By Alex Felicetti
Out here in the suburbs of New York City, we often welcome folks in search of a home that gives more bang for their buck… More space inside, more green space outside, the opportunity to get the dog they have always wanted, and let’s face it – go to Target and Trader Joe’s without having to schlep their purchases up five flights of stairs! With that in mind, we want to provide you with the MOST FREQUENTLY ASKED QUESTIONS from Renters considering a move to Essex, Union or Morris Counties.
Why work with a Realtor to find a rental?
We all know how to search the big-name websites (rhymes with “Pillow”) for newly-listed rentals in any area, and that is a GREAT way to get started. But an even better boost to your rental-hunt is to align with a Realtor who is knowledgeable about the local area(s) and can show you the entire inventory that’s available and help guide you through the complete renting process. Believe it or not, the rental market is just as hot as the buying market these days, and working with a dedicated agent is key!
If you find a Realtor through one of those big-name websites, or even through a friend, or a general Google search, try them out – are they responsive, do they seem to have the time to help you with your rental search, and do you connect with them? If so, congratulations! That’s a huge step, and you will benefit! If not, we are here to help!
Did you know that your Realtor can show you ANY HOME ON THE MLS you would like to see, with very few exceptions (for example, a larger building that might have a management company etc.), including their listings, other listings, something else you may have seen on a big-name website and so on. They will also listen to what you are hoping to find, and be able to send rental listings that they have scoured for you. What that means for you: you have someone who knows your specific needs, goals, and timing, and is working toward that for you. You won’t have to repeat it every time you call an Agent and you’ll be able to house-hunt with much greater efficiency and advocacy.
Your Realtor will guide you toward completing the entire application process, including an NTN credit and background check, and prepare you for all the financials that become due upon lease signing. If this is the information you are looking for, jump to the end now!
Where do I look? What towns are interesting?
Most NJ renters are looking for an easy commute to the city or other parts of NJ. There are several very convenient and commutable locations and towns, so be sure to consider where the local train stations are, schedules, parking options, buses etc. What is the community like? If you are not super familiar with NJ towns, let your dedicated agent know that you would like to learn more about your options! (We love getting coffee and would be more than happy to take you for a tour!)
What type of rental is right for me?
Like a fifth-floor walk-up or a doorman building with an elevator, the rental options in NJ vary. You might opt for a larger apartment building, or a multi-family home (of 2-4 units), or maybe even a single-family home. Really think ahead about what is right for you so that you can pounce when you see it!
Do I have a pet or pets? Will I want one?
Many rentals in NJ are pet-friendly. However, some have strict NO PETS rules. This can happen for any number of reasons, including the fact that the landlord has an allergy. Our furry friends are family, so when you start to work with a realtor on your search, be sure to let them know if you have a cat(s) or dog(s) – or another type of pet. Even if you don’t have one YET, but you MIGHT “move to NJ and get a dog” you must let us know.
Sometimes, a landlord will allow for pets in their rentals, with a pet deposit and/or monthly fee. This typically ranges from an additional $50-$100/month which is then added to the listed rental price. Oftentimes, landlords will request photos of your pet(s) as part of your application to confirm size, breed, number restrictions. So, go ahead and scroll through the thousands of photos on your phone NOW and pick the best ones. Those dogs and cats have to look good on paper, too.
What are my responsibilities as a tenant?
Tenants moving to NJ are often surprised with their responsibilities such as lawn maintenance and snow removal. Sometimes the landlord covers sewer and water charges, and sometimes they don’t. It is different for every rental listing you will see, so be sure to have a complete understanding of what each rental could cost you monthly, beyond the advertised monthly rent and any pet charges. Lawn maintenance, snow removal, heat, hot water, gas, sewer, electricity, internet, cable etc. can add up before you know it!
Ok, I like this place! Now what?
I always HIGHLY recommend that you are ready to jump on your lease application the moment you see a winner! I have often gathered all the necessary documents from clients BEFORE we have even seen a new listing, especially if I know there are already other applications in hand!
Here’s what you will need:
Your lease application form (sent to you by your Agent).
Your NTN report. This is a full credit and background check required by most landlords in the state of NJ. Each tenant over the age of 18 must complete this online form and pay the standard fee of about $45.00 to pull this report. Once you have done this, you likely don’t have to do it again (most NTN reports are good for about 90 days).
Paystubs from the last three months.
Bank account statements (on occasion).
Photos of pets.
When you have an accepted lease application, you aren’t QUITE there yet – the lease is still to be worked out, and money must change hands. Your rental is not guaranteed until these steps have occurred, so time is of the essence.
How much will it cost to get into a rental?
You will need the following bank checks:
One check in the amount of one month’s rent;
One check in the amount of 1.5x the monthly rent – this is your security deposit;
Any pet deposits that could become due;
One check in the amount of one month’s rent – this check represents the broker fee. As tenants, it is your responsibility to pay your agent and the landlord’s agent. This payment is divided between both cooperating sides of the transaction.
But what if we are BUYERS after all?
It is not out of the question for folks who think they are “renters” to change and become “buyers”. You may realize that, gee, the above financial breakdown adds up, and fast! It could almost even amount to a down payment on a home! You may decide to explore your purchasing power by talking to our recommended lender about whether or not a pre-approval is a better step, especially if you KNOW you want to end up in NJ for the long-haul. If that’s you, talk to your Realtor. We will connect you with that preferred lender to help you gain clarity on your financial position, and that information can help you decide what’s best for you at that moment, and also with your long-term goals in mind.
I am here to help you with any questions you may have and to facilitate any/all of what you just read. Please don’t hesitate to reach out to me to get started on your house-hunt!
Alexandra “Alex” Felicetti
Realtor/Sales Associate
M: 917-696-0754
O: 973-376-0033
email: alexfelicetti@kw.com
To know more about Alex, click here.
Follow her on her Instagram account @zalicetti
