What you need to qualify, what it really costs, and how the 2025 rules changed who pays the broker fee. Just what renting in New York actually takes.
The NYC rental market moves fast. Good apartments get multiple applications the day they list — and the people who win them are the ones who show up ready.
This guide covers what you need to qualify, what it really costs upfront, and how the rules changed in 2025. The big one: who pays the broker fee now depends on who hired the broker. We break down exactly what that means for you below.
No jargon. No fine print buried at the bottom. Just what renting in NYC actually takes.
Here's the timeline most renters don't expect — and the one rule it teaches: have your paperwork ready before you start looking.
Requirements vary by landlord and building, but most look for the same four things.
At least 40× the monthly rent in annual income, combined across everyone on the lease. (See the income math in section 04.)
Most want a score around 650–700 or higher. A couple of old late payments are usually fine — open collections and unpaid past-due balances are the real problem.
A stable, verifiable job. A signed offer letter for a new role usually counts.
A clean record with prior landlords helps your case.
Worried about your credit? Tell your broker before you apply. There are almost always options, and walking in with a plan beats getting denied.
Have these saved as PDFs on your phone before you start touring, so you can apply on the spot.
Students and applicants without a Social Security number generally need a guarantor to co-sign — more on that in section 06.
Budget for these before you get the keys — plus the monthly costs beyond rent, and the income you'll need to qualify.
Landlords want annual income of about 40× the monthly rent — combined across everyone on the lease.
Short of that on your own? Combine incomes, or use a guarantor — who typically needs about 80×, around $320,000/year.
As of June 11, 2025, the FARE Act changed how broker fees work in NYC. The rule is simple: whoever hires the broker pays them. What trips people up is how that plays out.
A listing showing up online doesn't automatically make it "no fee" to you. It's free to you only if you find it and go straight to the listing agent yourself.
You contact the broker who listed the apartment. The landlord hired them, so the landlord pays.
You engage a broker to represent you and run your search — so you pay their fee, even on a place that'd be free if you went direct.
So when does paying a broker make sense? When the work is worth more than the fee. A good broker gets you in front of apartments before they hit the open market, knows which buildings will actually approve you, handles the paperwork, and negotiates the rent down. If you're new to the city, don't have US credit, or can't lose weekends to StreetEasy, that's usually money well spent. If your search is simple and you've got time, going direct and paying nothing is a perfectly good call.
Any fee you'd be asked to pay must be disclosed upfront — in the listing and the lease.
A landlord's listing broker can't charge you a fee. If one tries, report it to the NYC Department of Consumer and Worker Protection — call 311.
Where Pinpointe fits: if we're representing an apartment on the landlord's behalf, you pay no broker fee. If you hire us to represent you, we agree on exactly what that looks like upfront — before you commit to anything.
Not sure who's paying what on a listing you found? Send it to us and we'll break it down.→If you don't meet a landlord's income or credit requirements, there are two common paths.
Someone who agrees to cover your rent if you can't.
A company guarantees your rent to the landlord for a fee.
Tell your broker early if you think you'll need one — it changes which apartments are realistic, and saves you from falling for a place you can't get approved for.
Moving here from somewhere else adds a few wrinkles the listings never mention.
Your credit and rental history transfer fine — but the pace here is faster than almost anywhere. Apartments you'd take a weekend to consider elsewhere are gone by morning. Come ready to decide.
Without US credit or an SSN, many landlords deny outright — even on apartments you can easily afford. A third-party guarantor is often the workaround, while you're also setting up US banking and credit on a clock.
Relocating for a new job, or moving talent to NYC? That's exactly what our NYCbound program handles end to end. Learn how NYCbound works →
Rent-stabilized apartments have rents regulated by New York City and State. The big benefit: once you're in, you have the right to renew, and yearly increases are limited.
You'll often find them in older buildings — pre-war walk-ups, elevator buildings, and brownstones with more than a few units, typically owned by small-to-midsize landlords. If you land one, hold onto it.
"No fee" means the landlord is covering the broker — so if you go directly to that listing, you won't pay a broker fee. It's not a promise you'll pay nothing overall.
A "no-fee" building sometimes builds that cost into a higher monthly rent, and if you bring your own broker, you may still owe them a fee.
Compare the full picture — monthly rent plus move-in costs — not just the label. A fairly priced apartment can cost you less over a year than a "no-fee" one with inflated rent.
You can find an apartment on StreetEasy by yourself. Plenty of people do. But the NYC market punishes hesitation and rewards people who know how it works.
Our brokers know which buildings accept guarantors, which landlords move fast, what makes an application win, and how to negotiate the rent down instead of just accepting the ask. We'd rather save you the money, the time, and the three weekends you'd otherwise lose to apartment hunting.
It depends on who hires the broker. Go directly to the broker who listed an apartment and the landlord pays them, so you owe nothing. Hire your own broker to represent you and you pay their fee — even on an apartment that would've been free if you'd gone direct. A listing being online doesn't automatically make it no-fee to you.
Most landlords require annual income of at least 40× the monthly rent, combined across the household — so roommates, partners, and spouses can add their incomes together. For a $4,000/month apartment, that's about $160,000 a year. If you're short, a guarantor (who typically needs 80× the rent) can bridge the gap.
Most landlords look for around 650–700 or higher, though it varies. A couple of old late payments usually won't sink you — open collections and unpaid balances are the bigger issue. Tell your broker upfront if your credit is a concern.
It's capped at $20 per applicant statewide, and it must be waived entirely if you provide your own credit and background check from the last 30 days. Co-op and condo buildings can charge higher board fees.
It's capped at one month's rent by law. A landlord can't legally require more.
About 30 days before your move-in date. Apartments usually aren't listed more than six weeks out, and the market moves too fast to start much earlier.
It's harder but doable. Many landlords will require a guarantor or a third-party guarantor service. If you're relocating for work, our NYCbound program handles this start to finish.
Photo ID, two recent pay stubs, two recent bank statements, your most recent tax return, and a letter of employment (or signed offer letter). Some landlords also ask for a reference from a previous landlord.
Tell us what you're looking for and we'll do the hard part. No pressure, and no fee unless you hire us to represent you.
Talk to a Pinpointe broker →
Pinpointe Group is committed to the Fair Housing Act under the New York State Human Rights Law. To learn more about it, please Click here to read the NYS Housing and Anti-Discrimination Notice (PDF)