If an applicant does not meet the financial requirements the landlord may require a lease guarantor, or co-signer. This person is responsible for the rent if the tenant fails to pay it. They are generally required to go through the same application process as the tenant and earn 80 to 100 times the monthly rent. Most landlords prefer a tri-state guarantor (someone who lives in New Jersey, New York or Connecticut) however this will vary from landlord to landlord.
WHAT DOCUMENTATION DO NYC LANDLORDS REQUIRE?
- - Letter of employment on company letter-head stating salary, position, and length of employment. (If new hire, then signed offer letter is acceptable) *If self employed, then letter from accountant stating nature of business and income. Usually the first two pages of last year’s tax return as well)
- - Recent bank Statements (checking and savings)
- - 2-3 Recent pay stubs
- - W-2 form
- - Additional sources of income with verification
- - Names, addresses and phone numbers of previous landlords (Copy of landlord reference letter is suggested)
- - Personal identification with photograph (driver’s license or passport)
- - Tax returns for the last two years –(some landlords require this, but only the first 2 pages).
ONCE I SEE THE APT I WOULD LIKE TO RENT, HOW DO I PROCEED?
Fill out Application / credit check:
This is typically a single form that will provide a landlord with an applicant’s professional, financial and personal background information required when applying to live in a property. A credit check is only applicable for US residents.
At this point you will also supply the paperwork listed above.
Application fees are generally due at the time of application submission and range in price from $50 - $100 (per application) for a rental building and anywhere from $250 - $1,000 for a coop or condo building.
Once you are approved by the landlord, you will be asked to sign a lease and bring with you two certified checks for 1st month's rent and one month's security. If you do not have a US credit history or have bad credit, landlords will often request additional security. Some landlords will allow the tenant to pay via credit card and add additional surcharges.
The standard brokerage fee in Manhattan is 15% of the annual rent and is generally due at the time of lease signing. You are only responsible for this fee if you secure an apartment through that agent. Fees should always be made payable to the brokerage firm and not an individual agent.
Your move-in date should be arranged at the time of your lease signing. Be sure to find out what, if any, restrictions there are on scheduling your move-in with your new building, and where and when you can pick up your keys.