New York City’s rental market is extremely strong with relatively limited inventory. Opportunities on the market move fast and many requirements must be fulfilled for most landlords. Please prepare the necessary paperwork as early as possible in your search process so that you can attain on time your dream home.
The required documents
Please take a few minutes to compile the listed documents:
- Letter of Employment (should be on company letterhead and including salary, guaranteed bonus, title, start date and housing allowance, if any)
- Last 2 years of Federal Tax Return
- 2 recent pay stubs
- Bank Statements
- Social Security Number and Credit History
- Letter from your previous landlord
- Copy of your passport or your personal ID with picture
- Copy of your visa or green card
In New York, owner usually requires a tenant to earn 30 to 50 times the monthly rent.
Example: 40 * 2,500 (monthly rent) = 100,000 $ / Year
Important for students: If you do not meet minimum salary required and do not have a social security number nor credit history you must be prepared to provide a US guarantor preferably from the tri-state area to most landlords in New York City. You also might be asked to put an additional security deposit down. Landlords can ask for 3 months of security deposit to a whole year upfront.
Please prepare the listed documents from your guarantor:
- Guarantor Application form
- Most recent tax return
- Bank statements
- Proof of income equivalent to 80 to 100 times the monthly rent
The rental process
Your BARNES | WARBURG agent will schedule showings to start your search for a home that will fulfill your needs and requirements. Once you have found your new home, you will be asked to fill out a rental application form. Application fee range from $25 to $100 depending on the landlord and the management company. Upon acceptance, a credit report will be done and your reference checked. Your BARNES | WARBURG agent will be in charge of negotiating the lease terms for you as well as the price. Approved tenants will than sign the lease and provide necessary funds and broker fees the day of the lease signing. Personal checks are not accepted. The money due should be delivered in form of certified bank checks.
Most landlords will require at lease first month/last month rent and the equivalent of 1 month of rent as a deposit. Some landlords and management company may require renters insurance. Other buildings might require board package fees, a move in/ move out fee or a pet fee might be applicable if you are renting a home in a condo or co-op. Please ask your BARNES | WARBURG agent for the any additional applicable fees.
Rents are a function of location, amenities, quality of the rental, and accessibility of the building. Three and four bedrooms in Manhattan are the hardest units to find due to a very low inventory.
In Manhattan (below 110th street) the average rent for a:
- Studio is between $1.800 and $3,300
- 1 Bedroom is between $2,900 and $4,500
- 2 Bedroom is between $5,000 and $12,000
- 3 Bedroom is between $8,000 and above