Renter’s Guide To Renting In New York City
Renting an apartment in New York City is different from renting an apartment in any other city in the United States. This guide will prepare you on what to expect and help make the entire process an enjoyable one as opposed to a stressful one.
You will first want to organize the necessary documents to bring with you or have ready.
- Letter of Employment – stating salary, position and length of time working (if you just started a new job, an offer letter will suffice)
- Most Recent Tax Return
- Most Recent Bank Statement (some landlords will ask for last two months)
- Bank Account Numbers
- Contact Information for your current landlord
- Contact information for personal and business references
- Additional Sources of Income Verification
- Photo ID (driver’s license or passport)
If you are relocating, prepare the necessary funds before arriving to New York. At lease signing, depending on the building you choose, you can expect to pay the first month’s rent, a security deposit, broker’s fee and move-in fees. If possible, set up a bank account dedicated to these expenses before you begin your search.
One of the many benefits to working with an agent from KG Properties is that our advanced database gives you access to our background on the current rentals on the market. Our agents will only share and show you apartments that are available or currently available to rent.
Once you have found your perfect apartment, you will complete a rental application and provide most of the documents listed above along with a processing fee that allows the building to conduct a routine credit check. KG Properties will negotiate the best-possible rental price and lease terms on your behalf, and upon approval we will also schedule your lease signing.
Conditions For Renting An Apartment In New York City Income Requirement
Most landlords require you to earn a salary of 40 to 50 times the amount of your monthly rent. They will also take into account your credit score, liquid assets and any outstanding loans
Lease Guarantors
If your salary and financial situation do not meet the requirements of the landlord, you may need a guarantor or co-signor to guarantee the lease. Landlords prefer a family member who lives in the tri-state area (New York, New Jersey or Connecticut). The guarantor must meet certain income requirements as well such as, in many instances, 80 times the amount of monthly rent. Guarantors also will need to provide extensive paperwork.
International Clients Moving To New York
If you have never lived in New York City and currently pay taxes outside of the United States, your situation will be handled differently. Many times, employers offer housing allowances. Or, you may be asked to provide several months of security deposit given your lack of established credit records in the US.
Expected Rental Rates
There are many kinds of buildings in New York City (rental buildings, condominiums, and co-operatives, to name a few). Buildings differ greatly: for example, some are walk-ups while others will have elevators. Buildings also offer various amenities such as full- or part-time doormen, gym, roof deck, business lounge and laundry facilities. Rents will vary based not only on the type of building you live in, but also the neighborhood Rents also vary, but the following provides a current sense of typical starting rents in Manhattan:
Pricing for Rentals
Unfurnished Pricing (start at):
Studios – $2,000
One Beds – $2,500
Two Beds – $4,000
Three Beds – $6,000
Furnished Pricing (start at):
Studios – $2,500
One Beds – $3,200
Two Beds – $5,500
Three Beds – $7,500
All data and information set forth on this website regarding real property, for sale, purchase, rental and/or financing, are from sources regarded as reliable. No warranties are made as to the accuracy of any descriptions and/or other details and such information is subject to errors, omissions, changes of price, tenancies, commissions, prior sales, leases or financing, or withdrawal without notice. Square footages are approximate and may be verified by consulting a professional architect or engineer. All rights as to photographs and graphics are reserved to KG Properties of New York, Inc. ("KGP"). Customers should seek advice and proper legal counsel with respect to all closing costs, timing considerations, financing options, default provisions, zoning implications, renovation considerations and appropriate transfer taxes. KGP represents and has a fiduciary duty to those sellers with respect to KGP's exclusives. KGP may act as a dual agent if another agent of KGP represents the buyer or tenant. KGP represents the buyer or tenant when showing the exclusive listings of other real estate brokerage firms.
We are an equal housing opportunity provider. Consistent with applicable law, we do not discriminate on the basis of race, creed, color, national origin, sexual orientation, lawful source of income, military status, sex, gender identity, age, disability, familial status (having children under age 18), or religion. Equal Housing Opportunity.
