Affordability Quick Check
The 40x Rule: Divide your annual income by 40 to find your max rent.
Example: $120,000 ÷ 40 = $3,000/month
This is the one piece of information that the entire rental search is based around. Do you have a lease that is coming to an end? Are you selling your current apartment? Are you starting work on a certain day? Basically…What is the reason that you need to find a new home and when do you need it by?
The answer to this question is the starting point that will determine the plan we put in place. The key element here is that we want to save you as much money as possible and one of the ways to do that is to not have a lease starting before the day you need it.
In New York City, rentals landlords/management companies want any tenant to start a lease anytime from roughly immediately to three or four weeks from when you apply for the apartment. At the same time, they will start a lease any day of the month and pro-rate the rental amount. Therefore, the time to look for your new home in Manhattan is roughly about one month before you need to move.
The Move Date
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Here is a complete list of the documents you will need in order to apply for an apartment in Manhattan:
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Letter of Employment – This should be on company letterhead stating salary, position, length of employment, and any other details that indicate you are gainfully employed, and all the income you draw from your employer. This must be signed by a supervisor, manager, or HR representative. If you are self-employed, a CPA/accountant letter is needed stating all the same information.
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Most Recent Pay-Stubs – Please gather at least your last two pay-stubs, but four would be preferred. If you get paid via direct deposit, please provide proof via account statement where funds are deposited.
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Tax Returns – Must be the most recent year’s tax returns, but last two years are preferred as some owners/landlords will look for salary history as a means of financial stability. If you have not filed your most recent tax returns, then a W-2 showing gross salary from previous year will suffice as the most recent year, but you always want to show at least one year of filed tax returns.
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Bank Statements – Again your most recent two or three bank statements are needed to show liquid assets. Any account you show should have several months’ worth of rent at a minimum.
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Landlord letter – While not always needed, a letter from your current/most recent landlord(s) stating you pay your rent on time and have been an overall superb tenant will only help come approval time.
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Business Reference Letters – These are letters from colleagues at work who can verify your professional character. Usually only needed with Condo/Co-Op rentals.
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Personal Reference Letters – These are letters from friends and family that will indicate to a board your personal character. Usually only needed with Condo/Co-Op rentals
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Photo ID – Must be a valid form of ID. A driver’s license usually used, but passport will suffice.
The Required Paperwork
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Moving to New York can feel like a daunting task by itself, and if you are from overseas, it can seem even worse. Most NYC landlords do not want to accept a non-US citizen on their own because it is very difficult for landlords/owners to get a legal judgment against an international citizen.
That said there are solutions for non-U.S.-residents and here are the best three:
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Find a US citizen to be your guarantor: Most tenants who need a guarantor use a family member, but you may not be related to anyone who is a US citizen and qualified financially can be your guarantor. If you have a friend, colleague from work, acquaintance, or anyone else who is qualified, they can be a guarantor/co-signer on your behalf.
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Pay upfront rent/security: If you are from overseas and don't know anyone from the United States who can be your guarantor, then another potential way to be approved for an apartment is to pay additional rent and/or security upfront. Not all landlords will accept upfront rent/security, but if they do this is a very common option that applicants without guarantors use to be approved for an apartment in New York. How much extra rent/security you would need is determined on a case-by-case basis, but you should be prepared to pay the entire lease term upfront.
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Insurent: In the past few years a company was formed specifically for people looking for an apartment in New York City who are not qualified financially. This company is called "Insurent" and they essentially act as a "3rd party guarantor" for anyone who was unable to secure on their own. Insurent is basically an insurance policy for your rent that you pay a small premium for. This then provides the landlord that extra level of confidence in case that you cannot live up to the provisions of your lease for any reason. You can find out more here: www.insurent.com
Non-U.S. Citizens
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In New York City, landlords and owners have certain criteria they expect from any tenant in order for them to be approved for an apartment. Here are the three qualifications landlords are looking for from a tenant in order to be qualified:
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Income - You should be making 40 times the monthly rent of any apartment annually. For example, if your budget is $3,000/month, then you should be earning about $120,000 for the year. Usually only base income is accepted as part of this formula. If you earn bonus or commission income then you typically need to show a few years of consistent or increases in income for the supplemental income to be accepted.
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Assets – You should be able to show a few months worth of rent in liquid assets in a bank account, stock portfolio, mutual fund, etc. The reason for this is if you were to unfortunately lose your job, a landlord would want to make sure that you could continue to live at the apartment while you look for new employment.
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Credit – Each landlord views credit differently, but usually the better landlords want better credit (and income/assets) from any potential tenant. Usually a 700 FICO score is the dividing line between what landlords consider good or bad credit. While there isn’t much you can do to change your credit at the time you apply for an apartment, it is important to let us know of any credit issues you may have so we know how to present that to any landlord. It's always better for landlords to know about any credit issues upfront as opposed to them finding out on their own.
Qualifications
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if you are not financially qualified on your own to get a New York City apartment, then a possible solution is to secure a “guarantor” or “co-signer.” This is someone who is extremely financially qualified that can serve as your financial backing to be approved for an apartment. Any guarantor would only need to fill out an application, provide the necessary paperwork, and sign the lease. After that the only way they would ever be involved again is if the tenant they were acting as a guarantor/co-signer for did not pay the rent. If such a situation arose then the landlord would then look to the guarantor to cover any and all unpaid rent.
