How to Rent an Apartment in New York City

Planning a move to the Big Apple? Renting a New York City apartment may seem like a daunting task, but by following these easy steps, you will be that much closer to finding the apartment of your dreams.

Instructions

Difficulty: Moderately Easy

Things You’ll Need:

• Internet Access
• A Folder of Personal Information
• Sufficient Financial Savings

1. Research the different areas of New York City, before you arrive. The City of New York is separated into five boroughs - Staten Island, Brooklyn, Queens, The Bronx and Manhattan. Determine which area is most appealing to you in terms of population, services offered, and proximity to your place of employment.
2. Consult apartment classified listings on Craigslist, the Village Voice, or The New York Times to determine average price ranges for apartments in areas you are interested in. Often, the cost of a New York City Apartment in a given area will greatly affect your choice of location. For example, while you may imagine yourself living in a fantastic loft in the West Village of Manhattan, your budget may be more suited for a studio apartment in Queens.
3. Determine what you qualify to afford. New York City landlords require that a tenant earn forty times the monthly rent. That means that for a $2,000 a month apartment, you need to prove that you earn a salary of at least $80,000 per year. Alternatively, applicants that do not meet the salary requirements, or are currently searching for employment, can ask a parent or close friend to act as a co-signer, or guarantor for the lease. Guarantors are required to earn a salary of eighty times the monthly rent.
4. Plan a trip to New York City to view apartments. The ideal time to begin a search is 30 days before you plan to move. An apartment search in New York is very time consuming. Ideally, you should plan for a week of searching, but allow a minimum of three full days for your search.
5. Once you have planned your trip, contact apartment brokers (Real Estate Agents) in the areas you are interested in to set up appointments to see apartments. You are not obligated to work with only one broker, so set up as many appointments as possible to insure you are seeing a good range of apartments that suit your needs. It is reasonable to see between three and seven apartments in a single day.
6. Make sure your expectations are realistic. New York City apartments are notoriously small, and items like dishwashers, balconies and washer/dryers are considered luxuries. If you tell a broker you do not wish to see apartments or buildings that are lacking a particular feature, you may severely limit the choices you have once you arrive.
7. Arrive with the necessary paperwork in hand. Potential landlords will want to see your current paystubs, letter of employment from a new employer, past year's taxes, bank account statements, landlord or professional references and a credit report history which the broker will run in his office. Prepare to pay the broker between $25 - $100 per applicant for the application process.
8. Arrive in New York City with your finances in order. Apartment leases are secured by providing the landlord with a cashier's check from your bank, often in the amount of two month's rent (one month's rent plus security deposit.) Some landlords also require the last month's rent up front. Additionally, most broker's charge a fee of anywhere between one month's rent and 15% of the annual rent of an apartment. The total is due at the time you sign your lease, not when you move in to your apartment.

Tips & Warnings

• Prepare photocopied packets of all your paperwork to present to brokers and potential landlords during the application process. Brokers will destroy the paperwork if you do not end up renting one of their apartments.
• Wear comfortable walking shoes! You may walk up to 5 miles in one day when apartment hunting.
• Be honest with a broker about your needs. Do you have a dog? Plan to find a roommate? These are all very important details that your broker needs to know.
• Bring a digital camera along on your search so you are able to remember details of each apartment you see.
• Be prepared to act immediately if you see an apartment you like. In New York City, apartments can rent in hours, not days.
• Never pay a fee for a list of available New York City apartments, or just to view apartments. This is a popular scam in New York City, and rarely results in an apartment lease.