RENTERS/CORPORATE RELOCATION
Renter’s Guide:
Renting an apartment in Manhattan can be a stressful and frustrating experience if you are not prepared. It can also be a painless experience with some know-how and preparation. Finding your ideal apartment is only half the equation – being able to get it is the other and more important half. With our experience and relationships with many landlords and management companies, we are here to assist you and guide you step by step of the way in searching for and landing your ideal apartment in the Big Apple.
The following are answers to common questions:
How much do I have to earn to be approved?
A tenant’s annual income typically must equal 40-50 times the monthly rent.
What do landlords commonly require?
Landlords require that you have a good credit rating and that you annually earn 40-50 times the amount of the monthly rent.
What paperwork will I need?
Please consult with your agent, as many landlords have different qualification procedures but the paperwork typically required includes:
* Application form: Once you find your ideal apartment, the first step is completing an application form – most management companies have their own forms that need to be used.
* Letter of employment: The letter must be on official company letterhead and state your position, length of employment or start date and your annual income. The letter must also be signed by a person authorized to verify the information provided. (A signed offer and acceptance letter is usually not sufficient.)
* Pay stubs: A copy of your three most recent pay stubs.
* Bank statements: Your three most recent statements from your checking account, savings account or any financial institution should do.
* Bank account numbers: Have them ready just in case you need them as they are often required on application forms.
* Tax return: Some management companies require a copy of your most recent federal tax return. If you are self-employed or have multiple sources of income, a tax return is usually required.
* Letters of references: A reference letter from your recent landlord is often required and can also be very helpful in the process. If you are unable to get a letter, have the name, address and phone numbers of your landlord ready. Also think of other people that could be useful references and have their information handy. For instance, if you have an accountant or attorney you might need their numbers to put down as a reference.
* Identification: Many landlords require a copy of a photo ID at lease signing.
* Credit reports: A major part of the approval process is based on your credit report. Credit reports are always run on every applicant and guarantor – unfortunately credit reports obtained on your own are not accepted. The prices of credit reports/application fees range from $25-$100 depending on the management.
If you think your credit report is not good (e.g. say a high revolving balance, past due payments, delinquencies or a public record), be sure to advise your agent of this. Your agent can then properly prepare you for the process. Different landlords have different ways of dealing with credit issues – some allow you to just increase the security deposit or use a guarantor. Others may reject the application altogether. We will guide you through this process that will save you time, money and a lot of anxiety.
