More than 65% of New York City residents are renters, so whether it is your first time searching for an apartment or the 10th, you are not alone. Our guide to renting in NYC shares everything you need to know about the ins and outs of renting, from how much rent you can afford to tips for breaking a lease (hey, it happens!).
Other topics covered in this guide to renting in NYC include how to go about finding the best apartment for you (and roommates if you need them), what to expect at a lease signing, paperwork and fees you'll need to rent a place, whether you should use a broker, and much more.
Ready to search for your new apartment? Start here.
A lease can help protect renters from misunderstandings. (Getty Images)
Movies make renting an apartment look so easy. A person shows up, hands over some cash, and gets the keys. But in real life, it’s not that straightforward. In most instances, renting involves signing a lease. This can make things a little complicated, depending on various factors. For example, are you renting from a management company or an independent landlord? Is it a rental building or a rental in a co-op? And just as important, you have to prove you can afford the rent — or provide a guarantor. Some of this may sound a little intimidating, but at its essence, a lease is an important document that actually protects you as a renter. These tips will help you navigate the process.
Downtown Manhattan Rentals Under $3,000 on StreetEasyArticle continues below
Chelsea
241 West 15th Street
$3,000No Fee
1 |
1
Chelsea
262 West 22nd Street
$2,850No Fee
Studio |
1
West Chelsea
451 West 22nd Street
$2,700No Fee
Studio |
1
Gramercy Park
317 East 18th Street
$3,000No Fee
Studio |
1
Lower East Side
166 Suffolk Street
$2,650No Fee
1 |
1
East Village
624 E 11th Street
$2,899No Fee
Studio |
1
East Village
608 East 9th Street
$2,899No Fee
1 |
1
East Village
109 East 2nd Street
$3,000No Fee
1 |
1
East Village
302 East 3rd Street
$2,675No Fee
1 |
1
West Village
15 Cornelia Street
$2,675No Fee
Studio |
1
East Village
526 East 11th Street
$2,695No Fee
1 |
1
East Village
141 East 13th Street
$2,300No Fee
Studio |
1
Chelsea
241 West 15th Street
$3,000No Fee
1 |
1
Chelsea
262 West 22nd Street
$2,850No Fee
Studio |
1
West Chelsea
451 West 22nd Street
$2,700No Fee
Studio |
1
Gramercy Park
317 East 18th Street
$3,000No Fee
Studio |
1
Lower East Side
166 Suffolk Street
$2,650No Fee
1 |
1
East Village
624 E 11th Street
$2,899No Fee
Studio |
1
East Village
608 East 9th Street
$2,899No Fee
1 |
1
East Village
109 East 2nd Street
$3,000No Fee
1 |
1
East Village
302 East 3rd Street
$2,675No Fee
1 |
1
West Village
15 Cornelia Street
$2,675No Fee
Studio |
1
East Village
526 East 11th Street
$2,695No Fee
1 |
1
East Village
141 East 13th Street
$2,300No Fee
Studio |
1
Chelsea
241 West 15th Street
$3,000No Fee
1 |
1
Chelsea
262 West 22nd Street
$2,850No Fee
Studio |
1
What’s in a Rental Lease?
In essence, a lease sets the terms for a rental, including how much you are required to pay each month. Because it is a legally binding contract that could affect you in the future — for instance, if your building gets sold or your management company changes hands — be sure to read it closely. Here’s what you will find in a basic lease:
Rent amount due each month.
Day rent is due each month.
Term of your lease, typically one to two years.
Name, address, and contact information of the landlord or management company.
Utilities covered by rent (if any).
Building rules, which can include various details, including whether pets are allowed, if it’s OK to put nails in the walls, or if you can paint the walls another color besides white.
Due to COVID-19, Kristen Mantell, managing partner of the real estate law firm Baron & Baron, advises: “Ask what the policy is about breaking your lease early and subletting. It’s important, even when there isn’t a pandemic. You never know what may happen in the future.” Check that these details are included in the lease before signing, because adding them later can be difficult.
What to Ask Before Signing a Lease
Some essential details may need to be added to the lease when it’s drawn up, so here are a few things you should ask about:
Renter’s insurance: Ask if you need it before you sign.
Lease renewals: Landlords of unregulated apartments don’t have to offer them.
Most leases are for one or two years. If you’re looking to live somewhere for longer than that, whether you’re allowed to renew may factor into your decision. This rings true for co-op sublets too. “Applying to a co-op sublet can be time-consuming,” says Marcia Norman, a licensed real estate salesperson with Keller Williams NYC. “So if you’re planning to stay awhile, that’s fine. But if you only plan to rent for a year, or the shareholder only plans on subletting for a year, it may not be in your best interest to rent from a co-op. A year goes by in a blink.”
