Moving to New York City can be an extremely overwhelming process. There is no shortage of inspirational pictures, luxury rental options, and advice on how to find the best deal.
But, if you’re anything like me, you have been doing as much research as possible. However, you still have some questions about the actual process of renting an apartment in New York City since many requirements may differ from your previous residence.
This guide contains tips I have personally used and recommended to friends moving to the city. After using these, I am sure you will feel much more confident in your search!
This post is all about the best tricks for renting a New York City apartment.
Ultimate New York City Apartment Search Guide
1. Create a Folder With the Necessary Documents
This is pretty straightforward but it is absolutely essential when searching for a New York apartment. But, is it really necessary?
If you want to beat the heat in today’s crazy market, you better make sure to have all of your materials organized and ready to go. The rental market in New York is as fast as it is cutthroat, and being well-prepared can help you secure that dream apartment.
If you aren’t already aware of the requirements for renting an apartment in New York City, there are some relatively strict rules compared to other cities.
In order to qualify, you need an annual income of 40x the monthly rent, or 80x the rent if you will be using a guarantor, a month’s rent for a security deposit, your last three bank statements, valid ID, credit check (which is usually a fee that you pay for), proof of income and/or letter of employment, and an application fee.
As you can see, there are a lot of minor details that must be done to even submit an application for a New York City apartment, so having a comprehensive folder on your computer is the best way to stay ahead.
That way, if you are interested in a rental and want to move quickly, you can submit the application from your phone or computer before you even leave the property. And trust me, people do this all. the. time.
Make sure all parties that will be on the lease have their documents prepared in this format ahead of time since nearly all apartments will require these documents.
2. Need a Guarantor? No Problem
If you need a guarantor, no problem. There are plenty of lenders throughout the city who can help you.
What is a guarantor? It is an individual or a service who co-signs and guarantees payment on the lease if it otherwise cannot be made.
Keep in mind that using a guarantor might cost you additional fees upfront which might affect your allocated budget.
However, there are some situations where having a guarantor could be mandatory. Of course, the most obvious case is if you do not have an income that is at least 40x the monthly rent.
Full-time students without an adequate income and people without a social security number will need to find a guarantor to meet the credit and income requirements.
If there isn’t someone available to co-sign for you, there are several options in the city. Some certified guarantor services are Insurant and The Guarantors. I have spoken with various landlords who accept these services, but some buildings may prefer a certain provider so make sure to double-check.
According to StreetEasy, the most popular website to find sales and rentals in New York City, “One question that often comes up is whether you can combine guarantors. In short: yup! You can. One guarantor’s income may be too wee for your landlord’s 80 times the rent policy. So you can ask another guarantor to join — like your Mom and your Aunt Linda. It’s a fairly common practice.
If that doesn’t work, showing that you have other ways of making your rent payment may get you approved. If you or your parents have significant savings, share the account statements with your landlord.”
3. Location, Location, Location
Location is one of the most important things to consider when renting a New York City apartment, and I am sure is something you have already thought a lot about.
Of course, your needs and lifestyle greatly affect the choice of location for your apartment. Some important things to consider are price, proximity to work or school, school district, public transportation, desired neighborhood feel, and places of worship.
My number one piece of advice in this guide is to never rent a property in New York City site unseen.
Getting a feel for the location by walking through the neighborhood during the day and at night is essential to making your decision.
The neighborhood feel can change from day to night and women should beware. Sadly, even though it is 2023, women may still be harassed, followed, or assaulted at any time or place in the city.
This is an unfortunate reality that women and femme-presenting folks must prepare themselves for. I recommend some self-defense classes or a deterrent of some kind. Be sure to read up on the laws about personal weapons and/ or deterrents in New York City which may differ from those of your current city or state.
Safety is the most important reason to view the apartment you’re interested in before applying, but the location is important for logistics planning as well.
