Apartment Rental Process | Tips for renting in New York City
NYC Apartment Rental Process
At Giner Realty NYC, we pair our market expertise with deep research on a variety of databases to find you your dream apartment. Upon getting to know you and what you are looking for, we act as a liaison between you and other brokers to guide you through the rental process. This includes searching for and vetting listings, setting up appointments, taking you on tours, and ensuring you get the best deal possible. Most importantly, we are here for all of your needs before, during, and after the process!
What to expect searching in NYC
A fun process:
Starting off, looking for apartments in NYC can be daunting, but it is a really good way to explore the city and to learn what you like / dislike.
A competitive market:
The next aspect to note is high demand for rentals in NYC, Consequently it is extremely difficult to secure an affordable unit. This may take putting in multiple applications (they do have a fee) before you are able to secure an apartment. That said, Be ready to act fast if you like a place!
To be realistic:
Above all, we are here to help you find an apartment that ‘checks all of the boxes.’ Therefore, having a realistic list of musts, wants, and wishes is key.
Being Realistic: Musts, Wants, Wishes
Musts: First off, create a list of your top 3/4 things that you value the most in your living situation
Wants: Moreover, consider things you can compromise on “It would be nice if…”
Wishes: Another key point is wishes, they are not as necessary as musts and wants. For example, “it’s probably not in my budget, but…”
General Timeline
5-7 Weeks from move in date: reach out to an agent and create your list of musts, wants and wishes
4-6 weeks from move in date: start touring apartments
2-4 weeks from move in date: find and apply to one or more apartments
1-2 weeks from move in date: finalize paperwork
Finally, move in! Enjoy your new apartment in NYC!
Fees to Prepare
- Application Fee: First, note that standard apartment application fee is $20 per person per unit (for rent)
- Rent: Next, Set a reasonable budget – it is widely recommended to spend no more than 30% of your income on rent
- Other expenses: Remember, these range from potential utilities and laundry costs, to the general cost of living in NYC
- Broker’s fee: see FAQs for industry standard rates
Documents to Prepare
Moreover, here are documents to prep!
- Employment verification letter: clearly listing job title, functions, salary, and length of employment on company letterhead
- Paystubs: the three most recent
- Bank statements: the three most recent
- Federal tax return: W2 or 1099 form
- ID: Copies of two forms of photo ID
Tip: In addition, having your documents ready in a PDF format will give you a competitive advantage over other renters
Next Steps…
Finally, consider these next steps
- Keep in touch!
- Think about musts, wants and wishes
- Get your documents ready
- Tour NYC with us and find your place
Check out https://streeteasy.com/ to better understand your budget