Frequently Asked Questions
Answers to common student renter questions.
What are the steps to finding an apartment in New York City?
The steps to finding an apartment in New York City are:
- Find an experienced licensed real estate agent.
- Tour apartments with your agent.
- Submit an application to an apartment you love.
- If your application is approved, sign the lease.
- Receive your keys and move into your new home.
How much are application fees?
Pursuant to bill A8281, rental application fees have been capped at a reasonable $20. If you submit an application to a building and they run a background and credit check, all other buildings must allow you to submit those results for 30 days without any additional payment, as long as you have the receipt.[1, p.47]
How much money is due at lease signing?
Typically, tenants should expect to pay 3 months rent at lease signing. This includes the first month of rent, lease security deposit, and the fee charged by your broker.
How much is due for security deposits?
Landlords can only legally charge up to the equivalent of one month of rent as the security deposit for a lease.
What is a rent guarantor?
A rent guarantor is someone that co-signs a lease and agrees to make lease payments in case the tenant cannot make payments. Learn more about finding rent guarantors at ApartmentGuarantors.NYC.
How much are late rent payment fees?
A late fee on rent is due after 5 days of non-payment from due date, and may not exceed $50. [1, p.47]
Can I use an out-of-state or international guarantor?
This depends by landlord, however you should expect to be able to use an out-of-state guarantor at most buildings. Most buildings require domestic tax filings, therefore an international guarantor may be rejected by certain building managements.
- New York State Senate – https://legislation.nysenate.gov/pdf/bills/2019/a8281