Start with the right questions
Whether this is your first New York lease or your fifth, the same questions come up: where to look, when to start, what kind of building suits you, and what paperwork landlords will want. This guide answers them in order, from setting a budget to getting the keys.
Rental, condo or co-op: who you're renting from
Most apartments for rent in Manhattan fall into one of three groups, and each one changes how fast and how complicated the application is.
Rental building
One owner owns the whole building, and a single management company leases every apartment. Usually the simplest route: fewer documents, and approvals can come through in days.
Condo
Each apartment belongs to its own owner, and the owners share the common areas. When you rent a condo unit you're dealing with an individual owner, and the condo's board of directors may require reviewing your application too. Ask which fees apply before you apply.
Co-op
The building is a corporation. Residents own shares in it rather than the apartment itself, and how many shares depends on the unit's square footage. Renting (subletting) a co-op apartment usually needs board approval.
Condo and co-op rentals usually take longer: board approval typically takes 2 to 6 weeks, because both the owner and the building review your application. Fees vary by building, and the building may also charge its own processing or move-in fees. Ask for every fee in writing up front. A co-op board can generally turn down an applicant without giving a reason, but no landlord or board may reject you for a discriminatory reason.
Walk-up, elevator or full-service
Walk-up
No elevator, usually a few stories tall. Most are prewar and found all over Manhattan, especially downtown. They tend to be run by smaller landlords, and some have laundry in the building.
Elevator building
An elevator but no doorman. Often there's a laundry room, and sometimes a virtual doorman or package room.
Doorman / full-service
Staff around the clock: a doorman or concierge, a super and on-site maintenance. Newer full-service towers often add gyms, lounges, outdoor space and sometimes a pool. You'll find many in the Financial District, Chelsea, Midtown, Hudson Yards and the Upper East Side.
Flex (convertible) apartments
A flex apartment is a studio, one-bedroom or two-bedroom laid out so you can add a temporary wall and get an extra room. You (not the landlord) arrange the wall and are responsible for it. There are three common wall types: a fully pressurized wall, a wall with a 12-inch gap at the top, and a walk-about wall.
Each building has its own rules on which walls are allowed and who may install them, and prices vary by wall type and installer. Ask what installation and removal at the end of the lease will cost.
When to look
Start actively searching 45 to 60 days before you want to move. That's the sweet spot. Managements often offer current tenants their renewals 45 to 90 days ahead (timelines vary by building), so that's when apartments for your date come up.
The market has a busy season and a slow season. Late spring through the end of summer is the most competitive, with more people moving, the school year starting and job relocations. Fall and winter are quieter, and landlords are more likely to offer concessions then.
A good broker who knows the landlords can sometimes tell you about apartments before they're advertised. If a unit is still occupied, you may be able to see a similar layout in the same building, plus floor plans or a video, so you can decide early. Before you commit, always view in person or have someone view on your behalf.
Plan your budget and compare true cost
New York is expensive, and most first-time renters adjust their budget or wish list once they start touring. Seeing a few apartments early is the quickest way to calibrate.
Who pays the broker now
Under the city's FARE Act, in effect since June 11, 2025, a broker hired by the landlord, including a listing agent advertising with the landlord's permission, can't charge you a fee. Nobody can make you pay a broker you didn't hire just to see or rent an apartment. You can still choose to hire your own broker to search for you. If you do, you agree on that fee in writing.
Listings must show every fee you'd pay to rent the apartment. Before you sign a lease, the landlord or their agent has to give you an itemized written list of those fees for you to sign, and a copy to keep.
Compare apartments by net effective rent
Two apartments with different rents, concessions (like a free month) or a fee to your own broker are easiest to compare over a full year. Add up everything you'd pay in the first twelve months and divide by twelve. That's the net effective rent. Also remember that a renewal increase is usually figured from the rent written on the lease, not the net effective rent after a concession.
Decide what matters most
Manhattan has everything from a small studio with no view to a high-floor apartment with a skyline. Sort your must-haves from your nice-to-haves before you tour:
- Location, or more space and amenities for the money?
- Which building style suits you, and why?
- How much space do you really need?
- Is laundry in the unit or the building a must?
- How long a commute is acceptable, and by what: subway, bus, bike or walking?
- What do you want in a neighborhood?
What landlords will ask for
Landlords set their own income and credit standards (typically 40 times the monthly rent in annual income; for a $4,000 apartment, that's $160,000 a year). Applicants can combine incomes to reach the 40x requirement. If you fall short, a guarantor can co-sign. That's typically a person within the U.S. showing 80 times the monthly rent in annual income and good credit, and some buildings accept more than one (in which case guarantors can combine their incomes to meet the 80x requirement). Another option is an institutional third-party guarantor company, which charges a fee that varies by provider and by your application.
Under New York City and New York State law, landlords and brokers can't refuse you because of a lawful source of income, such as a housing voucher, Social Security or other public assistance. They must count it toward your income.
Documents to have ready
- A clear copy of a government-issued photo ID (or passport and visa)
- 2 most recent bank statements (full PDF from the bank)
- An employment letter or offer letter on company letterhead (dated within 30 days of application submission)
- 3 most recent pay stubs (PDF format)
- Your last tax returns (PDF format)
- Self-employed: a letter from your CPA confirming your annual income, start date/years at company, and job title, in place of an employment letter
- Students: photo ID, student ID, proof of enrollment such as a class schedule, and 2 most recent bank statements; a guarantor will be required (third-party or U.S.-based person, varies by building)
Every building's list is a little different. A complete, well-organized application gets answered faster.
Applying: the fees that are allowed
In New York State, the most a landlord can charge you for a background and credit check is $20 (or the actual cost, if lower). They must give you a copy of the report and the receipt. If you bring a background or credit check done in the past 30 days, the landlord can't charge you for a new one. Other application or processing fees aren't allowed.
Co-op corporations reviewing someone who'll become an owner or shareholder are treated differently. If you're renting in a condo or co-op, ask exactly which fees apply, and get them in writing.
Signing the lease and moving in
Once you're approved and the lease is signed, you'll usually pay:
- The first month's rent
- A security deposit, which by state law can't be more than one month's rent
- A fee to your own broker, only if you hired one and agreed to it in writing
- Any building move-in charges for condo or co-op units, if the building has them (ask for them in writing)
Because the deposit cap is one month, a landlord who takes a security deposit can't also ask for last month's rent. When you move out, the landlord has 14 days to return the deposit with an itemized list of any deductions. In buildings with six or more apartments, deposits have to be kept in an interest-bearing New York bank account.
Landlords decide how they accept payment. Many ask for a certified or bank check, or a wire. Confirm payment instructions by phone with someone you know before sending money, because wire fraud targets renters.