Resources & Guides

Apartment rental in New York can be a daunting process, but Urban Sanctuary vows to make your search easy by sharing with you our knowledge of the New York real estate market, our database of thousands of apartments, co-ops and town homes, and a guide of what you’ll need to know before you rent.

High demand and relatively low supply of housing, make apartment rental in New York a fairly paperwork intensive process. Assembling the following information as early as possible will ensure an easier search, and a better chance of obtaining the apartment of your dreams.

What You Need:

• Letter verifying employment (This is a letter from your employer on company letterhead stating that you work for the company or will work for the company by the time you move into your apartment.)
• Copies of recent pay stubs
• Tax returns and W-2 forms from the past 2-3 years
• 3 recent bank statements (These statements can be from a current savings or checking account.)
• A letter from current landlord (This acts not only to show your past rental history, but acts as a reference for future landlords.)
• Credit Report (Almost all landlords will run a credit check on their own, however it’s a good idea to check your credit history and notifying your broker if you foresee any credit problems.)
• Copies of Identification (drivers license or passport.)

This information will attest to your responsibility as a tenant and will make landing an apartment much easier.

Financial Considerations

When looking at apartment rentals it is essential to keep in mind your financial considerations. Landlords typically look for tenants who make 40-45 times the annual rent, however making less than that does not always prevent you from obtaining the apartment you want. The nature of the market dictates what a landlord is looking for in a potential tenant.

Other costs can include: a cash security deposit (usually one to three months rent); an application fee (between $100-400) as well as a credit report fee (approximately $25-100).

Apartment rental in Manhattan is the most sought after housing in the country and the market is competitive. Most Manhattanites spend at least 25% of their yearly income on housing.
Guarantors (also called a co-signer is someone who will guarantee the terms of your lease) are often allowed in the Tri-State area. Guarantors are often used if the tenant does not make the financial or credit requirements.

Finding the Right Apartment for You

• Pick your top neighborhoods (See our neighborhood guide for details.)
• What amenities are important to you? (proximity to transportation, laundry, a doorman)
• What kind of apartment are you looking for? (luxury, brownstone, pre-war, post-war)
• What size apartment? (studio, one-bedroom, a classic six)
• Establish your price range. (Do you need a guarantor?)
• Decide on a target move in date. (Apartments rent quickly, and it is essential to have a target date so you and Urban Sanctuary know how quickly you must secure an apartment.)

Lease Considerations

The world of New York apartment rentals moves at incredible speed, but it is important to familiarize yourself with your lease and leasing options. Most leases run on a yearly basis with some offering lengthier times frames (2-3 years). Read the lease carefully and ask us if you have any questions.