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GuidesRenting in NYC

Renting in NYC

How Renting an Apartment in NYC Works, Step by Step

Renting an apartment in NYC goes in a fixed order: find a listing, see it, apply with your documents the same day, pass an income screen (usually 40 times the monthly rent, or a guarantor), sign the lease, then pay the first month and a deposit of at most one month. The whole thing often takes less than a week once you find a place.

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Times Square. Photo: Sublet Buddy.

In This Guide 9 sections
  1. Where the Listings Are
  2. Broker or Not
  3. See It, Then Apply the Same Day
  4. The Income Rule and Guarantors
  5. Signing the Lease
  6. What You Pay Up Front
  7. Move-in Day
  8. If a Lease Is Too Much Right Now
  9. Questions

The Short Version

  • Most landlords want annual income of about 40 times the monthly rent, or a guarantor.
  • A broker hired by the landlord cannot charge you a fee under the city’s FARE Act.
  • The application fee is capped at $20 and the security deposit at one month’s rent.
  • Have your documents ready as PDFs before you see a single apartment.

Where the Listings Are

Most New York apartments are advertised on the big listing websites, on management companies’ own sites, and through brokers. Rooms in shared apartments and sublets turn up on listing sites, school housing boards and marketplaces for sublets.

For a sense of price, StreetEasy’s median asking rent, October 2026, was $3,420 for a studio and $3,875 for a one-bedroom citywide. Manhattan was $3,745 and $4,875, Brooklyn $3,180 and $3,520, Queens $2,775 and $2,920. Asking rent is what landlords advertise, not what every tenant ends up paying.

Broker or Not

A broker is a licensed agent who shows apartments. Since June 11, 2025, the city’s FARE Act says a broker who works for the landlord, or who published the listing with the landlord’s permission, cannot charge the tenant a fee. You pay a broker only if you hired one yourself to search for you.

See It, Then Apply the Same Day

Apartments at a fair price can be gone within days, so the order matters: view the place, check it properly, and if you want it, send a complete application that afternoon. The landlord can charge at most $20 for the credit and screening report.

The Income Rule and Guarantors

Landlords commonly ask that your yearly income be at least 40 times the monthly rent. For a $2,500 apartment that is $2,500 x 40 = $100,000. It is a custom, not a law, and each landlord sets its own number.

If you fall short, the usual fix is a guarantor, someone who signs a promise to pay the rent if you do not. Guarantors are commonly asked to earn 80 times the monthly rent.

Signing the Lease

Once approved you get a lease, usually for 12 months. Read the rent, the dates, the names, and the clauses on subletting, guests, repairs and renewal before you sign. Ask whether the apartment is rent-stabilized, which limits future increases.

What You Pay Up Front

At signing you generally pay the first month’s rent and a security deposit. New York law limits the deposit, plus any rent paid in advance, to one month’s rent. On a studio at the citywide median that is $3,420 + $3,420 = $6,840, plus up to $20 for the application.

Move-in Day

  1. Photograph every room, wall, floor and appliance before your boxes come in, and email the photos to yourself and the landlord.
  2. Ask for the move-in inspection the law lets you request, and write down existing damage.
  3. Open electricity and gas accounts in your name and book internet installation.
  4. Buy renters insurance if the lease requires it, or if you want your belongings covered.
  5. Save the super’s number and learn how to report a repair.

If a Lease Is Too Much Right Now

A 12-month lease is not the only way in. A sublet of a month or more lets you learn a neighborhood and a commute first. On Sublet Buddy, listings are sublets of 30 days or longer; whoever you rent from sets their own requirements, and you should ask to see the landlord’s written approval of the sublet.

Questions

How long does it take to rent an apartment in NYC?

Often under a week from viewing to signing, if your documents are ready. Most listings appear about a month before the move-in date.

Do I need a broker to rent in NYC?

No. Many apartments are rented directly by owners and management companies, and a broker working for the landlord cannot charge you a fee under the FARE Act.

How much money do I need to move into a NYC apartment?

Generally the first month’s rent plus a security deposit of up to one month’s rent, so about two months’ rent, plus an application fee of up to $20 and your moving costs.

What income do I need to rent in NYC?

Most landlords ask for annual income of about 40 times the monthly rent, or a guarantor who earns about 80 times. It is a landlord custom, not a law.

More in Renting in NYC

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Official Sources

Laws, prices and city rules change. Check these pages for the current version before you rely on any summary, including this one.

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This is general information, not legal advice. Rules differ by state, city, building and lease. Check your lease, get your landlord’s written approval before you sublet, and ask a local attorney about your situation.

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