Rental buildings are a great option for people who don’t have the money to buy a single-family home, co-op or condo. The upfront costs are generally lower and the maintenance responsibilities are removed from the equation, meaning renters can adjust their housing choices as their financial situation changes. Depending on where their jobs take them, a renter can also upgrade to a larger space or downsize to reduce expenses.

The term “rental building” is a broad one, and in New York City can include everything from high-rise full service buildings to pre-war or elevator buildings, brownstones or walk-ups. Generally, there is one landlord for the entire building and all of its apartments are available to lease. In many buildings, the units are rent stabilized and therefore subject to guidelines for yearly rent increases. In other buildings, the units are not rent stabilized and the owner sets the leases based on supply and demand factors.

Exploring the Best Rental Buildings in the City

A good rule of thumb is to start your search for an apartment early. Rental apartments don’t remain vacant for long and can often be gone in a day or two. By starting your search, you can be ready to move quickly when a unit becomes available.

The ability to easily find roommates can be a huge benefit for some renters. Adding another person to your household can cut down on living expenses and help you save for a future purchase. It’s also a great way to test out the area before making a permanent commitment. However, it’s important to have a rigorous tenant screening process that includes checking a potential tenant’s credit, criminal and eviction history.