NYC Apartment Rental Requirements

Prior to begining your search for a New York City apartment rental it is important to understand what will be required from you when finding the ideal home. Please review the requirements in detail below and should you have any further questions please visit our Frequently Asked Rental Questions or call 212-590-0540.


Verification Of Income

The verification of income must be provided in 4 different forms.

• A letter, with company letterhead, from your employer must include - position, salary, start date of employment, and length of employment. Offer letters aren't usually accepted but any additional pertinent info is welcomed at this stage.

• Copies of recent pay stubs are also needed as proof of income.

• Tax returns and W-2 forms from the past 2-3 years

• Recent bank statements (3 statements or a letter from your bank) must be provided as part of the process.The banking information must show the
  duration, history, status, and balance of your accounts.

Recommendation From Current Landlord

This letter should also be on letterhead and should give some insight into your history as a tenant. It should include information such as the length of time at that address, your current rent, and your payment history. The new landlord will be interested in seeing if you always pay in full and on time.

Credit History

A routine credit check is almost always performed by landlords or their agents. Anyone interested in renting should check in advance that their credit report reflects favorably on them. It is wise - if possible - to clear any outstanding balances prior to searching for an apartment.

An average or even poor score may not prevent you from getting your apartment - if you can provide a guarantor. Always ask an individual before you submit their name as a guarantor. Serving as a co-signer carries great responsibilities. A guarantor agrees to accept responsibility if you default on your rent. A co-signer will also be asked to provide their financial information.

Identification

You will be asked to provide copies of identification - driver's license or passport.

Financial Requirements

New York City apartments can be exquisite but expensive homes. Generally, landlords look for tenants whose annual salary is 45 times their monthly rent. If a prospective tenant falls below this income range, however, they may still be considered by landlords. Yet the fact remains that renting a NYC apartment requires a substantial initial investment. Personal checks are usually not accepted for these expenses. Cashier's checks or cash are the popular modes of payment requested by landlords.

Initial Costs

• Broker's Fee equal to 15% of the annual rent

• Security Deposit (equivalent to a month's rent)

• First Month's Rent (and increasingly, an amount equal to last month's rent)

• Cost Of Credit Report ($25-$100)

• Possible Application Fee ($100-$400, not for every building, may/may not be refundable)
  

Frequently Asked Questions

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