Help Navigating the NY rental market


The New York rental market can be challenging, frustrating and sometimes confusing. It's imperative to be well prepared prior to starting your hunt. I've compiled a guide of what the process entails, how to qualify and what types of supporting documents are typically required.
Happy Hunting!
Rental Requirements
  • Completed application
  • Clear photo I.D. – government issue
  • Last two years tax returns – first and last pages
  • Letter of employment – stating salary, length of employment and title
    • Letter from a CPA if self-employed
    • Two most recent pay stubs
    • Current bank statement
    • **Letter of reference from current/previous landlord
    • **Personal reference letter(s)
Most apartments typically require that you earn 40-50 x the monthly rent, otherwise
You will require a guarantor. Guarantors are expected to earn between 80 and 100 x the monthly rent.
-Credit history/Application fee
$50.00 – $150.00 per applicant and per guarantor
Approval can take from 1 day to 1 week depending on mgmt. policy
-Timetable for processing your deal
Select an apartment, apply and run credit check
The following day submit complete package (all items from list above). Incomplete packages will be rejected and apartment will remain on the market.
Approval 1-7 days – typically
Obtain certified funds for 1stmonth rent, security - verify payee(s) for rent/security.
Be prepared to sign leases within 1 to 2 days.
Confirm move-in days and times and key retrieval or delivery
Throw a party
OPEN BOTTLE OF CHAMPAGNE TO CELEBRATE YOUR NEW HOME
ENCOURAGE FRIENDS AND ASSOCIATES TO BRING GIFTS, small appliances, etc.
**not required from every landlord

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...