NYC is the cultural, business and entertainment capital of the world. There is constant fluctuation in the rental market as a result, but what many people find most daunting is the pace at which apartments can be snapped up! There are generally three ways by which you can rent an apartment: 1) Broker fee; 2) Broker, No Fee and 3) No Broker. Most Manhattanites wind up utilizing a broker when finding an apartment. Here is brief explanation of the differences between each.

Rental brokers have a variety of apartments and in order for you to view and potentially live in the apartment, you have to agree to pay the broker a fee, typically 15% of the first year's total rent.

In this case the broker still collects a fee, but the broker collects it from the owner/management company of the apartment. Why would you ever want to pay a broker a fee you ask? Because you will generally get cheaper rent and a better apartment than if you pay no fee (after all, the landlord adds it to the rent).

Typically you will deal directly with the management company or more likely the owner of the apartment.

Most brokers are not evil people contrary to popular belief, we are here to help guide you through the process and help you find your ideal apartment. Regardless of which method you use, having the information on the following checklist organized before starting your search will increase your chances of procuring the apartment you want.

Apartment Hunting Checklist:    Click here for Printer Friendly Version.

• Proof of income:
  • Employer verification letter - Make sure it is on company letterhead, signed by supervisor stating the following:
    • Position
    • Length of employment
    • Total compensation
  • Two (2) recent pay stubs
  • First two (2) pages of last year's tax returns.
  • Copy of driver's license, passport or other legal identification.
  • Names, phone numbers and addresses of the following for the apartment application:
    • Employer
    • Banker
    • Accountant
    • Last landlords
    • Guarantor (if required)
  • Most recent bank and investment statements if any.
• Money
  • First month's rent
  • Security deposit (usually equivalent to 1 - 2 months rent)
  • Application fees ($25 - $50)
  • Credit Check Fee ($35 - $100)
  • Brokerage fee, if applicable. (15% of the annual rent)

Rent, security and the broker's fee are generally due in the form of certified checks, on the business day following apartment selection. If you do not have an account established here, you may choose to bring travelers checks or arrange to have funds wired to an appropriate account here in Manhattan.

Most landlords require that you make 40-50 times the amount of monthly rent. For example if your rent is $1600/month, your salary would need to be $64,000 - $80,000/year in order to rent the apartment by yourself. Outstanding loans, assets liquidation, credit and rent history are also taken into consideration. If you do not meet this criteria, a guarantor maybe required.

If you do not meet the financial requirements of the landlord, you may be required to have a lease guarantor. The guarantor must be financially able and qualified to pay your rent as well as comfortably carry his financial responsibilities in case you default on the lease (generally 80 - 100 times one month's rent).

Many landlords require a tri-state (New York, New Jersey and Connecticut) guarantor and prefer a relative. If you are being relocated by your company and need a guarantor, you should check with Human Resources to see if the company is willing to provide one.

An application fee ranges between $35-100 and will cover the cost of your credit check. A good credit rating should have no delinquent or collection accounts, over 60% available credit and no substantial amount of debt. Some landlords are more flexible than others when it comes to credit worthiness.

If you are a first time renter in New York and do not have a credit history in the United States, landlords might require an extra security deposit, a guarantor or rent paid up front. Procedures and requirements may vary from one building to another, so you may want to use a broker in order to guide you through this process.

If you are subleasing a co-op or leasing a condominium, board approval will be required. Condominiums are very easy and almost never reject renters. Co-ops are stricter and may require a personal interview. Some co-op boards may only meet once a month or even once every 2 months. Your interview date may depend on it.