How to Rent an Apartment in Manhattan NYC:

By
Real Estate Broker with The Corcoran Group

The Aldyn, Condo rental

Renting an Apartment in Manhattan, NYC

Everyone wants their first New York City rental experience to be a positive one. As a current or future Manhattanite, you should familiarize yourself with the rules of renting in order to make your experience as hassle and worry free as possible.

Carefully read any documentation presented to you by your future landlord before entering into any contract. Although many leases contain predominantly boilerplate language, in many instances clauses may be added to the lease contract that supersede or alter the lease agreement in some way. Such additions are called riders.

Also, the type of lease may vary. A Standard Form of Lease, for instance, may differ greatly from a Rent Stabilized Lease Agreement or a Cooperative Sublease Agreement. Take the time to read and digest the language of any documentation presented to you, and always ask questions should it contain something you don't fully understand.

Make a check list of information to bring with you in order to finalize your lease agreement. You will almost certainly need all of the following:

1.     A letter of employment and salary verification

2.     Bank account numbers (checking and savings), as well as any credit card numbers

3.     Current bank statements

4.     Contact information (names, addresses, phone numbers) of previous landlords

5.     Contact information of your personal accountant or attorney, if applicable

6.     Contact information of any personal or professional references

7.     Tax returns from the last two years

8.     Recent (current) pay stubs, typically from the last two pay periods

9.     Two forms of personal identification (driver’s license, passport, etc)   

10.    40-45x the monthly rent in annual income is required.

If you are relocating from outside of New York, prepare your funds ahead of time. Landlords will not accept personal out-of-state checks. Bring traveler’s checks or certified bank checks in amounts sufficient to cover two months rent, any brokerage fees, a credit check fee, and any additional fees such as a move-in/move-out fee or building application fee.

The Corner - 72nd & Broadway

Once your personal and financial documentation is in order, you will then be prepared to view and select prospective apartments. Remember, your agent can provide you with a wealth of information to assist you in making an informed decision. Ask plenty of questions about neighborhoods, building types, publictransportation access, or anything else that might be of interest to you.

When you have selected a suitable apartment, you must then fill out a rental application, or other applicable documents. Once you or your agent has negotiated agreeable lease terms, a credit report and reference check will be done.

Upon final confirmation, you will be asked to sign a lease and settle any outstanding applicable fees.

 

In Manhattan, residential real estate is made up of rental buildings, condos, condops, coops and townhouses. All can make fine homes and all are available for rent.

 

courtesy of:

Mitchell Hall, Associate Broker, The Corcoran Group

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Topic:
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Location:
New York New York County Manhattan
Groups:
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Tags:
renting
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renting nyc apartment
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Comments 27 New Comment

Ambassador
1,517,682
Christine Donovan
Broker/Attorney 800-610-7253 DRE01267479 - Costa M
Donovan Blatt Realty

Mitchell - I was curious what it might be like to rent a place in Manhattan and how it might vary from here. 

June 10, 2011 11:26 PM
Rainer
18,588
Tony Baumer
Jersey Shore Moving Specialist

Great post, 40-45 times rent to annual income!

June 11, 2011 06:33 AM
Rainmaker
499,268
Mitchell J Hall
Lic Associate RE Broker - Manhattan, NYC
The Corcoran Group

Hi Erica, Thank you. I think my next post will be frequently asked questions about renting. Good luck to your friend's son.

Hi Christine, We are still primarily a rental market. 75% of housing here is rentals.

Hi Tony, If the tenant needs a parent as a guarantor on the lease the parents income has to be 80-85 times the rent. Some landlords will only allow a guarantor from the tri-state area.

June 11, 2011 07:20 AM
Rainer
115,272
Homes and Condos For Rent in Roseville CA
mail@rosevillerentalproperties.com
Roseville Rental Properties

Mitchell, I always find it interesting to read about the rental process in other parts of the country...thanks for this primer on renting in Manhattan! Sorry it's so difficult to evict in New York. No wonder they make it tough to get in!

June 12, 2011 06:15 AM
Anonymous #28
Anonymous
jack rice

there are many cheap apts for rent in nyc. it suits the pockets of many...

June 20, 2011 11:02 AM
Rainmaker
499,268

Mitchell J Hall

Lic Associate RE Broker - Manhattan, NYC
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