New York city is one of the few places in the country where most people rent for life. Many rental units include hotel-quality amenities like dry cleaning, gyms, a doorman, etc. Renting in New York can be trickier than in other cities.

Don’t shop.  Hunt. In other markets, leasing an apartment may be more of a shopping experience. You check out several places, the time to weigh pros and cons, sleep on it, and come back with your deposit and paperwork to negotiate. In New York City the vacancy rate is very low, less than 3 percent.  You snooze, you lose.  Plus, landlords can afford to be picky. Rental laws also delay getting rid of dead-beat tenants for six months or more, so landlords tend to be a little paranoid. If you see this as apartment hunting, you will be better prepared for the New York housing adventure. Every good hunter knows his prey before he sees it, moves quickly when he does, and stays patient until it is found.

What can you afford? The hard and fast rule is that rent should only account for a quarter of your gross income or, as some apartment brokers put it, your annual income before taxes should be 40 to 50 times the monthly rent of your share of an apartment. If you are looking at an apartment that rents for $2,000 per month you should be pulling down at least $80,000 per year or closer to $100,000 to be safe. Does that mean everyone in New York makes 40 to 50 times their astronomical rent? No. Many jobs do pay slightly higher in New York to offset the cost of living (many do not however) and roommates are very common here. Many people do pay upward of half of their after-tax income or more in rent but most landlords will not rent to you until you can find some way to meet the minimum of 40X your gross income. Some landlords accept guarantors that can co-sign a lease when the leasee does not qualify by themselves.

What is a guarantor? A guarantor is just a fancy term for someone who co-signs a lease to guarantee that rent will be paid. A guarantor does not live in the apartment and typically is a relative or parent. Even if a landlord will accept the guarantor it is pretty standard that they will require a guarantor to make 80 to 100 times the month rent in annual income. The landlord may also require that the guarantor live in New York or the Tri-state area (New York, New Jersey, and Connecticut), or they may not allow guarantors from certain states, like Florida or Texas. This is because of the difficulties in taking a guarantor to court should rent not be paid. You will also have to provide all the same documentation for a guarantor as you would yourself or a roommate. This usually includes the application fee and credit check.

What do you need? Apartment hunting in New York can be the most frustrating and discouraging experience you will ever encounter. Decide before you begin between the “must haves” and the “nice to haves” and be realistic. Just because something is not a need does not mean you will not be able to get it.  It just means that it’s important to prioritize.  

Where do you want to live? This can be one of the most important questions to answer when moving to New York City. Each neighborhood and borough has a different feel and often a different set of pros and cons. Do you want to live in the trendy art scene of SoHo, with the highest concentration of art galleries anywhere in the US? Or in a cozy brownstone on the tree-lined streets of South Harlem or Park Slope? The reality is that desirable real estate moves so quickly that most times your best option is to get into the first place you can afford and live with it, then over the next year get a better feel for the city and scope out the neighborhood of your choice.

Who knows you’re moving? The answer to this question should be everyone. Especially if you are living temporarily, or visiting, with the intention of finding an apartment. Don’t take everyone’s advice as fact but listen to any seasoned New Yorker’s opinion. They may have connections you can use, after all, some of the best buildings don’t have to advertise, relying, instead, on word-of-mouth to get the tenants they want. Write down their tips, thank them for their advice, and as much as it makes sense, follow-up on their suggestions. Who knows, you may even find a great share or sublet out of it!