Here are the qualifications needed for a NYC Guarantor:
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Must be a US Citizen. In some cases a landlord will want a guarantor to be a New York or Tri-State (NY, NJ, CT) resident.
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A landlord understands that any guarantor has their own housing/expenses to account for and therefore requires them to be doubly as qualified as the regular tenant. That means they are expected to earn 80 times the monthly rent and have liquid assets and credit in line with that amount.
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Any guarantor/co-signer must provide all the same paperwork the tenant is required to have. For a detailed list of all paperwork required see the required paperwork section to the left.
Guarantors and Co-Signors
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Let’s clear up the confusion — and show you the value.
New York City real estate is unlike any other market in the country, and one of its most unique aspects is the brokerage commission (also called the “broker fee”) typically paid by tenants in rental transactions.
There’s often a lot of confusion and misinformation surrounding this, so let’s break it down — clearly and transparently.
What Is the Brokerage Fee?
Simply put, the broker fee is the payment for the services provided by your real estate agent. In NYC’s rental market, this fee is most often paid by the tenant and is usually 15% of the annual rent.
While a portion of that fee goes to the brokerage company, the majority is how your agent earns their living. It’s not a “real estate tax” or a hidden city fee — it’s compensation for time, effort, guidance, and advocacy throughout your apartment search.
Unfortunately, not all agents justify their fee. If an agent makes you feel rushed, unheard, or like you’re just another deal, it’s easy to question the value of the commission.
What Makes The Berkson Group Different?
At The Berkson Group, we believe a real estate agent should offer real value — and we’re proud to provide a service that goes far beyond opening doors and flipping light switches. We see every client as a person with unique needs, and we approach your search with care, strategy, and heart.
What’s Included in Our Fee-for-Service
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Finding the Right Apartment - We don’t just show listings — we listen, match, and guide you toward the home that fits your needs, style, and lifestyle.
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Saving You Time - Your time is valuable. Our goal is to find you the right home the first time we take you out. If you need more time, we’ll work on your timeline — not ours.
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Qualifying Landlords (Yes, We Vet Them Too) - Landlords scrutinize tenants, but we also scrutinize landlords — to ensure they’re professional, responsive, and a good fit for you.
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Neighborhood Guidance - Especially for clients new to NYC, we provide detailed neighborhood insights so you feel confident not just about your apartment, but the community around it.
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Utility Set-Up Support - We provide all the information you need to get your utilities up and running by move-in day — hassle-free.
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Trusted Vendor Referrals - Need movers, cleaners, locksmiths, or other services? We’ve got a vetted list of trusted vendors to make your transition seamless.
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Continued Support, Even After Move-In - Many agents disappear after handing over the keys. Not us. We remain available long after your lease is signed — whether it’s a question, concern, or your next move.
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A great real estate agent should be providing you with a great service and the brokerage commission is the fee for that service.
The Brokerage Commission
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Once we have not only found you your new home, but also assisted you throughout the approval process, then comes that exciting time when you can start planning your move. At The Berkson Group even after we hand you keys there is so much more we would like to help you with. We want to be your "one-stop shopping" for all your real estate needs and have great relationships with any real estate vendor you might need to help make your move go as smooth as possible including:
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Movers
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Apartment Cleaners
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Locksmiths
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Window Treatments
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Contractors/Handymen
Moving In Services
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From the moment we start our working relationship our goal is to provide you with all information possible about New York City real estate so that you can make the best decisions for you. There is a lot of superb information right here on this website, but nothing is better than speaking on the phone as we can provide so much more of that information once we know about your specific needs.
At The Berkson Group we believe that 90% of the work going into finding an apartment occurs prior to ever actually searching for an apartment. We believe strongly in this philosophy, which is why we typically find our clients a new home on the first, and only, apartment tour we take them out on. The reason is because we're prepared.
We Understand NYC Real Estate
New York’s market is fast-paced, competitive, and unlike any other. We know the nuances, the neighborhoods, and how to navigate the system to your advantage
We Communicate, Advocate, and Deliver
We're not about pressure...We're about information. And after over two decades of success with that philosophy, we're supremely confident that if you'd like to work with us that you will not only want to apply for an apartment we find for you but will also be excited to do so.
Once that moment happens and you let us know you've found your new home, we want to apply immediately as we never want to risk losing an apartment you're excited about calling home. At that point you will fill out an application and submit an offer with all terms from pricing, timing, and all other particulars for the deal. We not only want to make sure we secure your new home, but also want to get the best terms as possible for you.
Our Fee Reflects Our Commitment
Shortly after submitting an offer, we will receive word from the apartment owner/management/landlord that our deal is accepted and then we set up a lease signing. At that time, you then will get checks for rent, security, & brokerage commission in for the form of certified funds (bank/cashier's checks). While you can pay all future rent with personal checks, during the application process through lease signing, personal checks are typically not accepted in the New York City lease signing process.
We Offer White-Glove Service
From your initial search to move-in day and beyond, we’re by your side. We offer support with everything from landlord vetting and neighborhood advice to utility setup and vendor referrals.
We’re in it for the long term
We are not only are working with you but will be there throughout the process all the way through handing you the keys and beyond. Again, we want to be your brokers for life, and if you haven't worked with us before we invite you to join us to see how smooth an apartment search can be.