no matter what happens is the $30 per applicant for the credit check. The second option is to work with our denied deals department which is specially trained to handle both unique rental situations as well as rapidly approaching movein dates.
15. Why do I have to provide sensitive personal information for my apartment application?
Homeland security laws require that Landlords have very intimate knowledge of who resides in their buildings after the events of September 11th. The information required by Rapid Realty helps Landlords abide by these laws so that their investment is properly managed.
16. What if I don't want to provide personal information because I am worried about identity fraud?
Rapid Realty prides itself in keeping personal sensitive information secure. Once a deal is closed all paperwork is kept in a locked archive accessible only for audits or upon the clients request. Any additional paperwork is properly disposed of as to eliminate any risk of identity fraud.
17. What is a pet deposit and how much do landlords usually ask for?
A pet deposit is like a security deposit but is specifically reserved for any damages inccured by the tenants pet. This deposit does vary in accordance with the size and destructive nature or the pet in question. Some Landlords find this to be the safest way for them to protect their investment.
18. What happens if I have bad or no credit?
If an applicant has bad or no credit our first recommendation is for that applicant to provide a guarantor. While an applicants income may be able to support the rent the credit report shows that you pay bills on time. Our processors have other options that they will explore with you should you not be able to provide guarantor.
19. What if my annual income is not 40 times the monthly rent?
If an applicant does not have an annual income that can support the monthly rent then a guarantor is the best option. There are other options that our processors will explain to you if you cannot provide one.
20. What type of payments do you accept?
Rapid Realty only accepts cash, money orders, debit cards and certified banks checks. Please make money orders and certified checks payable to Rapid Realty.
21. If I see an unfinished (under construction) apartment what guarantee do I have that it will be ready for my movein date?
Rapid Realty will do everything in our power to make sure that said apartment is ready for the movein date requested. If for any reason the Landlord is not able to provide a habitable apartment we will be more than happy to give a full refund (excluding credit checks). At this point the client can choose to either keep working with us to find another place or receive their refund.
22. When do all funds need to be in by?
Rapid Realty requires that all funds needed for the apartment are submitted as soon as possible. This shows the landlord that you as an applicant are ready to sign leases and take said apartment on the movein date. Even if you choose to solidify your apartment weeks before your actual movein date this allows for leases to be signed and give both landlord and tenant piece of mind that the transaction as concluded.
23. How do I get my keys?
Once all leases and riders are signed and any remaining balance has been paid Rapid Realty will either release the copy of keys we hold in the office, per landlords request, or give the client the contact information of the owner. If Rapid Realty does not have a copy of the keys then it is up to the tenant to procure them from the landlord.
24. How do I get my lease?
Once all leases and riders are signed and any remaining balance has been paid, Rapid Realty will release one of three original, signed leases to the tenant.
25. If I don't want this apartment after leaving a deposit why is my money nonrefundable?
A deposit shows an applicants financial commitment towards the application process which in turn proves to the landlord that you as a tenant are seriously interested in the space. Once a deposit is left in the Rapid Realty office, that apartment goes off the market and our agents do not show this space to any other clients. Our deal processors do still work towards closing your deal and they need to be paid regardless if the deal does or docent close.
26. If I move into my apartment halfway through the month why do I still have to pay a full month upfront?
Rapid Realty has an agreement with the landlord that we will provide them with first month and one month security deposit. Any and all other options are strictly up to the owner and Rapid Realty has a firm policy to not change our procedures.
27. Can I pay my total movein cost in installments?
Unfortunately this is not a possibility because our agreement with the landlords is to have all the funds up front to validate our office taking the apartment off the market. Landlords take a risk every time a deposit is brought into the office regarding a tenants sincerity about the application process. Once all funds are collected by Rapid Realty, the third party, then the landlord can see that a rental is eminent.
28. If I only have enough money to pay the first months rent can I make up the security within the first month of tenancy?
Rapid Realty promises its landlords quality tenants
29. What is a lease rider and why are there additions to the lease itself?
Lease riders are additional clauses that are not included in the lease but also outline the guide lines of the tenancy.
30. What type of lease does Rapid Realty use?
Rapid Realty uses the standard Blooberg lease.
31. What happens if my roommate backs out?
This is looked at as
32. Why do I speak to so many different people when I call your office?
Rapid Realty operates like a assembly line. Each part of you apartment application process is handled by a trained professional in that department. You first view an apartment with a showing agent, then if it is something you are interested in you would leave a deposit with one of the deposit takers who explain the application process to you. The deal is then handed to a closing coordinator/processor who works out all the logistics of the deal with you and the landlord and is also present at the lease signing/closing. We find that this type of organization works much smoother and quicker when our staff is trained is specific aspects of each deal.
33. I don't remember the name of my processor how can I find out who they are and how to contact them?
During the deposit, the deposit taker will give you all the contact information (aka, email, extension and name) of your deal processor. Should you misplace the checklist provided for you a simple call to the customer service extension will clarify any questions you may have. Please be ready to provide the address of the apartment you are applying for so that our staff can help you in the most efficient way possible.
34. I want to meet my landlord before I rent the apartment, how do I go about getting this organized?
Meeting the owner usually happens during the lease signing. This is when the closing coordinator goes over every aspect of the lease and is there to answer all pertinent questions regarding your tenancy.
