Thousands of people move to Big Apple every year, and if you are one of them, you better be fully prepared with your paperwork to score the apartment of your dreams. Whether this is your first time renting, or you have some experience, this article will help you to figure out what do you need to rent an apartment in NYC.
It is very important you have all the necessary paperwork ready before you even start looking for an apartment. Having all the papers handy can help you beat the competition, and rent your dream place. And while the rental requirements are not standardized, meaning they can slightly vary from landlord to landlord, the main points are the same. So make sure you have, or can get at a moment’s notice, the following paperwork.
Proof of income
To rent an apartment in NYC you will need to show the income of 35-50 times the monthly rent. For example, if you are planning to find a studio in Brooklyn, which will cost you about $1700 a month, your yearly income should be at least $59,000.
To prove the source of income and your ability to pay rent, you would need a letter from your employer on company letterhead stating your position, length of work and salary. Also, bring your two latest pay stubs. If you are self-employed, make sure to get a letter from your accountant. This should specify the type and length of business, and your annual income.
But what if you don’t make enough money? Not to worry, landlords will accept a co-signor, or guarantor, to guarantee the lease. The requirements can change case by case, but here are some guidelines. The guarantor’s income should be 75-95 times your monthly rent, and they will need to provide the proof of income. Pay stubs, tax return, and bank account information, as well as a copy of the photo ID, are required, too.
Print out or make a copy of the first two pages of last year’s tax return. Do not rely on simply emailing the copy to your real estate agent or landlord. You never know what could happen – your phone will run out of charge, no internet connection, or no printers nearby. Remember, when you find an apartment of your dreams, you will want to present all your paperwork as fast as you can to beat all the competitors.
Stop by your bank, and get your account information. You might want to ask for an official bank statement regarding your checking and/or savings account. Be sure to include any joint account information, if any.
Keep copies of your personal identifications handy. This could be any photo ID – your driver’s license or your passport. Just in case, have a copy of your social security card, too. Be aware, that if you are planning to leave together with a roommate – be it a friend or a spouse – the landlord will ask for copies of their ID as well.
Now, this is something that may or may not be needed. But always better be prepared, right? So make sure to have a list of names, addresses and phone numbers of previous landlords. If you ended on good terms, you might even want to ask them for reference letters. Additionally, you can get a couple of personal and business references, for example, from your boss or your ex-neighbors.
Some landlords will require less than what we mentioned above. But it is better to be over-prepared. When you have made your choice, time is of the essence, and you will want to sign the lease as soon as you can, before somebody else finds this apartment, too.