Basics for Renting

Why MyGradPad?

Our success rate for finding our customers an apartment on the first tour is 95%. We will guide you through the process to make your search quick, successful and fun.

1 When to Start Looking

Most NYC apartments aren't listed until four or five weeks before lease start date. If you start searching too far in advance, anything you look at will likely be gone by the time you want to move. Once inventory hits the market, the best deals disapear immediately.

Most NYC apartments aren't listed until four or five weeks before lease start date. If you start searching too far in advance, anything you look at will likely be gone by the time you want to move. Once inventory hits the market, the best deals disapear immediately.

2 Know Your Budget

New York City is one of the most expensive places in the world to live. It is very important to know how much you are prepared to spend before starting your search and what kind of apartment your budget gets you. When working with MyGradPad, we will provide you with a tailored list of apartments that fit your budget. Our goal is to get you the best deal!

New York City is one of the most expensive places in the world to live. It is very important to know how much you are prepared to spend before starting your search and what kind of apartment your budget gets you. When working with MyGradPad, we will provide you with a tailored list of apartments that fit your budget. Our goal is to get you the best deal!

3 Have Your Paperwork Prepared

Unlike apartment hunting in other cities, applying for an apartment in NYC is an intense process that requires a lot of paperwork. Apartments fly off the market, so it's vital that you have all of your documents and finances in order before you seeing your first apartment. All paperwork submitted to MyGradPad is kept extremely confidential and is shredded immediately upon approval of your new apartment.

Unlike apartment hunting in other cities, applying for an apartment in NYC is an intense process that requires a lot of paperwork. Apartments fly off the market, so it's vital that you have all of your documents and finances in order before you seeing your first apartment. All paperwork submitted to MyGradPad is kept extremely confidential and is shredded immediately upon approval of your new apartment.

4 Have Your Money Ready

When you find the right apartment will want to lock it down immediately. To apply for an apartment you will need to submit the generally required paperwork and pay an application fee, and sometimes a deposit. The application fee ranges from $60 to $200 per application depending on whether the partment is a rental, co-op or condo; deposits can range from $500 up to one month's rent and are applied towards the security deposit when you are approved for the apartment.

When you find the right apartment will want to lock it down immediately. To apply for an apartment you will need to submit the generally required paperwork and pay an application fee, and sometimes a deposit. The application fee ranges from $60 to $200 per application depending on whether the partment is a rental, co-op or condo; deposits can range from $500 up to one month's rent and are applied towards the security deposit when you are approved for the apartment.

How To Calculate Your Budget

The 40-times Rule

To be approved for an appartment, most landlords want to see that your income is at least 40 times the monthly rent. To calculate this, take your pre-tax, annual income and divide by 40. That's the maximum rent you'll be approved for. Some landlords will allow you to combine your income with your roommates' income to hit this 40-times threshold.

Not quite meeting the 40-times threshold?

When your income doesn't meet the 40-times requirement, you may have one other option: a guarantor.

Budget for the broker fee

Remember to budget for that cost, which will be between 12 to 13.5 percent of the a full year's lease. Assuming a 12 percent fee, if your rent is $2,000 per month — $24,000 per year — you'll owe MyGradPad $2,880. This will be paid at lease signing; all tours are 100% free.

To qualify for a monthly rent of
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
You must earn an annual salary of at least40 x
$80,000
$120,000
$160,000
$200,000
$240,000
$280,000
$320,000
Your guarantor must earn an annual salary of at least80 x
$160,000
$240,000
$320,000
$400,000
$480,000
$560,000
$640,000
X40
X80
VIEW LISTINGS: < $2000 < $4000 < $5000 ALL

Picking the Right Neighborhood

New York City has many neighborhoods and even neighborhoods inside neighborhoods! Below are the average prices of apartments in each neighborhood.

