1. What are the income requirements for a rental? [TOP]
Landlords typically require a tenant's income to be at least 48-50 times the monthly rental amount. For example, a one bedroom apartment renting for $3,000 per month would require a renter to have a minimum of $150,000 annual income. If the renter does not meet income requirements, some landlords will take a guarantor or will consider assets in the bank. Most guarantors are required to provide income and asset verification.

2. What is the typical security deposit? [TOP]
Per NYS law, a security deposit may not exceed 1 month’s rent no matter what the housing is—furnished, unfurnished, rental, co-op, condo or house. One month is the maximum. After vacating the apartment, the landlord must return the deposit within 14 days.

3. What documents do I need to bring with me to rent an apartment immediately? [TOP]
TTwo years tax forms, copies of bank and brokerage statements, employment verification and landlord verification letter. Be ready to write checks on the spot if necessary. Generally the required checks must be certified.

4. What are the costs of renting an apartment? [TOP]
Security deposit equals 1 month of rent
By law, A tenant cannot be charged more than $20 for a credit check.
AND:
Co-op or Condo sublets require the additional fees which can include:
Move-in fees/deposit of $500 to $1000 Application fee of $150 to $350

5. What is the difference between renting in a rental building versus a co-op or condo building? [TOP]
The application process in a rental building involves submitting the application to a landlord with a credit check. Usually, the landlord will let the renter know immediately of his approval. The lease term can be one or two years with an option to renew. Many landlords expect leases to be executed immediately and funds made available within 24 hours. In a co-op sublease situation, the applicant must provide a lengthy application package, have a formal interview and wait for acceptance. Co-ops limit the terms of the sublet to one to two years. The condo approval requires a package, no formal interview and is significantly faster than the co-op process. The length of the lease is more flexible in a condominium.

6. Are pets allowed? [TOP]
About half of the buildings in New York will allow pets. NYS law does not allow an extra security deposit for a pet.

7. What is the difference between the cost of a furnished and unfurnished apartment? [TOP]
Furnished apartments average $500 to $1,000 more per month depending on the type of furniture. If the apartment is a short-term furnished rental, the average can be significantly higher than a more conventional longer term lease - as much as 20-50%.

8. What does rental furniture cost? [TOP]
We suggest you check out various furniture rental companies like cort.com and theeverset.com

9. Are renovations allowed in a rental apartment? [TOP]
Renovations are allowed with landlord approval. Walls that have been painted any color other than white or wallpapered must be returned to their original state before vacating the premises. The tenant risks loss of their security deposit.

10. What type of insurance is recommended for a renter? [TOP]
Renter's insurance. This is a type of insurance that covers personal possessions. The cost is minimal. A landlord's policy does not cover a tenant's possessions

11. How do I set up my utilities? [TOP]
Con Edison www.coned.com is the electric and gas provider for New York. Verizon Communications www.verizon.com, and Spectrum www.spectrum are the 2 largest phone, internet and cable providers.