Renting in New York is unlike any other city in the country. At times my rental clients feel as if the are actually purchasing instead of renting. The process is somewhat tedious, which is why I have highlighted the steps for you.
Affordability
A simple rule to keep in mind: you can expect to pay 25% of your gross annual salary for rent.
Financial Qualifications
Most landlords require that you annually earn 40 to 50 times the amount of the monthly rent. Oustanding loans and liquid assets are additionally considered.
Lease Guarantors
For the renter that does not meet the Landlords financial qualifications, you may need a guarantor to guarentee the lease. Landlords prefer a family member who lives and owns property in New York, New Jersey or Connecticut. The guarantor must earn ample income.
Expatriates
If you do not have a Social Security number and do not pay taxes in the United States, your eligibility is weighted differently. You will need to work closely with your employer, relocation coordinator and your real estate agent.
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Letter of employment and salary verification
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Names, addresses and phone numbers of previous landlords
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Names, addresses and phone numbers of personal and business references
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Bank account numbers
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Credit card numbers
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Expected bonus (employer to verify)
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Driver’s license or passport
New York Lanlords will not accept personal or out-of-state checks
Required Funds
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Credit Check: $25 to $200
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Two months rent for the security deposit and first month rent (additional funds may be required for security). If you do not have a NYC bank account you may bring Traveler’s Cheques that can be converted.
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The Brokerage Fee: Is paid by the tenant and is typically 12-15% of the annual rent. The landlord does not pay the fee – the tenant is responsible.
Once you have chosen your new apartment an application will be submitted, credit check performed and your references will be verified. Upon approval: leases will be signed and certified checks will be submitted.
