Renter's Guide

Renting an apartment in NYC

Renting in New York is unlike most other areas in the world! Primarily because the rental process itself is not standardized. Meaning, the requirements will vary slightly from landlord to landlord. Below is the step-by-step, easy to follow outline of the entire process and typical requirements to successfully rent an apartment.

The Basic Steps
Call or Email Universal to begin your process. We will review:

Your housing needs
Search Criteria
Timing
The Market
The application process and typical requirements
Any additional items and questions specific to your move

Funding
Upon conclusion of this call, your Universal agent will assign the best agent to work with you to find your new home
Your agent will search for properties based on your search criteria and budget
Your agent will schedule viewings and accompany you to each apartment based on your availability
Once you find an apartment, your agent will walk you through the entire application process and requirements

The Application Requirements
Most landlords will require proof of sufficient income to satisfactorily cover the monthly rent as determined by the landlord and applicable law. Please keep in mind the requirements are not standardized so requirements can vary. Most landlords have asked for the following documents to the extent applicable. The requirements for your lease will be specified by the landlord at the time of application and are not the requirements of Universal. If you have any questions regarding a landlord’s requirement, you are encouraged to ask your agent.

Income of 40X the monthly rent, or other proof of source(s) of income or ability to pay rent
Fully completed and signed application
ID – e.g., driver’s license or passport
Employment letter
Two (2) most recent pay stubs
Tax returns (first two pages) – last 2 returns
Two (2) most recent Bank/Investment accounts
Upon receipt and review of the documents, the landlord will review the details and determine if the application will be accepted. The typical approval process is within 24-72 hours for a rental building. For an apartment located in Co-operative (co-op) or Condominium (condo), the approval process can take over a month.

Funding
It’s important to prepare the necessary funds before coming to New York. Landlords will not accept personal or out-of-state checks. They require certified funds. With this in mind, you should:

Try to establish a New York bank account before you begin your search so you can get funds easily
If this is not possible, landlords typically request that you have available funds with you to cover first month’s rent and one month security
Bring funds to cover the other costs in leasing an apartment which can include:
Broker’s fee
Application fee
Credit check fee
Possible move-in/move-out fees (See Co-op/Condo Funds needed).
Note: Renting a condominium or Co-op can mean higher application fees and possibly a board approval process

If your salary level or available source(s) of income and total financial picture does not meet the landlord’s requirements, you will need a co-signer or guarantor, to guarantee the lease. Landlords prefer a tri-state guarantor.

Guarantors – Typical Landlord Requirements
(Subject to change based on each landlord’s requirement):

Upon Acceptance, at lease signing you will need to have paid the following funds:

First month’s rent
Security deposit
Brokers’ commission
Co-op’s or Condominiums will typically require additional fees such as a move-in or move-out fee. Pets may also require additional security or insurance.

Call or email us today and we will help you throughout the entire rental process.