So, you’re interested in renting a home in New York City? You’ve come to the right place to address all your inquiries on how to make the process as smooth and reasonable as possible.

Read more for frequently asked questions we’ve received about renting in New York City to help you out on your upcoming move:

What is Net-Effective Rent?

In layman’s terms, net-effective rent is the gross rent of the duration of the lease advertised including concessions. In other words, it is the total amount of rent paid for a lease including free months of rent or other promotions offered by a landlord. Net-effective rent is a great way to attract tenants to a listing, as residents feel they are paying less than their fixed rent cost due to the promotions included in the lease.

How do you Calculate your Real Rental Costs?

Because of the concessions offered by some New York City landlords, affecting the net-effective rent of a listing, determining your gross rent–or the amount you will actually have to pay–can be a little deceiving. So to help alleviate any confusion, check out Brick Underground’s Gross Rent Calculator to determine the real rental cost of a listing. All you need is the net effective rent, the length of the lease and how many free months are offered.

When is the Busiest Time to Rent?

In New York City, the hottest time to rent an apartment tends to be between mid-March and April, with activity increasing throughout the summer. Typically because of this spike in activity, landlords may be less willing to negotiate lease terms or offer concessions due to high demand, but with the COVID-19 pandemic, the market has operated a little differently. This year, the first quarter in New York City has been uncharacteristically thriving with activity. This is because low mortgage rates caused by the pandemic have allowed buyers to take advantage of deals earlier than previously expected, thus making the busiest time to rent not as definable as years passed.

What is a Guarantor? What if I can’t find one?

A guarantor is someone who can cosign for your lease if you don’t meet income or credit qualifications. The guarantor will pay for your rent in the event that you cannot cover it, and some landlords may have different criteria for guarantors. This may include requiring the guarantor to be a family member or live in the tri-state area. If the scenario arises where you need a guarantor but cannot find one, you can discuss using an institutional guarantor with your landlord. Institutional guarantors work like an insurance company in that in exchange for a one-time premium, a financial institution would be willing to become your guarantor.

What are the Requirements for Renting in New York City?

Requirements for renting a home in the city can vary depending on the building or owner, but below are some of the general guidelines that apply in most situations:

  • Show an income of at least 40-50 times the advertised monthly rent
  • Show a stable employment history
  • Prove to have a good credit history
  • Provide a social security number
  • Show a good rental history if applicable

For any additional questions about the renting process in New York City, do not hesitate to reach out to us at (646)759-9675 or email us at [email protected].