The New York City Renter’s Guide: Getting Started

In New York, finding your dream apartment can be a daunting task. With over 100 years of experience, we have extensive expertise in finding and securing some of the best apartments in the five boroughs. Now, we want our insights to go to good use helping you—our New York City renter’s guide will help you effortlessly navigate the in’s and out’s of the fast-paced world of the Big Apple’s real estate market. Getting Started Preparation is Key The New York City rental process moves quickly, so being well-informed about requirements and having your priorities in order will make your search more successful. Set a Realistic Time Frame New York City apartments usually enter the market about 4-6 weeks before their availability date. Start your search about 30-60 days prior to ideal move-in date. Check Your Qualifications Most New York City landlords require potential tenants to earn 40-50x the monthly rent annually. If you do not meet this income requirement, it may be possible to combine income with roommates, pay additional security or use a guarantor. Many landlords require a guarantor to earn 75-100x the monthly rent and prefer they reside in the tristate area (NY, NJ, CT). Identify Your Must-Haves Be as clear as possible with your real estate agent about your wants and needs. Differentiating your must-haves from your wish list items will help you prioritize your search criteria and allow your agent to be more effective. Organize Your Application Info New York City landlords will require certain key documents in addition to your down payment, application fees and move-in costs. Your agent will help you understand how to organize your information so you are ready to act fast when you find the perfect property. Photo by Francisco Rosario Real Estate Terms to Know Townhouse Typically 4-6 stories and built between the 1800’s and early 1900’s, townhouses are either single-family homes or have been converted into multiple apartments. Some apartments in townhouses can have grand living spaces and, therefore, may be quite expensive. Generally, these buildings have more “charm,” with features such as gardens, fireplaces, beautiful floors and ornamental wood moldings. As a single-family home, a townhouse offers privacy. In almost all cases, these buildings will not have a doorman. Brownstone Brownstones are a popular type of townhouse in New York City, recognizable by the reddish-brown sandstone of the façade. Pre-War Buildings Built before World War II, these buildings are usually 10-20 stories and provide spacious apartment lay-outs. They often have gracious architectural amenities like larger rooms, fireplaces, hardwood parquet floors and higher ceilings. These can be doorman or non-doorman buildings. Post-War Buildings These buildings were constructed between the late 1940’s and the 1970’s. They are generally hi-rises and constructed of white, red or brown brick. Post-war apartments may actually afford more living space than their pre-war counterparts in studio, 1- and 2-bedroom sizes. They have ample closets, live-in superintendents and laundry facilities and most have doormen. Hi-rise Full Service Buildings These are typically 20-40+ story condo buildings with a doorman and concierge services. Generally associated with new constructions or buildings that were built from the 1980’s through the present, hi-rise buildings offer amenities that often include health clubs, swimming pools, valet services and parking garages. Elevator Buildings Elevator building is a term usually used to describe a non-doorman building that is 6-20 stories tall. There is often an intercom security system, and some may have video security. These buildings can fall into either the pre-war or post-war category. Loft Buildings Loft buildings are renovated residential living spaces adapted from buildings that once served commercial or manufacturing purposes. They can also be new, intentionally constructed buildings with lofted rooms. The spaces typically offer higher ceilings, open space and original details like supporting columns and tin ceilings. Loft buildings can usually be found in Greenwich Village, SoHo, TriBeCa, Chelsea, Flatiron, Nolita and lower Manhattan. Typically, they do not have doorman services. Walk-Up Buildings Walk-ups are the least expensive type of housing, and the quality can vary widely. Usually they have 4-5 stories and are without an elevator, hence the term “walk-up.” Originally constructed as multi-family housing units, they often lack the charm and elegance of traditional townhouses.   Find your New York City dream home today or read the second installment of our New York City Renter’s Guide .