Renting an apartment in New York City can be a daunting task even for a veteran New Yorker, but it can be especially tough if you’re new to the city. What paperwork will you need? How soon should you start looking? What fees should you expect? And what about dealing with co-op boards?
Generally, you should plan to start your rental apartment search about one month before your desired move-in date, and be ready to make a the decision to move forward quickly once you’ve seen a place you like. Good apartments in New York go quickly, and some buildings can take up to 30 days after lease signing to approve move-in. You’ll want to have all your paperwork ready to go so that you can apply right away when you’ve found a good match. The following paperwork is what you typically need for an application:
- Copy of a state issued I.D
- Two recent paystubs
- The first two pages of your past 2 years’ tax returns
- Letter of employment stating salary and length of employment
- The first page of your most recent bank statement
- Credit check
Once a landlord has reviewed your paperwork and accepted your offer to rent, it’s time to sign the lease. The following fees will be due at the time of lease signing:
- 1st Months Rent
- Broker Fee: normally 15% of the annual rent
- Application Fees: can range anywhere from $75 to $1000
- Move-in deposit (refundable): usually $500
- Security deposit (refundable upon move out): usually 1 to 2 months rent
Depending on the building, you might also need to submit a package for board approval of your move-in after you’ve signed a lease. (This is true for most co-op and condo buildings where individual unit owners are renting out their apartments.) These “packages” range in complexity from a single page of contact information to full-blown personal files, complete with financial background and reference letters. Some co-ops also require a board interview prior to move-in. (For tips on passing a board interview, check out this article, and for tips on putting together a passing board package, click here.)
When you’ve received the go-ahead from the building, make sure to check with your landlord or the building’s management company regarding rules for move-in. Most buildings require new tenants to schedule their move-ins in advance, and they typically only allow moving large furniture Monday through Friday between 9am and 5pm.