Guide to Renting an Apartment in New York City

Are you looking to rent an apartment in New York City? Here's some advice.

Start your search about six weeks before you plan to move in. Look online-there are quite a number of websites advertising city real estate. Check out cityrealty.com, citi-habitats.com, metropolisapts.com, as well as realtor websites. Additionally, the New York Times and the Wall Street Journal have real estate listings online. Be aware that most landlords will list their apartments about a month before they will become ready for occupancy.

Once you find someplace you like, expect competition! There is a great deal of demand for housing in the city, and it can be difficult to procure. When you have an apartment you want, fill out an application right away. Most landlords won't hold an apartment without a completed application.

Before you apply, you will need to have a number of things ready. First is money. You should have the first month's rent ready, as well as the security deposit. Have it available at a New York City bank. If you are from out of town, look into having it wired, and have it easily accessible. Some landlords will actually require you to make a deposit, refundable if you don't get the apartment. Also note that most landlords will have an application processing fee in the neighborhood of $50 to $100.

You will also need extensive proof of income. Your annual income should be at least 40 times the monthly rent, or else most landlords won't consider you. If you make less than this, however, it is often possible to get an apartment with a large security deposit. You will need to have on hand the following documents:

- Tax returns from the past two years

- W-2 from the past two years

- A letter of employment, on company letterhead. It should state position, salary, expected bonuses, and length of employment

- A CPA letter, if you are self-employed (it should state income and net worth)

- Two pay stubs

Proof of assets will also be necessary in many cases, or at least helpful. This includes:

- Recent bank statements

- Stock portfolios, documentation of trust funds, liquid assets, etc.

- Proof of property ownership

You will also need a letter of reference from your previous landlord. It should say that you are a good tenant and pay your rent on time. Additionally, you will need a credit report and a social security number.

If you don't have something on this list, you may and may not have a problem. Major issues you may run into would include bad credit, a bad housing report, a lack of a social security number, and a lack of verifiable income. It is also worth noting that many landlords do not accept tenants with diplomatic immunity. If you are a diplomat, look online to find a directory of apartments that will accept you.

Some of these matters may be a problem if you are young. If you haven't rented an apartment before, your credit might not be established yet, and you wouldn't have a landlord reference letter. If you are young, do as much research as you can, and take advantage of what connections you might have. You too should be able to find an apartment.