Guide for Renters
In New York City, renters begin their search only 30 to 45 days before the intended move-in date. In Manhattan, unlike other cities or countries, availabilities come on the market only 1 or 2 months in advance.
Typically landlords require a tenant to earn between 40-50 times the monthly rent on an annual basis. Most people spend about 25 % of their monthly gross income (pre-taxes) on their rent.
Organizing + preparing the necessary information
Here is a CHECKLIST of the documents you should gather in preparation of renting an apartment in New York City:
- Letter of employment and salary verification (including hiring date if not yet employed)
- Bank letter and/or two months of bank statements (checking and savings), credit card numbers
- Letter from current landlord stating length of occupancy and history of paying rent on time.
- Names, addresses and telephone of accountant and attorney, if applicable
- Names addresses and telephone of 2 personal and 2 business references (preferably 2 business and 2 personal letters of reference)
- Tax returns (typically 2 years prior)
- Pay stubs (copy of the most recent ones)
- Proof of income separate from bonus (verification from employer)
- Additional sources of income with verification
- Copy of personal identification with photograph (driver’s license or passport)
- Try to establish a New York bank account before coming as landlords will not accept personal or out-of-state checks. They will require certified funds.
- Bring enough traveler’s checks to cover the cost of 2 month’s rent (which must be converted to “certified checks”: 1st month rent + 1 month security)
- Bring funds to cover the “processing fee” of your lease application payable to the management company by personal check (a total of $500 to $1,000 according to the management companies)
- Bring funds to cover the “credit report” (part of your application): $75 to $ 125 for each applicant (personal check).
- Bring funds to cover the broker’s fees: typically 15% of the first year rent and one month’s rent for a short term lease of 3-6 months. These fees (payable by “certified check”) are due by the renter upon signing of the leases.