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
Flatbush
297 Lenox Road
$2,100No Fee
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1
Crown Heights
1520 Carroll Street
$2,250No Fee
1 |
1
Canarsie
910 East 98th Street
$1,950No Fee
1 |
1
Gravesend
1645 West 9th Street
$2,300No Fee
2 |
1
Prospect Lefferts Gardens
701 Flatbush Avenue
$1,975No Fee
Studio |
1
Bath Beach
2038 Cropsey Avenue
$1,950No Fee
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1
Greenpoint
182 Franklin Street
$2,450No Fee
Studio |
1
Fort Hamilton
8614 Third Avenue
$1,700No Fee
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1
Ditmas Park
715 East 22nd Street
$2,500No Fee
1 |
1
Dyker Heights
1376 67th Street
$2,300No Fee
2 |
1
Ditmas Park
1199 Ocean Avenue
$1,900No Fee
Studio |
1
Brighton Beach
3142 Coney Island Avenue
$1,899No 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
Yorkville
529 East 81st Street
$2,375No Fee
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1
Fort George
1505 Saint Nicholas’ Avenue
$1,800No Fee
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1
Upper West Side
320 West 96th Street
$2,200No Fee
2 |
1
Yorkville
335 East 92nd Street
$2,200No Fee
Studio |
1
Sutton Place
1007 Second Avenue
$2,500No Fee
Studio |
1
Central Harlem
446 Saint Nicholas’s Avenue
$2,075No Fee
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1
Yorkville
312 East 89th Street
$2,100No Fee
Studio |
1
Hamilton Heights
610 Saint Nicholas Avenue
$2,250No Fee
Studio |
1
Yorkville
328 East 93rd Street
$2,200No Fee
Studio |
1
Lincoln Square
239 West 63rd Street
$1,873No Fee
Studio |
1
East Village
93 East 7th Street
$2,000No Fee
Studio |
1
West Village
325 West 4th Street
$2,495No 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
Forest Hills
68-19 Burns Street
$1,995No Fee
Studio |
1
Whitestone
155-10 16 Drive
$2,500No Fee
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1
Astoria
25-44 Steinway Street
$1,550No Fee
Studio |
1
Astoria
30-33 38th Street
$2,450No Fee
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1
Astoria
30-40 45th Street
$1,675No Fee
Studio |
1
Astoria
25-96 Steinway Street
$2,350No Fee
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1
Ditmars-Steinway
23-05 29th Street
$2,300No Fee
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1
Briarwood
139-05 85 Drive
$1,875No Fee
Studio |
1
Astoria
32-37 32nd Street
$2,499No Fee
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1
Briarwood
142-20 84 Drive
$2,150No Fee
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1
Rego Park
63-44 Saunders Street
$1,850No Fee
Studio |
1
Kew Gardens
119-08 Metropolitan Avenue
$2,300No Fee
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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.