Renting Apartments in New York City

March 28, 2006 | Updated: November 10, 2006

Before you even start searching, be aware that a lot of landlords in NYC require a thick packet of financial documents. Landlords don’t want deadbeat tenants. These days, in addition to running a credit check (around $50), landlords might ask for:

  • Employment & salary verification; last 3-4 paystubs.
  • W-2 and tax returns of last 2-3 years.
  • Last 3-6 checking, savings, or credit card statements.
  • Last 3-4 electricity & phone bills.
  • Reference letters and/or contact info of previous landlords.
  • 2 different Photo IDs.
  • First month’s rent, last month’s rent, and a security deposit (1 month’s rent). This means 3 months rent + fees up front.

Only the most demanding landlord will require all of the above, but I want you to be prepared. Some landlords (larger/corporate) are strict about your income being a certain multiple of the monthly rent. The multiple is usually 40x to 50x. Example: for a $1500 apartment and a 40x multiple, the annual gross income needs to be $60,000. If you don’t pass the income requirement, you will need a guarantor or a co-signer, e.g. parents, a rich uncle, or a sugar daddy.

Property Managers / Owners

I’ve limited the list above to property managers that have their listings online and own more than one building in NY. If you’re willing to contact management by phone/email, try this list of property managers and apartment buildings at NY Bits. New York Residentials has a similar list of buildings mapped using Google Maps. A lot of these apartments are luxury or semi-luxury. If your income is not high, check HPD’s affordable housing apartment listing (income-restricted and lottery process).

Of course, check craigslist and HousingMaps (craiglist listings by owner + Google Maps), as well as the Village Voice and the NY Times. There’s a lot of volume, so you’ll probably want to check at least once a day. Don’t forget to check the paper editions as well. Some listings don’t make it online.

If you have time, walk around the neighborhood you want to live in and scout out buildings directly. Talk to the doorman or residents and try to get the contact information of the owner/management so you can call them directly. Some require you to go through an exclusive broker, but some don’t. This can be a lot of work and very hit-or-miss, but it can really pay off.

If you’re new to NYC and don’t know the neighborhoods, check out the neighborhood guides by New York Metro and NY Bits. One area those sites don’t mention is New Jersey. I know, I know… but if you work downtown or anywhere near the PATH stations, give it some consideration. Also, I recommend subletting for a couple months when you first move here to really figure out where you want to be. There’s no long-distance substitute for this.

Checking the Apartment

  • Doorbell, Appliances: Clean? Functioning? Check everything.
  • Plumbing: Turn on all faucets, test the showerhead(s), and flush the toilet(s).
  • Closets, Cabinets: Open them all and inspect for “surprises”.
  • Electrical Outlets, TV/Internet Cable Outlets, Phone Jacks: Are there enough?
  • Laundry: Clean? Adequate? Hours? Closest Laudromat?
  • Security: Doors, windows, type of locks, hours of any doorman/security guard.

What utilities are included? Heat is the most common. I would avoid apartments that don’t include heat. Some places include cooking gas. Very rarely will you find electricity included. Is the apartment rent-stabilized? This is important if you plan on staying more than a year. Is pest extermination provided? How often? Roaches and mice can be very unpleasant. Don’t forget to negotiate the rent and/or any fees. A decrease of 3% to 5% is reasonable. Any more and you might get some ugly faces.

Oh, yeah, almost forgot. Brokers. Sometimes these brokers have no fee aparments. But be careful, “no fee” apartments from brokers often mean you’re paying a higher rent as the fee.

Brokers

Entry Filed under: New York City

15 Comments Add your own

  • 1. tlang | March 29, 2006 at 12:50 am

    Do you have any information on Slum Lords to be on the look out for?

  • 2. Andy Cho | April 1, 2006 at 4:09 pm

    I thought about a Slum Lords List, but it would be a daunting task. Big enough to be a website/project/business, I think.

  • 3. Anonymous | April 26, 2006 at 5:29 pm

    Clarendon Management would be good to add. They manage the 1000+ units in Chelsea’s London Terrace Garden’s.

  • 4. Andy Cho | April 29, 2006 at 4:08 pm

    Unfortunately, Clarendon Management doesn’t have a website. I believe their contact information is: 435 West 23rd St., New York, NY, 10011, (212) 243-7000.

  • 5. Anonymous | July 30, 2006 at 11:30 pm

    when you rip off information from another website and present it as your own, its nice to give credit to the website http://homepages.nyu.edu/~ac111/housing/renting/nyc.html where you got your information from.

  • 6. Andy Cho | August 3, 2006 at 6:12 pm

    You’re right, although… that’s my page. So I guess I ripped off the page from myself. I didn’t realize that old page was linked by anyone! To avoid confusion, I’ll place a redirect page at the old page to redirect to this page.

  • 7. Ryan | December 7, 2006 at 5:07 pm

    Hi Andy,

    Just wanted to let you know i used this article as a resource and found it very helpful in moving into my first NYC apartment. I ended up finding a place at the NY Times (online) which was listed by a brokerage firm that isn’t currently on your list. I think you should add them as they were very helpful throughout the whole process (which turns out is a HUGE pain in the butt). Their name is The Real Estate Group New York

    Thanks,
    Ryan

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  • 13. Avery Montgomery | January 8, 2008 at 10:09 pm

    Thanks for this great information Andy. I had a really great real estate agent who held my hand through the whole process. It was intimidating but he made it pretty effortless. He was well worth his fee. Super nice guy, too. He works at Brown Harris Stevens on Broadway. His name is Adam Taylor 212 588 5669.

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