Renting in New York City is a very quick process, so being prepared is really important!
Start your search at least 30 to 60 days ahead of time and decide what factors are important to you, such as location, size and price.
Work on your budget before you begin looking which will save you a lot of time!
There are some requirements for renting a New York City apartment.
Your salary expectation is usually 40 to 50 times the monthly rent. For example if you rent a 2,500 apartment you will need to earn between $100,000 – $125,000.
If you are renting with a partner or roommates, it may be possible to combine your salaries and a landlord may require a guarantor. A guarantor will be expected to make more, or 80 to 100 times your monthly rent.
And since the process is relatively quick, you should organize your documents!
Most rental building applications may require verification of employment, usually on employer letterhead, indicating your salary and, if applicable, bonus, your position, length of employment as well as your two last pay stubs and copies of your last two years tax returns, 1040, pages 1 & 2 (signed).
Verification of assets is required, such as:
- Copies of your last two months all savings account statements (all pages)
- Copies of your last two months all checking account statements (all pages)
- Copies of your last two months all investment account statements (all pages)
- Clear copy of a valid state identification or driver’s license or passport
If you are currently renting, you will need a letter from your current landlord.
Personal and Business References.
Renters Insurance at application approval.
Application fee and credit check ranges from property to property.
If renting in a co-op or a condo, you will need to prepare a board package and the process can take 30 days or longer for the boards to approve.