Because moving to a new city, particularly New York City can be challenging, it is best to have as much up front information as possible, that’s why we at City Prime Realty have prepared a rental guide to help assist you in your search. This guide was written to help you on your move to New York City. Whether you are coming to New York for a job, school, or to pursue your dream; this guide will assist you in finding and securing your new apartment. Outlined are the different types of buildings and apartments, types of rentals, what you need to successful secure your rental and a glossary of terms that will help you navigate the apartment hunting world in New York.
Please consult our Neighborhood guide for more information about individual neighborhoods in New York, their history, price range and places of interest within them. We wish you the best of luck on your apartment search!
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General Guidelines and Information
Income Requirement- Generally, the tenant is required to make 40-50 times the rent annually. This does not include bonus or non-guaranteed income.
Lease Guarantor- If you do not make 40-50 times the rent, you can secure your apartment by using a guarantor, sometimes referred to as a Co-Signer. Guarantor takes responsibility if you do not pay your rent. He/She must generally make 80-100 times the rent annually. Most landlords prefer if your guarantor is located in the tri-state area (New York, New Jersey or Connecticut).
Application/Credit Check- Background information you must provide to your landlord so that he/she may check your financial, rental and employment background. This is frequently accompanied by an Application Fee which is due at the time you submit your application. They generally range from $50-$100 for a rental building and $250-$1,000 for a co-op or condo building (see building descriptions).
Required Certified Monies- When you secure your apartment, the landlord will typically require that you submit the first month’s rent and a month’s security deposit with certified or bank check or money order. Sometimes this may be paid using a credit card, but will generally incur and additional charge of 2-3%.
Broker Agreement- If you work with a broker, he or she will ask that you sign an agreement stating that you will pay his or her fee if you secure an apartment with him/her. If you do not secure an apartment with the broker, you are not required to pay a fee.
Owner Paid Fee- In some cases, the owner will pay part or the entire broker’s fee. The broker is required to let the tenant know about this arrangement. The tenant is thus required to pay only what the landlord does not.
Things You Should Bring Along On Your Search
You should consider keeping the following documents in a folder to take along with you on your apartment search. Copies of each of these documents will do. These should be provided for anyone on the lease, including roommates or guarantors.
Employer Verification Letter- A letter from your employer stating your employment with the company. This should be on company letterhead and be signed by your supervisor. Information that should be included in this letter include: Position, salary, start date, and if applicable, guaranteed bonus. It should also state if you are entitled to a housing allowance and how much.
Bank Statements- At least the last two months of bank statements should be in your application portfolio.
Tax Returns- It is best to include the last two years of tax returns in your application paperwork.
Photo Identification- Driver’s License or other state issued photo ID if you do not drive.
Monies- Enough to cover at least the application fee should be carried during your search. Plan on having monies available to provide for the first and security deposit as well very near the start of your apartment search.
Apartment Sizes
Studio- In other cities, this may be called a bachelor apartment or an efficiency apartment. This space combines the living and sleeping quarters into one room. The kitchen may be separated by a wall, or simply be along a wall of the apartment.
Alcove Studio- This is a studio apartment that includes a small alcove for sleeping, keeping the living and sleeping areas defined yet still open to one another. Sometimes this will be called a Jr. 1 bedroom or and L-Shaped Studio. If these terms are used, you know that the area is open, but clearly defined for sleeping and living.
Convertible Two-This is essentially a one bedroom apartment, with a living area large enough to be converted to a second bedroom. A pressurized or temporary wall can be constructed by various agencies throughout the city for a fee.
Junior 4- This is a one bedroom apartment with a studio style alcove off of the living area. This alcove can either be utilized as a second bedroom or as an office or dining area.
Classic 6, 7 or 8- This style is specifically located in pre-war buildings. An apartment with either 6, 7 or 8 rooms consisting of a living room, dining room, kitchen two standard bedrooms and a smaller third bedroom or “maid’s room”. In the 7’s and 8’s a third and fourth full sized bedroom are provided.
Building Structures
Knowing what you are looking for can help a great deal in your apartment search. The building structure can tell you a fair amount about your apartment.
Brownstone/Townhouse- Generally built around the turn of the 20th century as single family homes, many of these buildings have been converted into apartments. These buildings offer a lot of charm in their architecture and often have plank hardwood flooring, high ceilings, crown moldings and fireplaces.
Loft Building- Once commercial spaces, these apartments generally offer a lot of open space, allowing the renter to construct his or her own open living area. Frequently now, loft spaces are being renovated or newly built, with amenities found normally in high rise luxury spaces such as gyms, doormen, pools and laundry.
Prewar Building- Prewar refers to anything built before World War II. These buildings generally have a lot of architectural character and decorative elements. Almost all have hardwood floors, high ceilings, fireplaces and if you are lucky, original detail. Many of these buildings have 24 hour doormen and or elevator service.
Postwar Building- Like the prewar, the post war name refers to any building built after World War II. These buildings are generally less aesthetic than prewar and brownstone buildings, but offer more modern living space. Most have laundry on premises either in the basement or on each floor. These buildings may or may not have a doorman.
High Rise- High rise refers to any building more than 20 stories. Generally, they are newer buildings, built in the later 20th century. Considered “cookie-cutter” apartments, they don’t generally have much architectural detail, but do offer more modern living amenities, like closet space and laundry facilities.
Low-Rise- Low-Rise refers to, no, not your jeans, but a building that stands generally between 4 and 12 stories, but always less than 20. These buildings may or may not have standard shaped apartments and may or may not have a door man or elevator. Typically, they do have video intercom systems and laundry on site.
Building Types
Unlike many other cities, New York City has various types of building ownership. Below are the three most common types in New York City.
Rental Buildings- An individual owns the entire building or property. The laws regarding these properties vary according to whether the property is rent stabilized or not. Generally, the landlord will require one month’s security deposit and the first month’s rent. They will also require a credit check.
Condominium Buildings- “Condos” are owned individually. The condo board must approve the price of the rental and length of lease set by the individual owner. Required paperwork is generally the credit check and whatever else the condo board might require including references, letters from employers, or personal references. The approval process can be significantly longer than with a rental building, generally up to one month.
Cooperative Buildings- “Coops” are also owned individually, but based upon the size and value of the apartment, individual owners own shares of the building. Coops have the strictest rules governing rental of properties and will require extensive personal and financial paperwork. Tenants must also submit to an interview before the coop board. These types of apartments generally have the highest application, move-in, security and other fees. The application process will likely take a month or longer before the move in date.
