A
Application Fee Cap (NY State)NY caps tenant application fees at $20 per applicant. No "processing fees," "background-check fees," or "credit-check fees" beyond this. Landlords must absorb screening costs above $20.
B
Broker Fee (NYC, post-2024)The party who hires the broker pays the fee. Landlord-side brokers cannot bill tenants for the rental commission. Tenant-side brokers (i.e., a broker the renter hired directly) can charge tenants. Standard fee: 1 month's rent or 12-15% of annual rent.
Building of Six or More UnitsNY rent stabilization typically applies to buildings with 6+ residential units built before 1974. New buildings or smaller buildings are typically not stabilized.
C
Co-signer / GuarantorPerson who agrees to pay rent if the tenant defaults. NY landlords typically require co-signers when tenant income is below 40x monthly rent. Guarantor must usually earn 80x monthly rent and have strong credit.
Credit Score StandardMost NY landlords require 650+ credit for market-rate rentals. Below 650, a co-signer or higher security deposit is typically required (within the 1-month cap).
CityFHEPSNYC Family Homelessness and Eviction Prevention Supplement. Voucher program covering rent for eligible NYC tenants. Source-of-income protection requires landlords to accept CityFHEPS equally with cash-paying tenants.
D
Debt-to-Income (DTI) — TenantTenants are typically required to demonstrate 40x monthly rent in annual income (single tenant) or 36x combined (multiple tenants). For a $3,000/mo rental, that's $120K single income required.
Damage Deposit (Security Deposit)NY State law caps security deposits at 1 month's rent. Must be returned within 14 days of move-out with itemized written deduction list. Failure to return can trigger 2x penalty.
E
ETPA (Emergency Tenant Protection Act)NY law extending rent regulation to localities outside NYC that adopt it. Some Long Island municipalities (e.g., Hempstead Village) have adopted ETPA. Apartment complexes 6+ units, built before specified date, are subject to ETPA caps.
Eviction (NY)NY tenant eviction requires court process — landlord cannot self-help. Holdover and non-payment proceedings each take 3-9 months. Tenants have right to representation under NY's Universal Access law (NYC).
F
Fair Housing Act (Federal + NY State)Prohibits rental discrimination based on race, color, national origin, religion, sex, familial status, or disability. NY State extends to source of income, sexual orientation, gender identity, age, marital status, and military status. Penalties can exceed $100K per violation.
First/Last + SecurityStandard NYC market-rate move-in cost: first month + last month + 1-month security = 3 months upfront plus broker fee. Total move-in for $3,000/mo apartment: ~$12-15K.
G
Good Cause Eviction (NYC, 2024+)NYC's Good Cause Eviction Law (effective April 2024) limits rent increases for non-rent-stabilized tenants to ~3% above CPI annually and requires landlords to renew leases except for specific allowed reasons.
H
Holdover (NY)Tenant remaining after lease expires without landlord consent. Landlord must serve 30, 60, or 90-day notice (depending on tenancy duration) before commencing court eviction.
HSTPA (Housing Stability and Tenant Protection Act of 2019)NY law tightening rent stabilization, capping security deposits at 1 month, and extending source-of-income protection statewide. Major impact on NY rental market.
L
Lease (NY Standard)Most NY apartment leases run 1 or 2 years. Must include landlord name + address (NY landlord disclosure law), security deposit return policy, and rent stabilization status if applicable.
LIHTC (Low-Income Housing Tax Credit)Federal program subsidizing affordable rental construction. LIHTC properties have income-restricted rents and tenant-eligibility requirements.
M
Month-to-Month TenancyRental that continues monthly without a fixed lease end date. Landlord must give 30/60/90 days' notice (depending on tenant tenure) to terminate.
N
Notice Periods (NY)Landlord termination notice scales with tenancy: 30 days if tenant has been in place < 1 year, 60 days for 1-2 years, 90 days for 2+ years.
NYC Real Property Transfer Tax (rental application)Does NOT apply to rentals — only to sales. Often confused with the rental broker fee.
R
Rent Stabilization (NYC)NYC system regulating rent increases on roughly 1 million apartments. Annual increases set by the Rent Guidelines Board. Tenants have lease-renewal rights and inheritance rights for family members.
Rent Stabilization LookupNYC HCR maintains a registry. Anyone can look up an apartment's status at NYC Rent Guidelines Board.
Renters InsuranceMost NY landlords now require tenants to carry renters insurance ($15K-$30K personal property + $100K-$300K liability typical). Cost: $10-$20/month.
S
Section 8 (Housing Choice Voucher)Federal rental subsidy. NY State + NYC source-of-income protection make refusal of Section 8 illegal. Landlords must accept eligible vouchers if other criteria are met.
Source-of-Income (SOI) ProtectionNY State + NYC law making it illegal to discriminate based on lawful source of income. Section 8, CityFHEPS, SSDI, child support, alimony, veteran benefits all protected. Violations: up to $250K per case.
SCRIE / DRIESenior Citizen Rent Increase Exemption (SCRIE) and Disability Rent Increase Exemption (DRIE) — NYC programs freezing rent for qualifying tenants 62+ or disabled. Landlord receives tax abatement for the difference.
T
Tenant Screening (NY-Compliant)Standard NY screening: credit (650+), income verification (40x rent), employment verification, 2 prior-landlord references, ID. Application fee capped at $20. No "processing fees" beyond this.
TPA (Tenant Protection Act 2019)Same as HSTPA. Tightened rent stabilization rules, capped security deposits, made source-of-income protection statewide.
W
Warranty of HabitabilityNY Real Property Law §235-b requires landlords to maintain "fit and habitable" premises. Failure entitles tenant to repair-and-deduct, abatement, or rent reduction.
Window Guards (NYC)NYC requires window guards in apartments with children 10 and under. Free installation by HPD. Failure to install can trigger violation + fine.