As of January 2024, 67.2% of New York City residents are renters. Apartment hunting in New York can be an extremely competitive game. Unlike other cities, apartments become available at a moment’s notice and can be rented within a few hours. The luxury of touring an apartment 6 months in advance (unfortunately) doesn’t exist here. Renters can typically start viewing apartments that will be available in approximately one month. Because this window is so short and can be stressful, the best thing you can for yourself do is prepare. Set yourself up for success by organizing all your documents before you start filling out applications. What are those documents? We’ll break them down for you here.
This article will be your ultimate guide to prepare for your move to New York City. We’ll outline:
Ready? Happy apartment hunting!
Before you start stalking StreetEasy every day (yes, StreetEasy is going to be your best option), you need to get organized. When you decide you’re going to apply for an apartment you only get a short window to submit everything before other applicants. Read on to learn what you need to put together.
Overall, your potential landlord is looking for proof that your annual income is at least 40x your monthly rent. You should have a trail of documents that prove this. Let’s start with all the essential documents:
However, if you’re a student or just started a new job you might not be able to prove that you’re going to make 40x your monthly rent. Don’t panic! You can still apply for an apartment, you just need a guarantor. A guarantor is a person who guarantees to pay the rent if for some reason you can’t. This doesn’t mean they pay your rent regularly, but they will be on your lease. When you first move to the city you might need a guarantor and then after a year of paying your own rent, you should be able to move without a guarantor on your new lease.
Every management company and landlord is different. There are other documents and proof of income that may be required. Here is a list of some:
If you’ve made it this far into your research, you probably know that New York can be pricey. However, the most expensive part about renting in New York City is securing the apartment in the first place. Before you start your search to decide how you’re going to tour apartments. Truly, you have 3 options:
Let’s break down your options and the pricing involved with each of them.
Hiring a broker
The apartment building will most likely have a broker working for them. This is the person who will host open houses and private viewings. No matter how you find the apartment, you will have to pay this broker. The only time this rule doesn’t apply is when the apartment is listed with “no broker fee”. However, let it be known that typically apartments that exclude a broker fee don’t stay on the market for long, as they save applicants thousands of dollars.
If you hire your own broker they will search for apartments for you, be in contact with the building’s broker, schedule tours, and send you application information. This is a useful option for those who might be too busy to apartment hunt. However, building brokers are sometimes more hesitant to work with a broker as opposed to working directly with a potential tenant. This is because, if you use your own broker the fee is commonly split between the 2 brokers.
A broker fee is typically 12-15% of one year’s worth of rent. If you hire your own broker to find apartments for you, contact
For example, if your rent is $3,000/month, you’ll pay this broker:
(3,000 rent x 12 months) x 0.15 percent = $5,400
You’ll have to pay this fee on top of any deposit your landlord requires. Although you may be required to give the landlord a security deposit, it’s limited to no more than one month's rent. The one-month limit means that a landlord cannot ask for the last month's rent on top of the security deposit and the first month’s rent.
Do it yourself
Just like anything else, you could always just do it yourself. This can be accomplished by constantly searching on apartment websites like StreetEasy, Apartments.com, and more. You schedule your own tours, meet with building brokers, and apply online. This process will be most successful if you live in the city and can run to a tour at a moment’s notice. However, doing it yourself will only save you money if you secure an apartment that has no broker fee.
Hire a company to tour for you
Lastly, you can hire a company, such as Gander, to tour apartments for you. This way, you’re not working with a broker but you don’t have to do it completely on your own. You can find the apartments you want to tour but instead of going yourself, a Gander tour guide can tour them for you. This is a viable option if you have a busy schedule or are moving from out of state.
The most cost-efficient way to do this is to find an apartment with no broker fee, book a Gander Tour for either $49/tour or $100 for a bundle of 3 tours, and then apply. Gander tour guides complete detailed written reports that outline the building's shape, amenities, and more.
Overall, an application fee is capped at $20 apiece. This doesn’t necessarily apply to all condos and co-ops, however. The application fees are nonrefundable, however, if you put down a security deposit and are then denied the apartment you will be refunded. Therefore your total fees for your apartment hunt will include:
These expenses are piling up. We get it. It can be overwhelming to decide what you can afford. Use the following information to make this process easier:
It’s important to be realistic about what you can afford to ensure you can comfortably cover your expenses while living in New York City.
Now that you know what documents you need, which fees you’ll have to pay, and how to decide on a realistic budget, let’s get moving. Here are some tips and best practices to help you navigate the process more effectively:
Don’t worry, you got this! Moving is stressful no matter what city you’re in. But once you find your new home it’ll all be worth it. When all else fails, don’t forget that you can count on Gander to tour an apartment for you if you’re busy. Good luck!
** Disclaimer: The information provided in this article regarding New York City apartment rental requirements is intended for general informational purposes only. It is not written by a licensed real estate professional and should not be construed as professional advice. The rental market and associated regulations in New York City are subject to change, and it is advisable to consult with a qualified real estate professional or legal advisor for personalized guidance regarding specific rental situations or legal matters.
