What you need when you apply for renting an apartment in NYC.
Finding the apartment or loft you want to rent is only the first step. You also need to get it. Just as you have requirments for the place you select, the landlord has requirments for tenants.
The landlord will be able to evict tenants that break the lease or do not pay the rent, but the process is time consuming and expensive. The landlords are therefore cautious in who they rent to. The applications are generally thorough and include security deposits and credit checks. Getting everything in order can hold up a lease signing and give others a chance to beat you to the apartment rental you want.
Luckily the landlord rental qualifications are more or less standardized and you can get your papers and requirments ready so they are at hand when you find the apartment you want.
Here below are what you'll need to show the landlord.
What are the financial requirments for renting an apartment?
To qualify for a rental the applicant must earn the minimum of 40x the monthly rent or provide a guarantor who earns at minimum 80x the monthly rent. Not all landlords will accept a guarantor. Often the guarantor will need to be a local resident.
What financial documents and fee are needed to apply?
- Most recent savings and checking bank statements balance page.
- Two pay stubs.
- Last years tax returns (front and signature pages)
- Drivers license / passport / State ID
- Letter on company letter head from current employer stating start and length of employmentand salary.
- Letter from current landlord stating tenure and rent payment history.
- Completed application for EACH applicant and guarantor.
- Processing fee and credit check for each applicant. (These range from $50 - $100, depending on the landlord.)
- Giving a one month rent deposit at the time of applying will convey your serious intent and may help you get the place. Such a deposit is returned in full if the landlord does not accept you, but will not be returned if you choose to backout of the deal.
What is required at lease signing?
- When your application is accepted you will be ready to sign the lease and the lease riders (additional documents added to the lease) such as that the smoke detector will not be disconnected, if pets are allowed, window card regulations, etc.
- You will need to pay the first months rent and a security of one or two months rent. In some cases, when the credit rating is questionable, or there is a guarantor additional security may be required. Some landlords will accept a lump sum for the duration of the lease in advance. Other landlords will not.
- A key deposit may also be required.
