Keller Williams NYCJonathan Answers · Renting
How do you win a good apartment rental in New York?
Answered by Jonathan NormolleFounder, NextGen at Keller Williams NYC
The short answer
Have everything ready before you see a single apartment, and be prepared to apply the same day. Good New York rentals often go within days. The renters who win have their documents in one folder, know their budget against the 40x rule and can put down a deposit on the spot.
Your folder, ready before you look
- Photo ID.
- Two recent pay stubs or an employment letter with salary.
- Last year's tax return (two years if you're self-employed).
- Recent bank statements.
- Guarantor documents, if you'll need one.
The 40x rule
Most New York landlords want annual income of about 40 times the monthly rent. For a $6,000 apartment, that's $240,000 a year. If you're short, a guarantor typically needs around 80 times the rent, or you can use an institutional guarantor.
Broker fees after the FARE Act
Since June 2025, New York's FARE Act means the party who hires the broker pays the broker. In most rentals that's the landlord. Read every listing and application carefully, and ask up front who pays what.
What we do
We find matches before they're widely seen, book back-to-back showings and prepare your application so it's approved the first time.
Also asked
What is the 40x rule in NYC?
Landlords typically require annual income of at least 40 times the monthly rent. Guarantors usually need about 80 times.
Who pays the broker fee in NYC now?
Under the FARE Act, in effect since June 2025, the party who hires the broker pays. For most rentals, that's the landlord.
How fast do NYC rentals go?
Good apartments often rent within days, sometimes the same day, especially in spring and summer.
The NextGen Promise
Your legal fees, covered. 20–50% of your move, on us.
Buying or selling, at every price. We're the only brokerage that does it.