Renting in New York City moves fast. Knowing what landlords require — and what your rights are — before you start looking puts you in control. Here is what to prepare.

What NYC Landlords Typically Require

Most NYC landlords require combined household income of 40–45 times the monthly rent. For example, a $2,500/month apartment requires proof of $100,000–$112,500 annual income. If your income does not qualify, a guarantor (co-signer) with 80–90 times the monthly rent in income may be accepted. Some buildings accept institutional guarantors such as Insurent or TheGuarantors for a fee.

Documents to Have Ready Before You Apply

- Government-issued photo ID

- Two most recent pay stubs

- Two most recent bank statements

- Most recent tax return (W-2 or 1099)

- Employment verification letter (on employer letterhead)

- Reference letters from prior landlord (helpful but not always required)

- Self-employed applicants: two years of tax returns plus a CPA letter confirming income

Know Your Rights as an NYC Renter

New York State's Housing Stability and Tenant Protection Act of 2019 (HSTPA) and the NYC Rent Stabilization Law protect many tenants. Key rights include:

- Landlords may not collect more than one month's security deposit

- Application fees are capped at $20 (the cost of a background/credit check)

- Tenants have the right to a receipt for rent paid in cash

- Rent-stabilized tenants have the right to renewal leases with regulated increases set annually by the NYC Rent Guidelines Board

- It is illegal for a landlord to discriminate based on source of income (including Section 8 vouchers) under NYC Human Rights Law

Broker Fees

Under the FARE Act (Fairness in Apartment Rental Expenses Act), effective 2025, a broker hired by the landlord may not charge a broker fee to the renter. If you hired the broker yourself, you may owe a fee — get this in writing upfront.

Lease Review

Read your lease carefully before signing. Key terms to review: lease term and renewal rights, pet policy, subletting rights, landlord entry notice requirements, and what is included (heat, hot water, utilities). Consider having an attorney review the lease if you have concerns — especially for high-value rentals or non-standard lease terms.

Working With an AFMC Agent

AFMC agents help renters navigate NYC's competitive market at no cost to you in most transactions. We match you to listings that fit your budget, guide you through the application process, and help you understand your lease. Call (212) 644-8231 to get started.

Disclosure: AFMC NY is a licensed real estate brokerage. Broker: Sy Williams, NYS License #10491208948. This guide is for general informational purposes only and does not constitute legal advice. Laws and requirements change — verify current rules with a licensed NYS attorney or the NYC Human Rights Commission.