How far away is the train station or the bus stop? Do you work from home, in person, or hybrid? What is your route to work and how many transfers does it take? How far is the walk from the train to your apartment? How far away do friends and family live?
These are important considerations because, although the public transportation in New York City is the most comprehensive in the country, there are still some ways it falls short.
For example, if you will be living outside of Manhattan, you might rely on the buses more than anticipated because Brooklyn and Queens aren’t very well connected by the trains.
Many people visiting the city are often surprised by the long commutes, so it is important to consider your lifestyle and logistic needs from your new apartment.
4. Bulk Up Your Budget
So, you know that New York City is expensive. You know that a New York City apartment is expensive. Okay. So take your current budget and double it. Now that is your ideal budget to work with.
While this is not absolutely necessary, always assume that everything is going to be two to three times more expensive than you plan for. This way, you should have a bit of a safety net just in case something goes wrong– and things love to go wrong.
I recommend increasing your budget for peace of mind during the apartment hunt. Not only do you have to pay the security deposit, but an apartment with a fee or no fee? Will you be using a realtor or going solo?
These are all important to consider in your budget. If you find the perfect place which happens to have a fee you can’t afford, you will be disappointed to let it go.
It’s always nice to have extra money set aside for setting up utilities and buying new furniture.
Pro tip: If an apartment is asking you to pay the first and last month’s rent for the security deposit, that is illegal in New York. Do not pay more than one month’s rent for a security deposit. Additionally, it is illegal to charge more than $20 for an application fee.
Pro tip #2: You can save on furniture by looking in housing groups such as Gypsy Housing and Buy Nothing groups which are specified by neighborhood.
For example, search “Crown Heights Buy Nothing Group” on Facebook, and boom! Exchange furniture, household items, and clothes with neighbors for free.
6. Tour IRL
Just as you should get a proper feel for the location of your dream New York City apartment, you should tour your prospective place in person.
I will refer back to my number one rule for this guide: never rent an apartment in New York City site unseen.
Simply put, there are lots of scammers out there waiting to prey on new residents. It is important to view the space in person as photos and videos can be misleading. Not only that but photos and videos often do not give a good look at the building entrance and vibe overall.
These two areas are important to check out because your building of interest might have a theft problem with packages routinely being stolen or an obvious lack of security for the mail.
There were times I was so charmed by the photos of an apartment that I thought for sure it would be perfect in person, too. Wrong.
Some buildings may have significant pest problems, unpleasant smells, mold, advertised facilities that are actually unusable, rats, and more. Oftentimes, the spaces are much smaller than they look in photos and videos.
Touring the apartment in person is the time for you to check the water pressure, appliances, and damages already in the space. If a realtor is present, make sure to ask about which utilities tenants are expected to pay since it varies by building.
Sometimes during a tour, current tenants will give you their thoughts on living in the unit and they are not always positive. This is actually gold when apartment hunting because you can quickly cut your losses and move on.
5. New York City Apartment Groups
As you already know, there are many ways to find a legit New York City apartment. There are plenty of options depending on your preference, but, hands down, the most popular search engine for New York City apartments is StreetEasy.
There are other well-known sites such as Zillow, Trulia, and Redfin, but I find those are less common in the city. Even more than these big names, it is very common to find an apartment and/or a room to rent on Facebook Groups and Craigslist.
I know in other cities, these groups might seem a little risky, but in NYC, it’s very common. Using caution is mandatory in addition to vetting the place in person. You can always bring a friend as an extra safety measure.
Some of the most common Facebook Groups for housing are Gypsy Housing, NYC Apartments and Rooms, Sublets, New York City Housing, Gypsy Housing Brooklyn, and Queer Housing New York City.
These groups offer lease takeovers, single rooms, multiple rooms, and sublets. Whatever your situation, there is usually someone that will accommodate you.
Do not, under any circumstances, send anyone money before seeing the apartment and signing the lease! These are scams. Be smart and be cautious.
