Financial Eligibility

Landlords require a guaranteed annual income of 40-50 times the monthly rent.  Please remember to take into consideration loans and liquid assets.  If possible you should try to establish a New York bank account before beginning your search.  If this is not possible, please be sure to have travelers checks or a credit card with an adequate line of credit that may be converted into US currency.  Landlords will not accept personal or out of state checks; only certified funds will be accepted.  A non-US citizen paying taxes outside of  the US without an established tax or credit history may be required to pay additional security that can be as much as six to twelve months rent in advance.  

Lease Guarantor Requirements

If your salary and your above all financial picture does not meet  the landlords requirements you may have a guarantor/co-signer guarantee the lease.  Guarantors must show a guaranteed salary of 80-100 times the monthly rent, are required to have a good credit history and live in the United States.  A  guarantor that fit's this criteria can limit the amount of rent that is required.

Paper Work and Documentation

Application:  This is the first step to start the process once you have found an apartment.

Letter of Employment:  Must be on official letterhead with contact information for verification. Your letter must reflect position, start date, length of employment and annual income and bonuses.  Bonuses, unless guaranteed, will not be taken into consideration.   A copy of your employment contract will also be necessary.

Bank Statements:  Two most recent checking, savings or from any other financial institution(s)  and/or a letter from your banker stating your average monthly balance. 

Tax Returns:  Last two years.

Letters of Reference: Two personal and two business (not all landlords require letter’s of reference.)

Self Employed:  A letter from your CPA stating annual income.

Broker's Fee

Brokers fee: 10-15% of lease term, if applicable.

Rent, Security and Broker's Fee must be in the form of certified funds and are due at lease signing.

Other fees:  Some buildings may require a move in move out fee and higher application/processing fee.  This fee applies to a coop or condominium building.