Rentals in NYC

New York City Rental Guide

Timeline + Qualification

• You can start anywhere from 1 week to 2 months within starting your search with apartments generally becoming available about a month before lease start date. Condos and Co-ops need board approval so it’s suggested to look 2 months prior to your target move-in date.

• Before you start anything it’s important to note some of the most common qualifications in order to rent in New York City

  • Annual income of 40x monthly rent earned in the U.S. *Accepted job offer works as well

    • Ex: You will need a $80,000 annual income for a $2,000/month apartment 

  • A good credit score without any pending/previous issues.

• If you do not satisfy any of these, you can use a Guarantor.

Budget and Knowing What’s Important to You

• Considering your annual income and NYC’s renter qualifications, come up with a reasonable budget. 

• Know what your non-negotiables are:

  • Washer and dryer in-unit

  • Doorman

  • Elevator

  • Location/Proximity to work or train station

  • Natural light

Premiums in NYC

• Although price varies depending on the neighborhood, there are some common premiums in the city. These include:

  • South-facing units or units with lots of natural light

  • In-unit washer and dryer

  • Dishwasher

  • Doorman

  • Amenities like gyms, pools, playroom, sauna

  • Proximity to subway station

  • Proximity to parks and greenery

  • Higher floors

  • Outdoor space (balcony, terrace, etc.)

  • Larger spaces and storage

Have an idea of what you’re looking for? Time to search.

• Best listing website:

  • Streeteasy

• Alternatively, we recommend looking and contacting management companies directly:

  • Related

  • Glenwood

  • Rose Management

  • Stonehenge

• Things to ask/do when touring

  • Any utilities included in rent? How is utility paid? (included in rent, need to make our own utility account)

  • Does the super live in the building?

  • Are amenity fees mandatory?

  • Is the unit rent stabilized?

  • Is there a broker’s fee?

  • Is there an OP (owner pays)?

  • Take photos + videos of the apartment to record the current state of the apartment

Application Process

Once you find an apartment you like, you should apply as soon as possible.

• Require documents to have ready:

  • Last 2 pay stubs

  • Last 2 years’ tax returns

  • Last 2 years’ W-2s

  • Photo I.D. (driver’s license, passport, etc.)

  • 2 most recent bank statements (Checking and savings accounts)

  • Proof of employment on company letterhead and signed by company representative including

    • Position title

    • Start date

    • Length of employment

    • Salary + opportunities for bonus

Once the application is complete, you will receive your lease agreement if approved.

• Things to check in the lease agreement:

  • Review lease and make sure date and rent amount is correct

  • Make sure all concessions are correctly stated

• Require fees at lease signing:

  • First month of rent

  • Refundable Security deposit (landlords cannot collect more than 1 month of rent)

  • Broker & co-broker’s fee (typically 15% of first year’s rent) paid by tenant

  • Non-refundable application fee (~$20) to process application and run credit check

• Payment methods

  • Wire

  • Certified checks

  • No cash

Special cases

• Students

  • Need Guarantor in the U.S. who has an annual income 80x the monthly rent OR

  • Guarantor can sign the lease themselves (if they are in the U.S. and their annual income is 40x the monthly rent) and have the student live as an occupant OR

  • Can use a third-party guarantor services like Rhino, The Guarantors, and The Insurant if no U.S. based Guarantor is available

• Self-Employed

  • CPA letter stating annual income and source of income

• Expatriate

  • CPA letter stating annual income and source of income

  • Can use a third-party guarantor services like Rhino, The Guarantors, and The Insurant if no U.S. based Guarantor is available

• Condos and Co-ops

  • These buildings have a board approval process and can take up to several weeks to get approval

  • Co-ops often times require an interview

  • Your broker can guide you through the board package once the owner approves your application

  • Fees might be associated

The lease is fully executed. What should I do before move-in?

• Make sure you have your electricity and gas set up. It can take 24-48 hours for electricity to start working if it’s been shut off in the apartment. If you’re new to the city you’ll have to make an account with each provider. If you’re moving within the city you can register your new apartment online.

  • Coned

• Look into renter’s insurance. Examples:

  • Lemonade

  • State Farm *discounts sometimes available if you bundle with other insurance products– consult your insurance agent

• Look into internet providers. Depending on our neighborhood and building in NYC, providers will vary. Some of the main ones in the city include:

  • Verizon Fios

  • Spectrum

• If you’re new to NYC, we highly recommend you to sign up for a NYC ID. It will open up fun opportunities like discounted museum tickets for being a NYC resident!

Other Tips

• Apps that might come in handy

  • Food Delivery + Restaurant Reservations

    • Grubhub

    • Doordash

    • Resy

    • Tock

    • Yelp

    • Michelin

  • Transportation

    • Uber

    • Lyft

    • Revel

    • Curb (taxi) *yellow cabs tend to be cheaper

    • MTA (public transportation)

      • The same card works for both bus and trains

      • You can tap your phone or credit/debit card directly

  • Neighborhood Information

    • Nextdoor

FAQs

• What is Gross rent vs. Net effective rent?

  • Gross rent is the nominal value of rent. Net effective rent is the rent that has any discounts (ex: free month) accounted for.

    • Example: There is a $5,000/month apartment that is offering one month free for a 12-month lease. The Gross rent would be $5,000/month. The net effective rent would be $4,583/month. 

• What is concession and OP (owner pays)?

  • An OP is a commission the landlord pays to the broker once their client signs a lease. An OP of 1 month of rent is the most common. In the case the owner pays the tenant’s broker, the client typically will not have to pay a broker’s fee. A concession are free month(s) given to tenants.

• Broker's fee vs. co-broke fee?

  • In NYC, tenants typically pay a 15% broker’s fee which gets split 50/50 between the listing broker and tenant’s broker).

• What if I get rejected from the board? Do I get my money back?

  • You get your money back.

• Why do I have to pay the first month’s rent in advance even before the approval?

  • Landlords want to ensure that the tenant will carry the lease term.

• How do I pay my rent?

  • Most landlords use a portal where you can set up auto-pay electronically. Please note, if you use a credit card to pay there is usually a 2-4% processing fee. Alternatively, you can mail/drop-off a check to the landlord or the management office.

• Are appliances included in the unit?

  • Yes.

• Can I sublet my apartment?

  • No.

• Can I end my lease early?

  • Depends on the owner and management company but typically with a fee of around 2 months rent, you can transfer your lease.

• What if I want to extend my lease by 1 month?

  • Usually not possible but you are able to stay in your current apartment past your lease if you pay rent on time as the lease legally changes to a month-to-month contract. After a month, the landlord will most likely send you a 30-day-to-vacate notice.

NYC Building Types

Please let me know if you have any questions!