NYC Rentals Through International Eyes

A Tenant's Story

I answered a few questions when Angela asked me to share a bit about my exciting adventure as an international buyer. I met her Downtown at her sales office to see a condo for sale. I was not quite ready to buy though...

Living in a hotel, I was first looking to rent for a year and then purchase. So my little adventure in New York came with its set of challenges. After careful planning, local assistance along the way, and an open mind, I successfully made my way through the rental and sales market and made my first Real Estate transaction in the city that never sleeps, a truly memorable experience.

Shuang Luo, Bayside investor

Question: As a renter, what can I expect of finding a place in New York City?

Answer: It's both exciting and a bit overwhelming! One of my colleague told me to look at the real estate market but what market? There are so many websites and ads about real estate that I was not quite sure which platform was reliable and where I could find the best deals. Then I found websites such as Zillow, and realtor.com with listings of both rentals and sales in different areas so I gave it a try. NYC is famous for its diverse neighborhoods and fast-paced real estate market. But don't worry! With some preparation, patience and organization, you can make the transition much smoother and even fun.

Q: Any tips to fellow foreigners navigating the rental process?

A: Well, it helps to get familiar with the city's geography. Once you have an idea of where you want to live, the next step is handling NYC's competitive rental market. This means having a solid rental application ready to go—think proof of income, credit history, bank and saving statements, and possibly a U.S.-based guarantor. These are key when you're competing for apartments.

I’ve noticed that emailing people gets me more answers than calling. Most calls are unanswered. Then the moment I provide more information about myself, I tend to get bombarded with calls!

Q: Can you share some challenges you've experienced and how you resolved them?

A: Definitely! For starters, language barriers or unfamiliarity with the local rental practices can make things tricky. That's why it's a good idea to work with a real estate professional who understands you and your specific needs. They can walk you through lease terms, help with negotiations, and explain some of the unique quirks of the NYC rental scene. Now, I, personally, have always heard that I could save some money or have more leverage when buying if I did not use an agent so this is the route I took. I work in finance, so I felt comfortable going solo. I also consider myself a good negotiator. But when it come to rentals, as you know Angela, I ended up using an agent. It made the most sense based on my situation. I wasted a lot of money on a hotel and an extended stay hotel in Long Island, until I decided to use an agent who secured me a rental in less than five weeks.

Q: What about the financial side of things? Anything special to prepare for?

A: NYC rent can be pricey, so it's important to establish a budget and ask if they’re running any incentive. Most of the time, with a good application, they often offer a month free or something of this sort. In addition to rent, you'll likely need to pay a security deposit, and sometimes a broker's fee, which is often equivalent to a month's rent. Having these costs in mind will give you a clearer picture of the overall financial commitment. I also asked how much and how often are they planning to increase the rent. And I often ask if they offer a two-year lease.

Average rent in Manhattan exceeded $4,500/month in 2024

Q: Did you feel you had to adjust your lifestyle in New York?

A: Cultural adjustment is a big part of the experience, but it can be really rewarding! The city is so diverse, so embrace the different communities around you. Get involved with your local ASPCA or animal shelter for instance. I’m a dog lover and it can be a way to make new friends. I’m the type to say “hi” and engage in small talks with my neighbors or the cashier at the corner store. Explore your neighborhood, and don't be shy about meeting fellow neighbors. These connections will make your time in NYC all the more enjoyable!

Thank you so much for sharing your experience with us, Shuo — it's always great to hear from people outside the industry, navigating the New York City market. Before we wrap up, here's one more insight: In NYC, more than two-thirds of residents are renters — and with tight inventory and high demand, being prepared with strong documentation can make all the difference. Thanks again for joining us!