Renter’s Guide

How to Qualify for the average NYC Apartment

The 40x Requirement: Most buildings require that a renter earns 40 times the monthly rent in annual income. So, if you want to rent an apartment for $5,000/month, you'll need to earn $200,000/year. In order to prove this, you'll have to show the following documents* :

- Last Two Bank Statements

- Last Two Paystubs

- Employment Letter/Offer Letter

- Photo ID

*this is a simplified list for people who are paid strictly in salary, if you are paid through commission or own your own business, these documents will vary. Please use the intake form for more info :)

Tell Me About Your Apartment Search!

Commonly Asked Questions

Moving to New York City is very complicated, so we're here to help! Odds are, if you're on this page you can definitely use some help with your apartment search. If that's the case, please be sure to use our intake form below and we will reach out as soon as possible!

How do I find an Apartment in New York City?

There are a few ways to find an apartment in New York City, you can use a broker, websites like StreetEasy, or ask your friends for referrals. If you googled this question, I would highly recommend using a broker as moving to New York City for the first time is an extremely confusing process

What do NYC Brokers do?

Brokers, or agents, in New York City often utilize their expertise to find apartments that are underrepresented or harder to find and they are able to facilitate and secure a lease for you. Because New York City is such an inefficient market, it is often far more convenient to have a broker assist you in your search.

What are Broker Fees in New York City?

You've likely heard the term "Broker Fee" or "No Fee" in your apartment search. Those terms surround the idea that incoming tenants are usually responsible for paying a broker to facilitate the lease (sometimes even if the landlord hired the broker!). In New York City, a broker can charge up to 15% of the annual rent (almost two months rent!) while others charge less than a month or nothing at all. For example, We try to focus on working with landlords who are willing to pay us a "finders fee" for bringing them a qualified tenant such as yourself. So, in that case it would be a No Fee transaction, meaning that you don't have to pay a broker fee!

How do Guarantors work in New York City?

If you don't make 40 times the monthly rent in annual income, there are absolutely other ways to qualify for an apartment. The easiest way is to use a personal guarantor. Typically a personal guarantor needs to be someone who makes 80 times the monthly rent in annual income, lives in the US, and files a US tax return. Alternatively, you can use TheGuarantors, Insurent, or Rhino (depending on what the landlord accepts) and they will guarantee the lease in exchange for a one time fee

What's the difference between a CONDO and a Co-Op?

In New York City, there are four main types of residential buildings: Condos, Co-Ops, Condops, and rentals. The main difference between a Condo and a Co-Op (a Condop is a mix of the two) is the ownership structure. Buying a Condo results in owning that apartment outright, while a buying into a Co-Op results in owning shares in the Co-Op which give you claim to an apartment. Furthermore, Co-Ops tend to have more regulations and restrictions (most of which require approval fro the Board). My advice is to aim for a Condo if you're buying, it's much easier and typically more investor friendly