Manhattan
Brooklyn
Queens
Neighborhood
Studio
1-Bedroom
2-Bedroom
3-Bedroom
West Village
West Village
Studio: $2,447
1-Bedroom: $2,800
2-Bedroom: $2,973
3-Bedroom: -
Greenwich Village
Greenwich Village
Studio: $2,150
1-Bedroom: $2,895
2-Bedroom: $3,193
3-Bedroom: -
Midtown West
Midtown West
Studio: $1,700
1-Bedroom: -
2-Bedroom: $3,488
3-Bedroom: $6,000
NoLiTa
NoLiTa
Studio: -
1-Bedroom: $2,800
2-Bedroom: $6,195
3-Bedroom: $5,930
Kips Bay
Kips Bay
Studio: -
1-Bedroom: $1,950
2-Bedroom: -
3-Bedroom: -
Flatiron
Flatiron
Studio: $2,750
1-Bedroom: -
2-Bedroom: -
3-Bedroom: -
East Harlem
East Harlem
Studio: -
1-Bedroom: -
2-Bedroom: $2,023
3-Bedroom: -
Lower East Side
Lower East Side
Studio: -
1-Bedroom: -
2-Bedroom: -
3-Bedroom: $3,659
East Village
East Village
Studio: $2,329
1-Bedroom: $2,613
2-Bedroom: $2,652
3-Bedroom: $4,714
Murray Hill
Murray Hill
Studio: $2,255
1-Bedroom: $2,270
2-Bedroom: $4,373
3-Bedroom: $4,400
Morningside Heights
Morningside Heights
Studio: -
1-Bedroom: $1,795
2-Bedroom: -
3-Bedroom: -
Washington Heights
Washington Heights
Studio: -
1-Bedroom: $1,900
2-Bedroom: $1,975
3-Bedroom: -
Financial District
Financial District
Studio: $2,900
1-Bedroom: -
2-Bedroom: $3,828
3-Bedroom: $6,500
Gramercy
Gramercy
Studio: $1,600
1-Bedroom: $3,100
2-Bedroom: $4,950
3-Bedroom: $4,833
Tudor City
Tudor City
Studio: $1,893
1-Bedroom: -
2-Bedroom: -
3-Bedroom: -
Upper West Side
Upper West Side
Studio: $1,719
1-Bedroom: $2,250
2-Bedroom: $2,850
3-Bedroom: -
Harlem
Harlem
Studio: $1,221
1-Bedroom: $1,750
2-Bedroom: $2,419
3-Bedroom: $2,095
Little Italy
Little Italy
Studio: -
1-Bedroom: $1,800
2-Bedroom: -
3-Bedroom: -
Midtown
Midtown
Studio: $4,260
1-Bedroom: $2,350
2-Bedroom: -
3-Bedroom: -
Midtown East
Midtown East
Studio: $2,235
1-Bedroom: -
2-Bedroom: $3,840
3-Bedroom: $4,215
SOHO
SOHO
Studio: $1,633
1-Bedroom: -
2-Bedroom: $3,250
3-Bedroom: $5,600
Upper East Side
Upper East Side
Studio: $1,781
1-Bedroom: $2,371
2-Bedroom: $2,576
3-Bedroom: -
Chelsea
Chelsea
Studio: $1,917
1-Bedroom: $3,375
2-Bedroom: -
3-Bedroom: -
Load All
Brooklyn 1
Bushwick
Studio: -
1-Bedroom: $2,000
2-Bedroom: $2,450
3-Bedroom: -
Brooklyn 2
Cobble Hill
Studio: $1,925
1-Bedroom: -
2-Bedroom: -
3-Bedroom: -
Brooklyn 3
Williamsburg
Studio: $947
1-Bedroom: -
2-Bedroom: $2,733
3-Bedroom: $3,750
Brooklyn 4
Greenpoint
Studio: -
1-Bedroom: -
2-Bedroom: $2,500
3-Bedroom: $3,099
Brooklyn 5
Crown Heights
Studio: -
1-Bedroom: $1,800
2-Bedroom: $1,759
3-Bedroom: -
Brooklyn 6
Prospect Heights
Studio: $2,307
1-Bedroom: $1,900
2-Bedroom: -
3-Bedroom: -
Brooklyn 7
Downtown Brooklyn
Studio: $2,310
1-Bedroom: $3,100
2-Bedroom: -
3-Bedroom: -
Brooklyn 8
DUMBO
Studio: -
1-Bedroom: -
2-Bedroom: $5,385
3-Bedroom: -
Brooklyn 9
Clinton Hill
Studio: $947
1-Bedroom: -
2-Bedroom: -
3-Bedroom: $2,973
Brooklyn 10
Park Slope
Studio: $1,600
1-Bedroom: $2,033
2-Bedroom: -
3-Bedroom: -
Brooklyn 11
Bed Stuy
Studio: $1,500
1-Bedroom: $1,734
2-Bedroom: $1,795
3-Bedroom: -
Brooklyn 12
Bay Ridge
Studio: -
1-Bedroom: -
2-Bedroom: -
3-Bedroom: $2,200
Load All
Queens 1
Long Island City
Studio: $2,170
1-Bedroom: -
2-Bedroom: -
3-Bedroom: $3,800

Tips for Renting in New York City

  • The best way to get to know your future neighborhood is by exploring it. It is important to see what is happening day and night.
  • Find out where the nearest subway station or bus stop is. You want to know how long it will take you to get to work, to your favorite brunch spot, and more!
  • Figure out what is most important to you. Is it closet space? Natural Light?
  • Don’t be afraid to ask questions!
Select the Size of your GradPad
Studio
1
Bedroom
2
Bedrooms
3
Bedrooms
4
Bedrooms
5+
Bedrooms
Indicate Your Monthly Budget
Studio
min $1600
max $5000+
1 Bedroom
min $1800
max $7000+
2 Bedroom
min $2600
max $10000+
3 Bedroom
min $3500
max $13000+
4 Bedroom
min $6000
max $15000+
5+ Bedroom
min $7500
max $20000+
What is your Desired Move-In Date?
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