35. How many copies of keys do I get at the closing?
If the landlord has given us a copy of the keys then they will be passed along after all funds are in and leases are signed. If the key that was given to us is a master key that opens multiple apartments then we will provide you with one copy. Often landlords use one key for all of their vacant apartments and only once they are rented do they install a unique lock. At this point the tenant would have to get a copy of the key from the owner. Rapid Realty will provide you with any contact information you will need to organize you receiving your key.
36. My movein date falls in the middle of the week, is it possible to movein before the contract date?
Some landlords do allow for this but as a rule your tenancy begins on the specified date on your signed lease.
37. What if I am short on all monies due, is a payment plan possible?
There are no payment plans available through Rapid Realty.
38. How do I send paperwork?
Application paperwork can be sent via fax (718)3691195, email (customerservice@rapidnyc.com) or physically brought into the office. Anytime you leave information please include your full name, apartment address and the name of the processor you have been working with.
39. Is there a general email that is used?
All emails can be sent to customerservice@rapidnyc.com.
40. What is the fax number?
Our fax number is (718)3691195, please make sure that all faxes have a cover sheet with your full name, phone number, apartment address and name of the processor you have been working with.
41. Do I need to be present to drop off any paperwork needed for the application?
As mentioned before all paperwork can be faxed (718)3691195, emailed (customerservice@rapidnyc.com) or physically brought into our office.
42. Are there any application fees?
There are some management companies that we work with that require application fees. These fees cover credit checks and other screening services. If a management company or private owner chooses to run credit on their own Rapid Realty will not run one in our office.
Refunds/Credits: Information on what happens if a deal falls through or gets cancelled
1. When am I entitled to a refund?
Should your application be denied for any reason or if the landlord chooses the rent the apartment to another party then you are entitled to a full refund. The only part of your initial deposit that is nonrefundable is the credit check fee. We ask that you allow 48 hours for your refund to be processed and we also ask that you come in person to our office to pick up your refund check. It is Rapid Realty policy not to send refunds in the mail because if they are misplaced by the postal service then the process of reissuing a check does prolong you receiving your refund.
2. How long does it take to get a refund processed?
We ask that you give the denied deals department (ext. 129) 48 hours from the notification of your denial to process your paperwork.
3. Who do I contact regarding my refund?
The denied deals department (ext. 129) handles all refunds at our office. They can be reached by calling our main office line and following the prompts or by dialing the direct extension number (ext. 129) once you hear a voice prompt.
4. If my application gets denied do I need to get a refund or can I use that money towards a new apartment?
In the event that your application is denied, which happens quite often, our denied deals staff will contact you and give you the option of either getting a full refund of your deposit (minus any credit check fees) or the chance the keep looking through our extensive database. At this point since Rapid Realty does have your application information from the previous apartment, our processing can happen as soon as you find an apartment that fits your criteria. All you need to do is sign a apartment transfer form and release any funds from the previous application.
5. Can you recredit my debit card if my application gets denied?
Rapid Realty policy is to have applicants come to the office to pickup your refund check in person. We have found over time that this system is the most efficient and it ensures that you receive your refund as soon as possible. Once again we ask for you to give us 48hrs to process this request.
6. How do I go about getting my refund?
Unfortunately apartment application denials are quite frequent but rest assured this is something that our denied deals staff is established and trained to handle. If your application does get denied then you as the applicant have two choices. First you can request your refund which will then be read within 48hrs or continue to work with our staff to help you find that apartment you want.
7. If I don't want this apartment after my deposit why is my deposit nonrefundable?
Rapid Realty requires a financial commitment to be placed by the tenants in order for us to know that your intension's are sincere. Landlords also have a lot to loose if the have an apartment that stays on the market unrented. In short your deposit covers any processing cost should you choose to walk from the pending deal. Since work is down upon your request and active apartment application it is Rapid Realty policy it needs to compensate its workers for time spent.
8. What happens if my roommate backs out?
Moving can be a difficult process and Rapid Realty understands that life can sometimes change plans for you without your consent. Should there be a situation where a roommate/s cannot movein on the agreed date then one of two things will happen. First the remaining tenants can choose to still work with Rapid Realty and transfer their deposit or any monies already in house toward another apartment that fits your new situation. The other option would be to forfeit your deposit if moving is no longer an option. As stated before while we understand “life happens” we still need to compensate the workers who were charged with your application processing.
9. Where can I cash my refund check?
Rapid Realty issues all refunds in the form of a Commerce bank check. These checks can be taken to any Commerce Bank and be cashed with no charge even if you do not bank with them.
10. Can my refund check be mailed to me?
Rapid Realty policy is to have every refund be picked up at the office. Should this be impossible then we can mail the refund through certified mail at your cost.
11. My roommate and I split the deposit cost, can our refund be split between us?
It is Rapid Realty policy to make the refund check out to only applicant only. Please specify which applicant we need to make the check out to so that there is no confusion during pickup.
12. Who is the refund madeout to?
The refund is made out to one and only one of the applicants on the original application, please make sure to specify who you would like to get the check.
13. Who can pickup the refund?
It is Rapid Realty policy that the only person who can pickup the refund is the applicant named on the check.
14. Why do I need to come to your office to get my refund?
The reason Rapid Realty asks applicants to come to the office to physically pickup their refunds is to ensure that the applicant receives their deposit money back.
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