Apartments are lost
on paperwork, not on price
Good New York rentals are decided within a day of listing. The applicant who wins is usually the one whose file was complete before the viewing.
Before you read on
- New York State law caps a residential security deposit at one month's rent and application fees at $20 for most rentals.
- Landlords may not decline an applicant on any basis protected by fair housing law, including source of income. Financial criteria may be applied and are described here.
Step 1The 40x rule, and what to do when you fail it
Most New York landlords require annual income of forty times the monthly rent. On a $4,000 apartment that is $160,000.
| Monthly rent | Income required at 40x | Guarantor income at 80x |
|---|---|---|
| $3,000 | $120,000 | $240,000 |
| $4,000 | $160,000 | $320,000 |
| $5,000 | $200,000 | $400,000 |
| $7,500 | $300,000 | $600,000 |
| $10,000 | $400,000 | $800,000 |
Some landlords work at 35x or 45x, and some accept a year of rent paid in advance instead. All of it is negotiable in a slow month and none of it is in a fast one.
Arriving from abroad you will often fail the test on paper — the job has not started, or the income is in another currency. There are three standard answers: a guarantor who meets 80x and files US taxes, an institutional guarantor company that charges a fee for the same service, or prepaid rent. Which the landlord will take depends on the building, so ask before applying rather than after being declined.
Step 2What to have ready before the first viewing
Passport, and a visa or entry stamp if you have one. A driving licence from home is a useful second document.
The last two to three pay statements, or an offer letter on letterhead stating salary and start date. Employer letters carry weight for a new arrival with no US history.
Two to three months. Foreign statements are usually accepted; a US account in your name is far more persuasive and worth opening first.
The last two years. A foreign return with a translation is normal for an arrival and is better than nothing.
A letter from your current landlord or agent confirming that rent was paid on time. Easy to obtain and rarely offered.
Your guarantor supplies everything you supply, at 80x income, and must normally be a US taxpayer. Assemble it in advance; chasing it later costs the apartment.
Step 3What it costs to move in
| Item | Amount | Note |
|---|---|---|
| First month's rent | 1 month | Due at signing |
| Security deposit | 1 month, capped by law | Held in a separate account; more than one month is not lawful for most rentals |
| Broker fee | Typically 1 month to 15% of the annual rent | Not payable on every apartment; ask before viewing |
| Application fee | $20 maximum | Covers the credit and background check under state law |
| Guarantor company fee | About 5–10% of annual rent | Only if you use one |
| Move-in deposit to the building | $500–$1,000, refundable | Common in doorman buildings; covers lift padding and damage |
A $4,000 apartment therefore needs roughly $8,000 to $13,000 in hand at signing depending on the broker fee. Have it in a US account — most landlords will not accept a foreign wire on the day.
Step 4With no US credit file
A credit check on someone who arrived last month returns nothing at all. That is not a bad score, it is no score, and landlords who see it every week know the difference. Say so up front and lead with what you do have: the employment letter, the assets, and the offer of extra security within what the law permits.
| Approach | How landlords see it | Cost to you |
|---|---|---|
| Institutional guarantor | Widely accepted, especially in large buildings | 5–10% of annual rent |
| Prepay several months | Accepted case by case; the deposit cap does not limit prepaid rent | Cash tied up |
| US-taxpaying individual guarantor | The strongest option where you have one | Nothing, if they qualify at 80x |
| Corporate lease through an employer | Strongest of all | Employer's decision |
| Higher deposit | Not lawful beyond one month for most rentals | Not available |
In a busy season, the same day. Applications are reviewed in the order they arrive complete, so an incomplete file submitted first loses to a complete one submitted an hour later.
Sometimes, and it varies by listing. Some apartments are advertised with no fee because the landlord pays it. Establish which before you view — it is a month of rent.
Not for most residential rentals in New York State. If more is requested, ask on what basis.
Yes, remotely, and it is common for corporate arrivals. Expect to sign electronically and wire the funds; insist on a video walk-through of the actual unit, not the model.
Practically, yes. Landlords want cleared funds and monthly payment from a US account, and the first wire from abroad is the most common cause of a missed move-in date.
Let’s talk first
Tell us your budget, start date and whether you have a US guarantor, and we will tell you which buildings will approve you and what to prepare.
RELATED GUIDES
Recent transactions
A sample of the sales, purchases and rentals we acted on in 2025 and 2026.
Real estate brokerage services are provided through R New York.
Important notice
The figures on this page are general information as of August 2026 and do not represent an offer, a quote, or a guarantee of any transaction terms. Reinvent NY does not provide legal, tax, or investment advice. Confirm anything material with an attorney and a CPA before you act on it. Nothing here is a solicitation to invest, and no return is promised. Real estate brokerage services are provided through R New York.