Steps to Renting an Apartment in New York
- Determine the neighborhood in which you would like to live. If you would like more information on specific neighborhoods, please contact us.
- Determine your ideal move-in date.
- Determine how much you want to spend per month or how much you can afford. A good rule of thumb (which most buildings will use to qualify a tenant) is income to rent ratio. Typically your income should be no less than 45 times the rent. If you do not meet the income and credit requirements, you will need a guarantor. A guarantor is someone who will co-sign the lease. He or she can be a family member or an unrelated individual. Generally, the guarantor is required to show an income level of 80 times the rent. Please note that some buildings do not accept guarantors. You can ask the listing representative if the building accepts guarantors.
- Contact a real estate professional to help you navigate through the process.
- Apply for the apartment.
- Once your application is approved, you can sign the lease.
- You will be required to provide bank checks with the lease signing. These are typically first month, security deposit, etc.
- Application for the specific building
- Credit report (typically buildings run their own and the credit application is part of the building application.)
- Tax returns, W2’s or 1099’s for the prior 2 years.
- Letter from your employer stating position, length of employment, and income. If self-employed, you’ll need a letter from a Certified Public Accountant (CPA) stating income.
- A previous landlord reference letter.
- Most co-ops require letters of reference, both business and social.
- Last 2 bank statements showing name and bank balance.
- Clear copy of state ID, driver’s license, or passport.