A GUIDE TO RENTING IN NEW YORK

There is an old expression, “An ounce of prevention is worth a pound of cure.” Our experience has taught us that people who do their homework by spending time familiarizing themselves with the rental process beforehand and making the necessary preparations, have the most success and the easiest time.

Once your personal and financial documentation is in order, you will then be prepared to view and select prospective apartments. Remember, your Corcoran agent can provide you with a wealth of information to assist you in making an informed decision. Ask plenty of questions about neighborhoods, building types, public transportation access, or anything else that might be of interest to you.

Once you find a home that suits you, you must fill out application, submit documentation, and pay an application fee. When your Corcoran agent has negotiated agreeable lease terms, a credit report and reference check will be done. Upon final confirmation, you will be asked to sign a lease and settle any outstanding applicable fees. Once the lease is finalized, Corcoran can continue to help you in your relocation. Ask how any of our affiliates can be of service to you. Finally, and most importantly...celebrate!


Rental Applications

There are two crucial steps of preparation. The first is gathering the proper documentation. Many people have missed an opportunity to live in their dream apartment because time was wasted chasing down paperwork.

The other crucial step is discussing your financial and pet situation with your agent. Time and energy will be wasted if, for example, a bad credit history or a 75-pound dog is not brought to your agent’s attention from the beginning.

Whether applying for an apartment in a rental, co-op or condo building, you will most likely need the following documentation. Please gather this information in advance of your housing search! 

  • Letter from employer stating position, salary and length of employment (or start date if you have not yet started), and any information regarding bonus, guaranteed or otherwise
  • Last two pay stubs
  • Last two years’ tax returns
  • Last two months’ bank statements
  • Name, addresses, and phone numbers of previous landlords
  • Two personal reference letters
  • Two business reference letters
  • Verification of other assets such as real estate, securities, etc.
  • Photo identification (driver’s license, passport, etc.).

Credit

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New to NYC?

If you are relocating from outside of New York, prepare your funds ahead of time. Landlords will not accept personal out-of-state checks. If you do not have a bank with branches available in New York, it is best to bring traveler’s checks or certified bank checks in amounts sufficient to cover two months’ rent, brokerage fees, a credit check fee, and any additional fees such as a move-in/move-out fee or building application fee.