The requirements, fees and documentation noted below can vary depending on the landlord or management company. Your real estate agent will share details as you go through your search.
- Annual income must be 40 times the monthly rent. A bonus may be included if the bonus is guaranteed, or if a documented history of bonuses can be provided.
- Good credit: A credit check will be run by the landlord or management company as part of the application process. Discuss any potential credit problems with your agent in advance. If you do not have good credit or credit history you be required to pay additional security and / or months of rent at upfront. This can vary and is at the discretion of the landlord / management company.
Please note: If your guaranteed yearly income falls below 40 times the rent there are other factors that may be taken into consideration, such as assets, income from other sources, housing allowances, or the use of a Guarantor. Landlords may accept roommates’ combined incomes to determine financial qualification for an apartment. If the landlord does not allow for combined incomes, or if the combined total is not enough, they will require a Guarantor. Guarantors must make 80 times the monthly rent in annual income. Most landlords prefer that you use a guarantor from the ‘Tri-State’ area. The guarantor will be required to produce paperwork for the application just as the potential tenants, but is not required to physically come to New York to sign the lease. If signing the lease remotely the landlord may require the lease be notarized.
- Rental Building Application: $ 0 – $ 100
- Condominium and Cooperative Application: $ 300 – $ 1,500
- Broker Fee: 15% of the Annual Rent is typical, but some apartments may offer a reduced fee or pay the broker fee for the tenant
- Current letter of Employment on official company letterhead. The letter should include: job title, duration of employment, annual guaranteed income and be signed by a supervisor or HR representative.
- If self-employed, the letter should be from your CPA, stating nature of your business and verification of your last 2 years of income.
- Two most recent pay stubs.
- 2 months of bank statements.
- Verification of any additional sources of income.
- 2 years of tax returns
- Landlord reference letter: A letter from your previous landlord stating the amount of rent you paid and the term you rented for. They should include their name and phone number.