Renting an apartment in the Manhattan rental market is like nowhere else in the world. You should be informed about the New York City apartment rental market as well as the requirements of New York City apartment rental buildings. Each New York City apartment rental building has rental requirements, below are the general requirements.
In general, the requirements for renting in New York City are as follows:
1. There is an application fee for each person who rents a rental apartment in New York City between $50 and $125, depending on the New York City rental building. If there are guarantors, the same rate applies. The application fee is non-refundable and covers credit performance for all applicants and/or guarantors.
2. Income requirements are 40-50 times the rent for the New York City rental apartment. For example, if the apartment for rent in New York City was $2,000 x 50 = $80,000, the applicant would have to earn $80,000 to qualify for the apartment. If there are guarantors, income requirements are between 75 and 100 times the gross rent of the apartment. For example, if the apartment for rent in New York City is $2,000 x 75 = $150,000. If the applicant and/or guarantor have a low income, additional collateral may be required.
3. To verify your income, many Manhattan landlords require your most recent pay stubs and/or letter of employment on company letterhead indicating applicant’s and guarantor’s title, salary, and length of employment with the company . If you are self-employed, you may need a letter from your CPA stating your income for the previous year, as well as your projected income for the current year.
4. To verify that you have sufficient assets, some Manhattan landlords require your latest bank statements. Some Manhattan rental owners require a certain amount to be in the bank account.
5. Some New York City rental buildings require last year’s tax return to verify your income.
6. If you rent, some New York City rental buildings require a reference letter from the landlord or recent canceled checks to verify that you paid your rent on time.
7. All buildings require a form of identification which can be a driver’s license, passport, etc.
Before you decide to go out and look at apartments for rent in New York City, you should have all of this documentation with you or available so that when you find your perfect New York City apartment for rent, you can go ahead and secure it. If you don’t, you risk losing it as the New York City rental market moves so fast.
Once approved, the lease signing is usually scheduled immediately after. At lease signing, you typically bring the first month’s rent AND the security deposit, which is typically one month’s rent and both are paid with certified funds.
