How to Get an Apartment in New York Right Out of High School

Renting an apartment in New York City can be daunting, whether fresh out of high school or a seasoned graduate. Regardless of your starting point, the process remains consistent. However, if you begin your search at a tender age, you may need to build everything from scratch. Fear not; by following some simple steps, you'll be on your way to becoming a resident - and a rent-paying one.

Find a Job

First things first. Finding a job will not only give you a steady source of income but also show credentials to a potential landlord that you have regular employment under your belt.

It shows that you have the money to pay the rent and the level of responsibility a mature adult will need to live independently.

The longer you have been employed, the better, as it will portray you as an individual with financial and mental stability.

Finding a full-time, high-paying gig for someone with limited experience may be difficult.

The work history should allow more opportunities if you've worked throughout high school.

You'll most likely be looking for entry-level jobs, and even though they may not be close to a six-figure salary, you can still find ways to live in the city if you budget and plan accordingly.

Open Up a Bank Account

You'll need to open a bank account, not just because landlords and management companies usually ask to see them, but because it's a great way to manage your finances.

You can budget, see how you earn, and analyze your spending habits and bill payments.

Balancing your budget might prove challenging, but a bank account will allow you to do so more efficiently.

Furthermore, many employers these days offer direct deposits for payments.

Having a bank account will allow you to get paid faster.

This is another significant step in adulthood.

You might also open an account with one of your parents as an account holder.

That means your parent(s) can quickly deposit money into your account in cases of emergency, monitor your spending, and give you feedback on budgeting if necessary.

It may also be more accessible to open up the account with the assistance of a guardian.

Here are the banks you should consider:

Open Up a Credit Card Account

If you haven’t had credit card experience, starting your credit history will be essential.

So much will be based on your credit score and history in the future, such as future rentals, getting a car, getting a loan, and buying a home, to name a few.

Getting credit right out of high school will put you ahead of the game.

Secured Credit Cards

If you can’t get help from your parents in opening a credit card, you will need to look into a secured credit card.

These credit cards require a more substantial payment or deposit to open the account than conventional cards, with a minimal credit limit (usually just $200-$300).

After you pay your bill on time every month for several months, you should be able to increase your limit and graduate to a regular credit account.

Start Healthy Habits

Remember to pay your bill on time every cycle, paying at least the minimum due (paying most or all of the amount is highly recommended) to start your credit right.

Leaving a small balance is fine if you are conscientious with your payments.

Do this, and you’re way ahead of the curve.

We suggest you monitor your credit with a third-party site like Credit Karma or Credit Sesame once a month or every couple of months to stay on top of it and learn what it takes to build and maintain amazing credit.

Understand the Rental Market and Process

Before you actively look for an apartment, knowing what to expect will give you an edge and prevent you from wasting countless hours on areas and properties that may ultimately be ill-suited to your situation. First, know how much you can afford.

Take your annual earnings and divide them by 40.

That should equal the monthly rent you can afford.

Remember to include any commissions or bonuses you might receive at work or any monetary assistance from your family.

New York landlords generally use the rule of 40 times the monthly rent. There might be some leeway, but this is the general formula followed.

Factor in Your Credit Score

Most landlords will also seek a “Fair” credit rating as a bare minimum. The lowest fair score is 650.

Be wary that some landlords will not accept a 650.

The average New York credit score is 680, so having this score at the least will probably mean you’d qualify for most apartments.

Have Your Paperwork Ready

The rental process will usually require some income documentation, which should include a letter of employment, your last few pay stubs or pay statements, your recent few bank statements, an official form of photo ID, and the last year or two of your tax return or tax documents like 1099’s or W-2’s.

Having these ready to disseminate or hand to the rental agent will make the process go much faster and show your conscientiousness and responsibility.

Get Help from Family

Suppose you need an apartment right away and haven’t been able to secure a job or open a credit account. In that case, you can get your parents or another close family member(s) with established credit and income to act as a guarantor on your lease.

This is also helpful if you have little employment or credit history.

Your guarantor must show that they make at least 80 times the monthly rent every year and have good credit.

If you miss rent payments and cannot pay, this person will be responsible for paying, or their credit will also take a hit.

Don’t put family members in that awkward position.

Ruining someone’s credit is a big deal, so pay your rent and bills on time.

If you’ve spent beyond your means on your credit account, make arrangements with your credit card company or bank to temporarily put a hold on your credit.

This will buy you time to put funds together for your rent and get back on track to paying your credit card.

Another way you might utilize the help of your family if you have any extended family in the five boroughs is to ask if they have a room available in their house or apartment.

You can also ask if they have friends or neighbors with a spare room to rent.

Renting through your social network might help you bypass the whole rental process.

Alternatives to Traditional Apartments

If you don’t qualify for a conventional New York City apartment, you can always try to find roommates to go in together.

This may be very helpful, especially if you don’t earn enough to afford an apartment by yourself. You can find roommates through social media sites like Facebook.

If you’re having problems finding roommates, you may try to rent a room through an agent or landlord in an apartment share.

On most search listing sites like PropertyNest, you can search specifically for available rooms.

Frequently, they are a far more affordable option.

Searching for apartments and rooms being let by single property owners may also be a wise choice as they tend to have a more personable approach and may be willing to hear you out.

Sublets are another way to go. Those subletting their apartments may not have such rigid guidelines they use for tenants.

In all situations, pay your rent faithfully and on time.

Use Community Resources

Young people can find themselves homeless for a variety of reasons, which are not limited to more stigmatized reasons like drug abuse, domestic abuse, poverty, or criminal activity.

Some of these other reasons may be related to a death in the family, loss of employment, eviction, pregnancy, or issues affecting LGTBQ teens.

Suppose you find yourself in dire circumstances, where you may be homeless, soon-to-be homeless, or in between addresses. In that case, plenty of nonprofit organizations are designed to assist at-risk youths.

Some of these organizations even may help you locate a job, continuing education, counseling, or a place to live.

There are also group homes for such at-risk teens or teens in transition.

Check out the NYC.gov website to research a list of resources and organizations that can help you.