Renting In and Around NYC

Submitting a rental application does not obligate you to lease the apartment. However, submitting a complete application promptly can help ensure that you are among the first applicants considered.

Applicants may submit applications for multiple apartments, although each application may involve a fee. Application fees are generally limited to $25 when used to cover the cost of a credit or background check.

Be Prepared to Move Quickly

Once an application has been submitted, the process can move quickly. In some cases, an application may be approved within a day, with a lease ready for signature shortly thereafter.

Before applying, make sure the necessary funds are readily available. This typically includes:

• The first month’s rent

• One month’s security deposit

• Any applicable broker fee

Upon signing the lease, many landlords require these payments to be made by wire transfer to a designated account. Be prepared to arrange payment promptly once the lease is ready for signature.

 The Fairness in Apartment Rental Expenses (FARE) Act took effect on June 11, 2025. This law prohibits brokers who represent landlords from charging broker fees to tenants. This includes brokers who publish listings with the landlord’s permission. Landlords or their agents must disclose other fees that the tenant must pay in their listings and rental agreements.

If a tenant independently hires a broker to assist with their apartment search, however, the tenant remains responsible for that broker’s fees.

The leasing process can move quickly, but the pace of the NYC rental market should not prevent you from taking the time to carefully review your lease before signing.

There are several types of standard residential leases. Lease provisions generally reflect the interests of the landlord, who typically provides the lease.

Review the lease carefully and make sure that any terms previously agreed upon with the landlord or the landlord’s broker are reflected in the written lease. If a provision conflicts with a prior agreement, ask for the lease to be corrected before signing. Similarly, if the landlord has agreed to something that does not appear in the lease, ask that it be added in writing.

This is not legal advice. The general principle, however, is straightforward: important agreements should be documented in writing. Do not rely solely on verbal representations, including statements made by a real estate broker. If a particular term or promise is important to you, make sure it is included in the lease before you sign.

Your landlord should provide detailed move-in instructions, although this does not always happen. In most cases, you will be responsible for transferring electric and gas service into your name and arranging for internet service.

Many buildings require movers to provide a Certificate of Insurance (COI) that meets specific liability and property-damage coverage requirements. Coordinate with your moving company and the building’s management to ensure that the required certificate is prepared and submitted to the appropriate representative.

Be sure to check the building’s rules regarding move-in dates and hours. Some buildings permit moves throughout the week, while others restrict moving to specific days or time periods.

Consult our online Moving Guide for additional information and resources.

Moving into a smaller space or looking for ideas to organize your new home? Watch the recordings of the recent Cut the Clutter and Get Organized and Small Spaces and How to Live in One workshops for practical tips and ideas.

A university login is required to access the recordings.

• You're planning to move within the next five years. If you are planning a possible job change or finishing your education, renting can give you more flexibility than buying.
• You have a strong aversion to maintenance tasks! 

• Homeowners build equity with each mortgage payment (amortization).  This can be thought of as paying yourself each month, instead of a landlord. 
• Owners have freedom to modify the property (within the bounds of building codes and/or municipality or building rules and regulations).
• Personal control.
• Available tax deductions.
• Appreciation and Rate of Return.
• Capital gains tax free (up to a certain limit).
• Insurability (for physical hazards, financial liability and title defects).
• Ability to leverage and improve equity.
• Potential for current or future passive income (renting out part or all of it).

• You want stability and know where you want to live for at least the next five years. 
• Your goal is to build equity and wealth (unless your rent is very low).  Figuring out the financial tipping point is not always easy, but there are tools to help you with these calculations.

• The New York Times’ rent vs. buy calculator can clarify whether it makes sense to buy or not. The calculator can be adjusted for home price (if you buy), monthly rent (if you rent), how long you intend to stay in the property, mortgage details, home price growth rate, rent growth rate, and numerous additional factors to help guide you to a decision that’s right for you.  
• Additional calculators are available at Nerd Wallet, Smart Asset, and Mortgage Calculator.

• Renting: First month’s rent, security deposit, and any broker’s or move-in fees.
• Owning: Down payment (can be as little as 3%, though 20% is desirable), and closing costs.  Purchasing a home comes with higher upfront costs.

• Renting: Increase in rent at lease renewal.
• Owning: Mortgage premiums can be fixed, with increases affecting only a portion of housing costs (i.e. real estate taxes and any maintenance or operating expense). However, additional possible expenses such as liability and other legal considerations need to be factored in, along with the fact that the asset is illiquid and there is a potential for depreciation.