What You Need to Rent an Apartment in New York

This article was updated on January 8, 2025.

Here’s a List of What You Need to Rent an Apartment in NYC

If you plan to rent an apartment in New York at any time, you’ll need to have your ducks in a row. Spring, however, is probably the busiest time of year since the rental market picks up and becomes more competitive than it is during the other three seasons. That said, in April, May and June, you should be all the more organized before you start searching for an apartment in NYC. I recommend checking each item from this list before you begin scouring the five boroughs, so you’re much more likely to find success quickly and move in before the heat of summer hits. Here’s what you’ll need to rent an apartment in New York.

An established budget

Know how much you can afford before you start searching. You’ll discover that you get what you pay for in NYC, especially in terms of real estate. Based on your current salary, you won’t have any choice but to stay within budget, which brings me to the next point.

A job earning 40-50 times the rent 

If the rent is 2,500 per month, you need to earn a minimum of $100,000 per year or 40 times the monthly rent. That number might sound extreme, but to rent an apartment in New York City you must abide by this income rule. Perhaps you haven’t secured a job in New York yet but you have a decent nest egg. Some landlords will give you a pass, but you’ll likely need a guarantor. If you have a job but don’t earn 40-50 times the rent amount, you’ll also need a guarantor before you have a shot at securing your own place. A guarantor can be a family member who makes 80-100 times the rent or a company like Insurent. Basically, you’ll pay the guarantor company and they’ll guarantee that you’l pay the rent each month. If you can find a roommate, a landlord will take both incomes into consideration.

A photo ID

If you don’t have a driver’s license, you can use your passport or another government-issued identification card.

Tax returns

Be sure to have copies of your tax returns from the past two years.

Letter of employment

Ask your employer to draft a letter stating your position, salary, length of time with the company or your future start date, and any bonuses or commissions.

One month of pay stubs

If you already have a job, you’ll need to prove that you work there and show two pay stubs.

Bank statements/reserve funds/savings

Most landlords and management companies will want to know that you can make the rent if you lose your job, so be prepared to show every dime you have to your name. The more cash you’ve saved, the better. Always remember, in New York, cash is king.

A good credit score

Don’t bother trying to rent an apartment in NYC if you have poor credit. New York attracts too many applicants and without a guarantor, you won’t stand a chance. The competition is stiff.

A letter from your last landlord

Not everyone will require a letter, but some will want proof that you weren’t an irresponsible tenant, throwing wild parties or blasting loud music into the wee hours. Landlords will also want to see a history of paying rent on time each month.

A real estate broker you can trust

Now that you have all of the necessary paperwork in order (and a job), you can get down to business. But to rent an apartment in New York, you’ll probably need the help of a professional. To be honest, moving to NYC is nothing like moving to other cities. It’s tough to find a place to live on your own. Listings move at the speed of light, so be prepared to use an agent. If you hire an agent, you’ll need to negotiate the fee.  More on brokers fees next.

The broker’s fee

Unless you’re savvy enough to land a no-fee rental, to rent an apartment in NYC you’ll need to pay 15% of the annual rent to the broker. If your rent is $2,500 per month, that’s $30,000 per year in rent, so the broker’s fee would be $4,500. The FARE Act went into effect in 2025, so no landlord can hire a broker and pass on the fee to a tenant. That said, more than likely, the fee is just rolled into the monthly rent. So rents are higher. This is New York, so don’t think you’re getting a deal. That’s unlikely.

Three months’ rent

Once you have all that’s mentioned above and you’re approved for an apartment, you’ll need rent for the first month, potentially the last month (not always, but plan for it), as well as the security deposit to move in. Some landlords will use your security deposit as the last month’s rent.

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