Renting in NYC: The Ultimate Guide
Key Takeaways:
- Preparation is key: Having all required documents ready (employment letter, pay stubs, bank statements, IDs, etc.) enables you to apply on the spot — crucial in NYC’s fast-moving rental market.
- Housing providers want proof you can pay rent: Many follow the “40x the rent” income rule. Bring pay stubs, or alternatives like an employment letter or guarantor if you’re newly employed.
- Broker fees have changed: Under the FARE Act, renters only pay a broker fee if they explicitly hire a broker. Otherwise, the housing provider covers it, and all fees must be disclosed in the listing.
- Application fees and move-in costs are capped: Application fees are limited to $20 (with some co-op/condo exceptions), and upfront costs can’t exceed first month’s rent + one month’s security.
- Be ready to apply on the spot: Bring printed and digital copies of your documents. Staying organized can mean the difference between landing or losing an apartment.
You’re on the NYC apartment hunt, and you’ve found a place you really love. You’re ready to make it your new home. Great! But figuring out how to rent an apartment in the city can be overwhelming for newcomers. You may be asking yourself, “What do I need to rent an apartment in NYC?” But the secret is simple: if you’ve prepared ahead of time, you can apply for the apartment of your dreams at a moment’s notice.
From paperwork to fees, here’s how to prepare for apartment hunting in NYC.
Manhattan Rentals Under $3,500 on StreetEasy Article continues below
What do I need to rent an apartment in NYC?
Once you find an apartment you’re interested in renting, it’s time to put together an application. Submitting a formal application is the most common way to rent an apartment in NYC. While different properties may require various or extra information, you should have some key things ready, like the following:
- Employment verification letter, including your job title, job functions, salary, and length of employment — signed and on company letterhead
- Pay stubs — three most recent
- Bank statements — three most recent
- Federal tax return, including your W2 or 1099 form
- Copies of two forms of photo ID
- Application fee ($20)
Housing providers may also ask for these:
- Recommendation letter from a prior landlord
- Savings account and liquid asset statements
- Copy of your social security card
- Proof of past rent payments
Why do renters need bank statements and other documents?
It’s a lot to pull together! But landlords need to know that you’ll be able to pay your rent every month. Generally speaking, the more proof you can show of your stable income or assets, the higher chance you’ll have of getting the apartment.
When researching how to apply for an apartment in NYC, you’ll probably come across the “40 times the rent” rule. Housing providers like to see that renters are making an annual income of 40 times the monthly rent. If you’re a new employee or haven’t worked previously, though, don’t panic. Steven Irizarry, a licensed real estate salesperson at SERHANT., says you can forgo the pay stubs as long as you can provide a letter of employment from your company. You may also need a guarantor to secure the apartment.
Brooklyn Rentals Under $3,000 on StreetEasy Article continues below
What NYC renters need to know about broker fees
As of June 11, 2025, the Fairness in Apartment Rental Expenses (FARE) Act has taken effect in NYC, making broker fees the responsibility of the party who hires the broker — which, in most cases, is the housing provider. You can still hire your own broker to represent you and help you find a rental, in which case you’d pay them a broker fee for the services you hired them to do. But the FARE Act ensures NYC renters only pay a broker fee when they explicitly hire the broker to represent them.
The FARE Act also requires every listing, including those on StreetEasy, to disclose all tenant fees (one-time and recurring) in the listing description. Refer to this section of a listing to stay informed of any costs and fees you may be asked to pay.
Queens Rentals Under $2,500 on StreetEasy Article continues below
Do I need to pay an application fee?
Typically yes, you’ll be asked to pay an application fee. But, per the statewide Housing Security and Tenant Protection Act (HSTPA) of 2019, an application fee for an apartment cannot exceed $20, with exceptions when renting in condo or co-op buildings.
Ideally, you’ll also have the first month’s rent and security deposit ready and available once you’ve applied for a unit. Not being able to pay the required fees and deposits in a timely manner could cause you to lose the apartment. Keep in mind, however, that the HSTPA also limits upfront move-in costs to a $20 application fee, first month’s rent, and a security deposit of no more than one month’s rent. Learn more about typical fees NYC renters pay.
What to bring when apartment hunting in NYC
When apartment hunting in NYC, the most important thing to remember is to have everything ready to submit an application at a moment’s notice. Desirable rentals can fly off the market fast, and the last thing you want is to lose out on an apartment you love because you didn’t have a copy of your tax returns or a letter from your employer.
Have all of your documents printed out and in one place, and keep digital copies on your phone so you can send them over via email on the spot. Be sure to verify the people you’re sending documents to before you do so. You may want to redact sensitive information like account numbers on bank statements.
In a nutshell, make sure you’ve got what you need to rent an apartment in NYC ready to go, so you can secure a unit you love ASAP. The more prepared you are, the better chance you have of landing your dream apartment.
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