New York City is not just the largest city in the United States – but it is arguably one of the most complicated in terms of apartment searches and rentals. No where else do you have the menagery of paperwork as what you find in the Big Apple.
Time Line
The search in New York should begin somewhere between two and four weeks before your anticipated move-in date. Rental units have a very fast turnover, so you should be prepared to make a quick decision. This does not mean that you have to take the first apartment that you like, but realistically you should be able to make the decision on the spot. This means that you should have all the requisite paperwork and financial information available before you start your search. (see paperwork)
So what happens?
You find an apartment you love.
You immediately fill out an application (either the Custom Brokers application or one provided by the landlord). Also immediately many times the landlord will require a deposit to hold the apartment “off the market” while you submit the rest of the required paperwork. This deposit is fully refunded if your application is denied for any reason. However, if you back out of the deal (ie change your mind), then you lose this deposit. If your application is accepted, this deposit is usually applied to your first month’s rent, your application fee, or is just fully refunded.
Then, ASAP you submit the rest of the required documents.
How long do you have to wait for approval?
This depends on the kind of building for which you are applying. A rental building can notify you anywhere from 24 hours to about a week. A condo or coop will take longer, sometimes up to a few weeks, but they will always give you an approximate date by which all should be final so that you can plan accordingly.
