Apartments are a type of residential real estate, typically located in a building and occupied by individual tenants. Apartments can also be owned, but most people who rent apartments do so because of the cost and maintenance requirements associated with owning a home, says Curci. According to the Census Bureau, there are about 44 million renter-occupied households in the United States.

Rental rental apartment provide a variety of benefits to those who live in them. They are usually less expensive than purchasing a home in the same area and often offer close proximity to urban amenities such as restaurants, theaters and public transportation. They can be a good option for singles, couples, families and those looking to downsize from a house. In addition, renting an apartment can be a less complicated and time-consuming process than owning a home.

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The cost of renting an apartment can vary depending on the neighborhood in which it is located. Manhattan neighborhoods like the Upper East Side (EAS) and Midtown East tend to have the highest costs, while the outer boroughs of New York City (such as Queens, Brooklyn and Staten Island) have more affordable options.

It’s important for renters to have money available upfront for broker fees, security deposits and the first month’s rent. When applying for an apartment, it is necessary to bring all the documentation that the landlord requests including employment and income verifications, pay stubs and bank statements. Some landlords may require a credit check to be completed as part of the application process. When paying a deposit, get a receipt that clearly states that the money is refundable if the applicant is rejected.