Sunday, May 27, 2012
Guideline for typical requirement for renting in NYC.
"New York landlords work mostly on a first-come-first-serve basis. When you find the apartment you are looking for, your new landlord will ask you to submit the application and necessary paperwork and, upon approval, sign the lease and turn in the first month's rent and the security deposit. The amount of security may vary but will equal at least equal one month's rent. Have those funds available in your checking account to avoid losing the place you worked hard to find. For more information on necessary paperwork, please see our Documents and Requirements article on the right.
When renting an apartment in New York, you should expect to pay at minimum, one month's rent and the same amount in security deposit. Landlords place security deposits into separate bank accounts and tenants collect interest on them. Security deposit is usually kept until tenant vacates the apartment and it usually can not be used as a payment of rent.
Manhattan landlords are more demanding and look for a tenant that makes at least 40 times the monthly rent in annual income ($60,000 for a $1,500 per month apartment). Tenant should also be at same job for more than a year and have a credit that shows no or few late payments and no outstanding issues (charge offs or collections).
To prove the income, most landlords require a Letter of Employment. It should bear company's logo, show employees position, starting date and guarantied annual compensation. In addition, unless it is a new job, application package should include 2 most recent pay stubs. Self employed applicants typically prove their income by presenting last two federal tax returns.
If the income, length of employment or credit do not meet the requirements, most Manhattan landlords will require larger security deposit, sometimes as much as 6 monthly rents. In case of no credit history at all, a year's rent up front can be required.
Most landlords accept guarantors to co-sign the lease. Guarantor's income should to be about or over 80 times the monthly rent for the apartment you are applying for. Usually, guarantor will need to fill out an application and present front and signature pages of one or last two federal tax returns. Guarantor would ideally be from a Tri-State area (New York, Connecticut, New Jersey) but there are still some landlords still work with guarantors from anywhere in the U.S." (http://www.geoffreystevens.com/new-york-nyc/qualifications.htm) - more information.