What to Bring?
§ Proof of income
§ Employer verification letter - On
company letterhead, signed by supervisor stating
i.
Annual Salary
ii.
Position/Title
iii.
Length of
employment (start date)
iv.
Guaranteed bonus
(if any)
v.
Housing Allowance
(if any)
§ Two most recent pay stubs
§ Last Two Year's tax returns (first and
signature pages)
§ Most recent bank or brokerage
statements
§ Copy of driver's license or passport
§ Money (Bank/Certified Check)
i.
Application fees
($50 - $250 depending on building)
ii.
First month’s rent
(Required at lease signing)
iii.
Security deposit
(Required at lease signing)
iv.
Brokerage fee - 15%
of the annual rent (Required at lease
signing)
Financial Qualification
Most
landlords require that you make 40-50 times the amount of monthly rent.
Outstanding loans, assets liquidation, credit and rent history are also taken
into consideration.
Most
landlords require that you make 40-50 times the amount of monthly rent.
Outstanding loans, assets liquidation, credit and rent history are also taken
into consideration.
Guarantors
If you
do not meet the financial requirements of the landlord, you may be required to
obtain a lease guarantor. The guarantor must be financially able and qualified
to pay your rent as well as comfortably carry his or her financial
responsibilities in case you default on the lease. The have to provide the same
paperwork as the tenant and their income requirement is 70 -90 times the
monthly rent.
Many
landlords require a Tri-state guarantor. If you are being relocated by your
company and need a guarantor, you should check with human resources to see if
the company will provide one. They often do.
If you
do not have a guarantor, there is another option; A third party company that
will guarantee the rent for a fee.
If you
do not meet the financial requirements of the landlord, you may be required to
obtain a lease guarantor. The guarantor must be financially able and qualified
to pay your rent as well as comfortably carry his or her financial
responsibilities in case you default on the lease. The have to provide the same
paperwork as the tenant and their income requirement is 70 -90 times the
monthly rent.
Many
landlords require a Tri-state guarantor. If you are being relocated by your
company and need a guarantor, you should check with human resources to see if
the company will provide one. They often do.
If you
do not have a guarantor, there is another option; A third party company that
will guarantee the rent for a fee.
Credit Check
An
application fee ranges between $50-250 and will cover the cost of your credit
check. A good credit rating should have no delinquent or collection accounts,
over 60% available credit and no substantial amount of debt. Some landlords are
more flexible than others when it comes to credit.
An
application fee ranges between $50-250 and will cover the cost of your credit
check. A good credit rating should have no delinquent or collection accounts,
over 60% available credit and no substantial amount of debt. Some landlords are
more flexible than others when it comes to credit.
International
If you
are a first time renter in New York and do not have a credit history in the
U.S., landlords might require an extra security deposit, a guarantor or rent
paid up front.
Consult
me for additional advice. Procedures and requirements may vary from one
building to another. I'll make sure to guide you through the best possible
options.
If you
are a first time renter in New York and do not have a credit history in the
U.S., landlords might require an extra security deposit, a guarantor or rent
paid up front.
Consult
me for additional advice. Procedures and requirements may vary from one
building to another. I'll make sure to guide you through the best possible
options.
Board approvals
If you
are subleasing a co-op or leasing a condominium, board approval will be
required. Condominiums are very easy and almost never reject renters. Co-ops
are stricter and may require a personal interview. Some co-op boards may only
meet once a month or even once every two months. Your interview date may depend
on it.
If you
are subleasing a co-op or leasing a condominium, board approval will be
required. Condominiums are very easy and almost never reject renters. Co-ops
are stricter and may require a personal interview. Some co-op boards may only
meet once a month or even once every two months. Your interview date may depend
on it.
