How to Rent Apartment in New York City in ?
Renting in New York City can be very overwhelming for first-timers and veterans alike.
That’s why we put together a short guide to smoothen your process!
Documents to Prepare:
Paystubs (Last 2-3 months)
Tax Returns (First 2 Pages, Last 2 Years)
Employment Letter or Offer Letter Bank Statement or Proof of Saving (Last 2-3 Months)
Government Issued Photo ID (Driver’s license, passport, state ID, etc.)
Social Security Number Credit Score (Landlord will conduct their own credit check)
References (Some will request multiple references including professional, personal and previous landlords)
Facts You need to Know:
New York City landlords typically require tenants’ incomes to be 40x the Rent
$3,000/month apartment requires $120,000 annual income
If you do not meet the income requirement, the landlord may request one or combination of the following
Extra deposit securityRent upfront (typically 1 year upfront for no proof of income)
Guarantor (80x the Rent or expensive paid services)
Rental Apartments move very quickly in New York City, once you see something you like, you should act on it.
Median Days on Market for NYC is less than 3 weeks
If you like it, odds are, someone else also likes it!
Always has application fee
Always require tenant credit and background checks
International students and foreign nationals do not have credit but still need to run it anyway
Credit score is used as an index for determining amount of security deposit to give
The applications and initial payments typically require Cashier’s checks or Money Order
Cashier’s checks are only available from Banks and Western Union.
They usually cost $8-$12 per check and the money is drafted directly from your bank account.
Some apartments will have broker fee and some will not, it’s always best to confirm
Please see below for detailed steps in each section
Understand your needs and budget
Define your desired location, apartment type, size, condition and budget
Prepare your material
Visit listings on Streeteasy or through trusted real estate agents
Ask how much the application fees are. The fees vary from building to building and the range can go from $250 to $2500.
Ask if they accept Obligo
Negotiate Option to Renew (see below for more info)
Some landlords request a non-refundable “holder fee” to hold the apartment (could range from $150 to 1 month’s worth of rent)
Submit necessary documents listed above
Submit application fees (Usually landlords request cash or Cashier’s Checks)
Application Approved/ Move-in Process
Request COI Template from management or agent
Certificate of Insurance is a form movers company needs to provide before you are allowed to move in
If you do not using a mover, you need to ask the management for necessary deposit/fee/documents to move in.
Inspect and document all the damages and blemishes on the day of move-in
Email the management/agent/landlord and save the documentation for future references
Always ask for option to renew
Negotiate the rent ahead of time and lock it in the lease
This should be done during the negotiation not after
It’s always nice to reserve the right, if the landlord refuses, you should be wary that the landlord is looking to raise the rent drastically next year.
Inquire about the Obligo Service
Obligo allows tenants to rent without paying security deposit
It’s always nice to free up cash, especially at an extremely low cost
If landlord does not have Obligo, feel free to request it and connect the landlord with the Obligo Team!