Brooklyn Rentals Under $3,000 on StreetEasyArticle continues below
Bushwick
1111 Decatur Street
$2,999No Fee
2 |
1
Brownsville
596 Powell Street
$2,550No Fee
2 |
1
Ditmas Park
341 East 19th Street
$2,199No Fee
2 |
1
Bushwick
40 Furman Avenue
$2,990No Fee
1 |
1.5
Canarsie
1249 Remsen Avenue
$1,750No Fee
1 |
1
Flatbush
2527 Church Avenue
$2,699No Fee
1 |
1
Brownsville
596 Powell Street
$2,500No Fee
2 |
1
Prospect Lefferts Gardens
433 Rogers Avenue
$2,333No Fee
1 |
1
Crown Heights
24 Rogers Avenue
$2,250No Fee
Studio |
1
Crown Heights
565 Nostrand Avenue
$2,300No Fee
2 |
1
East Flatbush
92 East 53rd Street
$2,806No Fee
2 |
1
Flatbush
3321 Glenwood Road
$2,550No Fee
1 |
1
Bushwick
1111 Decatur Street
$2,999No Fee
2 |
1
Brownsville
596 Powell Street
$2,550No Fee
2 |
1
Ditmas Park
341 East 19th Street
$2,199No Fee
2 |
1
Bushwick
40 Furman Avenue
$2,990No Fee
1 |
1.5
Canarsie
1249 Remsen Avenue
$1,750No Fee
1 |
1
Flatbush
2527 Church Avenue
$2,699No Fee
1 |
1
Brownsville
596 Powell Street
$2,500No Fee
2 |
1
Prospect Lefferts Gardens
433 Rogers Avenue
$2,333No Fee
1 |
1
Crown Heights
24 Rogers Avenue
$2,250No Fee
Studio |
1
Crown Heights
565 Nostrand Avenue
$2,300No Fee
2 |
1
East Flatbush
92 East 53rd Street
$2,806No Fee
2 |
1
Flatbush
3321 Glenwood Road
$2,550No Fee
1 |
1
Bushwick
1111 Decatur Street
$2,999No Fee
2 |
1
Brownsville
596 Powell Street
$2,550No Fee
2 |
1
The Approval Process: Rental Buildings & Co-op Sublets
There are significant differences between renting in a rental building and subletting from a co-op, the main ones being time and financial investment. “A landlord or management company for a rental building typically only wants to verify your credit history, employment, and references before you can sign the lease,” says Norman. That can take up to two weeks. However, if you’re subletting from a co-op, there will likely be an in-depth application requiring multiple documents, a co-op board interview, and additional fees. “The entire process can take 60 to 90 days,” Norman says. And making adjustments to the lease or asking for repairs increases the length of time it takes.
Check the Apartment Before Signing a Lease
Once you know you want an apartment, note any repairs (running toilet, leaking faucets, etc.) or other issues that need to be taken care of before you move in. Make sure these are added to the lease before you sign it; your broker can handle this, or you can request it yourself. An oral agreement is not enough!
According to Mantell, a verbal rental agreement between you and an independent landlord is also referred to as a month-to-month agreement. The Housing Stability and Tenant Protection Act of 2019 confers a few legal protections, mostly about when you have to be notified of a rent increase. But “if there are any disputes or complications, a fully executed lease is going to be your best safeguard,” she says.
She also recommends that you do a final walkthrough to ensure repairs are completed to your satisfaction, or get the date they’ll be fixed recorded into the lease.
Since you’ll be expected to leave the apartment in the same condition as you found it, it’s smart to take pictures before you move in — especially if there are any existing cracks, dents, or other things you don’t want to be unfairly held responsible for later on. E-mail these photos to your landlord or management company, so you have a record of the date and time. It’s never too early to start a digital paper trail to ensure that you receive your full security deposit when your lease has ended.
Roosevelt Island Rentals Under $3,000 on StreetEasyArticle continues below
Roosevelt Island
546 Main Street
$2,654No Fee
Studio |
1
Roosevelt Island
546 Main Street
$2,562No Fee
Studio |
1
Roosevelt Island
455 Main Street
$2,995No Fee
Studio |
1
Roosevelt Island
546 Main Street
$2,672No Fee
Studio |
1
Roosevelt Island
546 Main Street
$2,654No Fee
Studio |
1
Roosevelt Island
546 Main Street
$2,562No Fee
Studio |
1
Roosevelt Island
455 Main Street
$2,995No Fee
Studio |
1
Roosevelt Island
546 Main Street
$2,672No Fee
Studio |
1
Roosevelt Island
546 Main Street
$2,654No Fee
Studio |
1
Roosevelt Island
546 Main Street
$2,562No Fee
Studio |
1
Check That a Rider Is Attached
If you’re leasing a rent-stabilized apartment, make sure the rent stabilization rider is included before signing the lease. This details how your lease will be renewed, and how the rent increase will be calculated. If you’re unsure whether your apartment is rent-stabilized, ask your landlord or check with the New York Division of Homes and Community Renewal.
