You’re on the NYC apartment hunt, and you’ve found a place you really like. You’re ready to make it your new home. Great! But learning how to rent an apartment in NYC can be overwhelming for newcomers. How do you know what you need for your application? If you’re prepared ahead of time, you can apply for the apartment of your dreams at a moment’s notice. From paperwork to photo ID, read on to find out how to prepare for apartment hunting in NYC.
Brooklyn Rentals Under $2,500 on StreetEasyArticle continues below
Bay Ridge
305 84th Street
$1,790No Fee
1 |
1
Brownsville
93 East 96th Street
$2,235No Fee
2 |
1
Brownsville
93 East 96th Street
$1,750No Fee
1 |
1
Brownsville
501 Saratoga Avenue
$1,750No Fee
1 |
1
Brownsville
501 Saratoga Avenue
$2,000No Fee
2 |
1
Stuyvesant Heights
656 Hancock Street
$2,350No Fee
1 |
1
Ditmas Park
400 East 21st Street
$1,985No Fee
1 |
1
Cypress Hills
45 Crosby Avenue
$2,500No Fee
2 |
1
East Flatbush
908 Lenox Road
$2,100No Fee
1 |
1
Flatbush
3101 Avenue H
$1,751No Fee
1 |
1
Gravesend
265 Quentin Road
$1,960No Fee
1 |
1
Ditmas Park
400 East 21st Street
$1,795No Fee
1 |
1
How to Apply for 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 landlords and brokers may require different or extra information, you should have some key pieces ready. Here’s a general checklist:
Employment verification letter, including your job title, job functions, salary, and length of employment — signed and on company letterhead
Paystubs — the three most recent
Bank statements — the three most recent
Federal tax return including your W2 or 1099 form
Copies of two forms of photo ID
Application fee ($20)
Landlords also may ask for the following.
Recommendation letter from a prior landlord
Summaries of savings accounts and liquid assets
Copy of your social security card
Proof of past rent payments
Manhattan Rentals Under $2,500 on StreetEasyArticle continues below
Manhattanville
3333B Broadway
$2,250No Fee
Studio |
1
South Harlem
162 Lenox Avenue
$2,500No Fee
1 |
1
Washington Heights
515 West 168th Street
$2,425No Fee
1 |
1
Hell’s Kitchen
341 West 45th Street
$2,450No Fee
Studio |
1
Lincoln Square
247 West 63rd Street
$2,475No Fee
1 |
1
Lincoln Square
240 West 64th Street
$1,820No Fee
Studio |
1
Washington Heights
555 Edgecomb Avenue
$2,429No Fee
1 |
1
Washington Heights
508 West 171st Street
$2,000No Fee
2 |
1
Hudson Heights
259 Bennett Avenue
$2,200No Fee
Studio |
1
Manhattan Valley
475 Central Park West
$2,498No Fee
Studio |
1
Lenox Hill
542 East 79th Street
$2,471No Fee
Studio |
1
East Village
324 East 14th Street
$2,395No Fee
Studio |
1
Why Do Renters Need Bank Statements & 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.
If you don’t have any savings or assets to show, that’s OK — it’s usually more of an extra, not a necessity. But the more assets you can show, the better, says Hiro Matsui of Corcoran. “Nowadays, with COVID, some folks are in between jobs, so it’s helpful to show some savings or liquid asset of some sort,” he says. “That gives the landlord some assurance that you have added security to pay rent.”
When researching how to apply for an apartment in NYC, you’ll probably come across the “40 times the rent” rule. Landlords like to see that renters are making an annual income of 40 times the monthly rent. If you’re a new employee and haven’t worked previously, though, don’t panic. Steven Irizarry of Compass says you can forgo the paystubs as long as you can prove you are working with a letter of employment from your company. You may also need a guarantor to secure the apartment.
What NYC Renters Need To Know About Broker Fees
Renters need to consider broker fees when budgeting for their rental expenses. Broker fees are typically paid to the broker or real estate agent who connects you to the landlord or the building’s management company. Usually, the fee ranges from one month’s rent to 12-15% of the annual rent. But here’s some good news — no-fee apartments are a thing!
FYI, broker fees have been under speculation by the New York State government, but in May 2021, the state issued new guidance that declares broker fees as legal. While they were briefly illegal in early 2020, they are now back and here to stay.
It would be best if you also had the first month’s rent and security deposit ready and available once you’ve applied for a unit. “Depending on the landlord, if you don’t produce the required funds in time, you could lose the apartment,” Matsui says.
Queens Rentals Under $2,500 on StreetEasyArticle continues below
Astoria
31-07 34th Avenue
$2,000No Fee
Studio |
1
Astoria
26-15 25 Road
$2,250No Fee
1 |
1
Oakland Gardens
67-40 223 Place
$2,500No Fee
2 |
1
Oakland Gardens
67-40 223 Place
$2,300No Fee
1 |
1
Rego Park
64-48 Booth Street
$1,750No Fee
Studio |
1
Jamaica Hills
164-20 Highland Avenue
$1,875No Fee
1 |
1
Rego Park
65-20 Booth Street
$2,108No Fee
1 |
1
Cambria Heights
119-08 227th Street
$2,500No Fee
1 |
1
St. Albans
114-34 Farmers Boulevard
$1,550No Fee
1 |
1
Murray Hill (Queens)
189-14 Crocheron Avenue
$2,350No Fee
1 |
1
Pomonok
158-29 76th Avenue
$1,900No Fee
1 |
1
Ditmars-Steinway
18-55 21 Drive
$2,400No Fee
2 |
1
What To Bring When Apartment Hunting in NYC
When apartment hunting in NYC, says Matsui, the most important thing to remember is to have everything ready to put in an application at a moment’s notice. Good rentals can fly off the market fast, and the last thing you want is to lose an apartment you love because you didn’t have a copy of your tax returns on hand or a letter from your employer. And just as important, make sure your documents are signed in instances where a signature is required.
“Nowadays, everything is online and sent by email, but that doesn’t mean bypassing signatures, whether it’s digital or physical,” Matsui says. “Landlords do not like it when something is just typed up with a name, such as an employment letter. It could be from anyone.”
Secure all of your documents in one place, preferably a secure one where you can decide who has access to it. Don’t hesitate to verify the people to who you are sending your documents before you do so. Matsui also recommends removing information like account numbers from 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 STAT. The more prepared you are, the better chance you have of landing your dream home.