New York City Renters Guide

Renting in the big apple is unlike any other city in the US. Trying to hunt an apartment in the city can be intimidating and make anyone run for the hills (or maybe just the suburbs). But with the correct knowledge and tools, you can find your dream apartment in NYC.

Choosing the Right neighborhood

The biggest struggle, besides actually finding an apartment to rent, is figuring out which neighborhood to rent in. Ask yourself these questions to narrow down your search:

  • What are the schools like? If you’re a family with kids, the school system is a major deciding factor. Weather you’re looking to enroll you children in public schools or private, do your research on the neighborhoods with the best school system. Neighborhoods like Upper East Side and Midtown east have some of the highest performing schools in the city, and are home to numerous colleges and universities.
  • Is the neighborhood easily accessible by subway and bus? If you will be commuting to and from work, being close to a subway or at the very least a bus line might be important to you. Keep in mind that even neighborhoods with good access to subway lines can see major delays. Check out MTA.info for more information on commute times and closest subway lines.
  • What sort of lifestyle does the neighborhood offer? Maybe you’re young, single and looking for a neighborhood with a great nightlife, bars, and dining options. Or are married with kids and looking for a family friendly neighborhood near parks and museums. There are hundred of neighborhoods in the city, each with its distinct flavor. Midtown East is full of hustle and bustle during the day as one of the main work hubs in the city while the Upper East Side is known for its great schools, closeness to museums and Central Park. Murray Hill on the other hand is a favorite among young professionals and college graduates and is known for its sports bars, low key pubs and lounges. So which of these neighborhoods feels right for you?
  • How safe is the neighborhood?
  • Is it easy to find parking? While the answer to this question is almost always “no”, there are neighborhoods in the city that have better access to parking than others. You can also look into if the apartment provides parking space or if there are garages near by that you can rent a parking spot.

Choosing an Apartment

Renting is famously expensive in New York City. The state and city governments have made a concerted effort to ensure affordability in the nation’s largest city. So, New York City has long had two kinds of rent regulation.

  • The city’s famous rent-controlled apartments still exist. But don’t count on getting one. Today, they make up just 1% of the city’s supply of homes.
  • Rent stabilization, though, covers many New York City renters.

Here is how they differ:

RENT-CONTROLLED APARTMENTS

Rent control can only apply when a resident has lived in the apartment since July 1, 1971. Such people-apartment pairings become rarer by the year. Moreover, the building itself must have been standing by 1947.

Are these residents still paying what they paid in 1971? Not quite. But they do pretty well. The typical rent-controlled apartment might cost its resident just over $1,000 a month.

When the building owner lets a rent-controlled apartment become vacant, if it contains at least six units, it becomes rent-stabilized. Smaller buildings are deregulated.

RENT-STABILIZED APARTMENTS

About half of New York City’s apartments are rent-stabilized. Rent stabilization is not needs-based. It covers anyone, regardless of income, living in apartment buildings built before 1974, containing at least six rental units. Rental hikes in stabilized apartments cannot exceed the percentage allowed by the City’s Rent Guidelines Board. This means an owner’s ability to raise the rent based on building improvements is limited.

Cheap rent in New York City comes with a caveat. For rent-stabilized apartments, property managers have historically supplied essential services — but that is all.

If you’re looking for more stylish and updated space, rent-stabilized apartments might not be right for you.

Applying for and Signing a Lease

Found an apartment? Great! Next step is to apply and sign a lease. Here are a few things to keep in mind:

  • Rental Requirements:
    • Most New York landlords require that a tenant earn 40 to 50 times the monthly rent in a year. If you don’t, you’ll need to have a guarantor who makes 80-100 times the monthly rent and promises to pay the balance of your lease if you default.
    • You must have a social security number and a good credit history.
    • Some buildings do not accept students. This is completely legal and cannot be challenged in court.
  • When signing the lease, be sure to have your employment and income verifications, pay-stubs, tax returns, and at least one month’s rent in form of a check ready.
  • While Rent control and rent stabilization exist in certain long-established NYC residential buildings, most rentals are deemed “unregulated” and a landlord can charge any amount a renter will agree to pay.
  • If you’re using a real estate broker, they may charge you, the renter, for these matchmaking services. They usually cost the equivalent of a month’s rent, or anywhere from 8% to 15% of the initial annual rent total.
  • Check your lease for inappropriate clauses. NYC leases may not:
    • Remove the landlord’s liability for negligence causing harm to people or property.
    • Remove the resident’s right to a trial by jury should a legal action arise.

Note that New York City landlords may not discriminate against a potential resident based on aspects such as race, religion, national origin, sex, disability, age, marital or family status, lawful sources of income, sexual orientation, or immigration status.

Your Rights as NYC Renter

For renters in NYC, the city and state have codified certain provisions into law.

  • The basics: Lights and elevator access. A working smoke and carbon monoxide detector for each bedroom. Your interior should also have (lead-free) paint or wall covering, natural sunlight, and safety guards for windows. Heat is mandatory, October through May. Hot and cold faucet water is mandatory. Kitchen appliances are NOT mandatory items. Nor is an AC. So, double-check with your landlord when signing a lease if your apartment comes with appliances and AC.
  • Privacy: Property managers can not send someone into your apartment, unless:
    • Emergency repairs. If it’s an emergency, the property manager can—and should—send someone over without tracking you down.
    • Apartment inspections or showings to prospective renters. The rule is written notice, 24 hours in advance.
    • Non-emergency repairs. But the property needs to give you a written notice at least a week before entering.
    • A property can’t change the locks or evict anyone without a warrant of eviction.
  • Changes in lease agreement: Your lease terms are what they are, through the duration of the lease unless you and the property owner both agree to any changes.
  • If the space is not move-in ready at the start date in the lease, the resident owes no rent before being allowed to move in.
  • Discrimination based on race, sex, sexual orientation, country of birth, age, health or disability, family status, lawful source of income or public benefits, or immigration status is not allowed.
  • Subletting: You are allowed to sublet your apartment as long as you have the the property’s written permission, yet the property cannot say “no” unreasonably.

Can I afford NYC?

No doubt about it, New York City is expensive. So what can you do to afford rent and keep your finances healthy?

  • Firstly, figure out how much rent can you afford. The baseline rule for New York City rental applicants is simple. Show at least a gross annual income 40 times the monthly rent. Be sure to plan for utilities, data plans, a MetroCard, travel and entertainment, dentist visits…you get the picture. Do this to get an entire picture of your financial health.
  • Look for roommates: If you’re single, a young professional, recent college graduate or just starting out, consider getting a roommate(s). This not only increases your rent budget, but also opens up a whole range of apartments for you to choose from. Don’t want a roommate? Consider getting a guarantor to sign for you. A guarantor is legally defined as a person who’s obliged to pay the rent if you become unable to pay it.
  • Avoid a broker: Broker fees can fall between one month’s rent to 15% of a full year’s lease obligation. If you can’t afford to pay those fees, try apartment hunting on your own. You can also look into speaking directly with a property management company.

The Perfect New York City Apartment Home

Whichever way you decide to finance your lease, get your ducks in a row before you apply for it. Once you spot the perfect New York City apartment home, you’ll want to be ready to show why you’re the perfect person to live in it!

Carlyle Property Management offers an excellent selection of no-fee apartments in Manhattan’s best spots. If you’re keen on paying for amenities rather than big broker fees, we might be just what you’re hoping to find.

Live well in New York City. Contact us to learn more.