The lease may contain additional riders (aka “addenda”) about lead paint disclosures, pets, and other conditions. Note that when you’re renewing your lease, the fundamental terms for a rent-stabilized apartment must remain the same as in the original. (Exceptions include new changes in city or state laws that must be complied with.)
Don’t Forget Your Roommates
It’s not required, but if you have roommates, it’s a good idea to add their names to the lease. This protects them if you have to break your lease early, Norman notes. And it could smooth the transition too, because your landlord won’t have to worry about finding someone else to be responsible for the rent.
Guarantee Your Guarantor
If you are using a guarantor, send the necessary paperwork well in advance and confirm that all details are accurately reflected in the final lease.
What to Bring When Signing a Lease
You’ll need to bring a valid ID (driver’s license or passport) and at least one check — typically a cashier’s check — to cover the security deposit and first month’s rent. In New York City, the landlord can only ask for the first month’s rent and a security deposit no higher than one month’s rent. Get receipts for everything, and keep them safe throughout the duration of your lease.
Queens Rentals Under $2,500 on StreetEasyArticle continues below
Astoria
31-28 42nd Street
$2,350No Fee
1 |
1
Oakland Gardens
61-24 219th Street
$2,000No Fee
1 |
1
Astoria
26-19 29th Street
$1,650No Fee
Studio |
1
Flushing
42-15 College Point Boulevard
$1,900No Fee
1 |
1
Elmhurst
83-17 Broadway
$2,000No Fee
1 |
1
Rego Park
66-07 99th Street
$2,116No Fee
1 |
1
Jamaica Estates
175-05 Wexford Terrace
$2,300No Fee
1 |
1
Flushing
144-21 26th Avenue
$2,100No Fee
1 |
1
Sunnyside
47-15 48th Street
$1,999No Fee
1 |
1
Kew Gardens
83-61 116th Street
$1,800No Fee
Studio |
1
Woodside
37-26 65th Street
$2,160No Fee
2 |
1
Astoria
32-56 41st Street
$2,100No Fee
1 |
1
Astoria
31-28 42nd Street
$2,350No Fee
1 |
1
Oakland Gardens
61-24 219th Street
$2,000No Fee
1 |
1
Astoria
26-19 29th Street
$1,650No Fee
Studio |
1
Flushing
42-15 College Point Boulevard
$1,900No Fee
1 |
1
Elmhurst
83-17 Broadway
$2,000No Fee
1 |
1
Rego Park
66-07 99th Street
$2,116No Fee
1 |
1
Jamaica Estates
175-05 Wexford Terrace
$2,300No Fee
1 |
1
Flushing
144-21 26th Avenue
$2,100No Fee
1 |
1
Sunnyside
47-15 48th Street
$1,999No Fee
1 |
1
Kew Gardens
83-61 116th Street
$1,800No Fee
Studio |
1
Woodside
37-26 65th Street
$2,160No Fee
2 |
1
Astoria
32-56 41st Street
$2,100No Fee
1 |
1
Astoria
31-28 42nd Street
$2,350No Fee
1 |
1
Oakland Gardens
61-24 219th Street
$2,000No Fee
1 |
1
Why You Need to Sign First
“There’s a very good reason for this,” says Mantell. “It’s because the landlord wants to be sure that the person they’re giving the lease to is the one who applied. If the landlord signs first and hands over the lease, then anyone could sign it, and they’d be stuck with a fully executed lease” for someone who wasn’t approved. It’s a classic bait and switch.
You May Not Get Keys Right Away
If the apartment is empty and ready for you to move in, you’ll get the keys when you sign the lease, usually from your broker. However, you may not receive keys if the previous tenant is still there, the apartment needs work, or your landlord won’t allow you access in advance. In these cases, you’ll get the keys on the day your lease begins.
Keep a Paper Trail
Keep a copy of all the paperwork that you and the landlord sign. These are official documents, and it can be difficult to get copies later on, especially if there’s a problem. With a little diligence and patience, you will sign the lease and be secure that you’ve found a new home.