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What's The Process of Renting in NYC?

What's The Process of Renting in NYC?

So, something that's often quite jarring and unexpected for those moving to Manhattan is the process of getting approved for a rental apartment. 

It's not as simple as just giving the landlord your first month's rent and security deposit in cash, and telling them "you know I'm good for it!"

That might work in the outer boroughs or New Jersey, but in Manhattan, they have non-negotiable requirements.

The standard documents and requirements are:

  • Valid form of Identification
  • Yearly income minimum of 40x the monthly rent (So for a $3000/month apartment, you need to show $120,000 per year salary)
  • 2 Recent Pay Stubs
  • Letter of employment stating salary
  • 2 Recent Bank Statements
  • Referral Letters
  • Self employed people need a CPA letter confirming past and future income

It's best to compile a pdf folder of your documents before you even go out looking for an apartment.

Because the rental market moves very quickly. Apartments are literally here today, gone today.

If you find a place you love but your documents aren't ready to apply, it's very possible you might lose it. Some buildings will allow a good faith deposit equivalent to one month rent to take the apartment off the market while you get your application together, but don't bet on it.

Once you find "the place", get your completed applicaction in right away.

Remember, time kills all deals. It's always best to put an application in and risk it getting denied or changing your mind as opposed to waiting for something better to come alone and it doesn't, and you've missed out altogether.

Also realize, you likely won't find a BETTER apartment, it'll just be DIFFERENT. So don't delay, put that application in today!

Happy Hunting, Darlings!