Wednesday, April 7, 2010

Are you PREPARED to rent an apartment in NYC?


Given the high demand, relatively low supply, and high cost of rental apartments in the NYC market, landlords and owners usually require significant amounts of paperwork and proof of financial stability prior to offering a lease for rental. Gathering the following documents as early in the search process as possible will always give you the upper hand!

Below are the typical items that 90% of management companies in NYC ask for when you have decided you want an apartment. THIS IS IMPORTANT! You are already in the search process, so you should have your paperwork ready and with you when you are viewing.

Commonly required items for submitting an application to rent in NYC:
  • Letter verifying your employment:
This should be a letter from your employer, on company letterhead, indicating your start date, length of employment, position, salary, and any other pertinent information. (Note: Offer letters are usually not acceptable)
Copies of recent pay stubs. (two is sufficient)
  • Tax returns and W-2 forms from the most recent year filed
  • Two recent bank statements or a letter from the bank indicating how long you have held an account there and confirming the status, balance, and history of your accounts. (Choose an account with at least a couple of months rent as a buffer)
Letter from current landlord: 
  • This letter, preferably on letterhead, should speak to your history as a tenant. How long have you lived at your current address? What was the rent you have been paying? Do you have a history of paying on time and in full? (*Not always required but something you should have)
Verification of your credit:
  • Most landlords or their agents will perform a routine credit check. You may want to review your credit report in advance to determine whether there are any outstanding balances that would negatively affect your prospects or to prepare yourself to explain outstanding debts. An average or poor score may not necessarily screen you out as a potential tenant; some landlords are willing to accept tenants who can provide a guarantor, or a person who will serve as a co-signer and will accept responsibility if you default on rent payments. Typically, the guarantor is required to provide all the same financial information that you yourself provide. If you believe you may need a guarantor, it is critical to speak with this person first and advise them as to the level of their responsibility.
  • Copies of identification (Driver’s license or passport)
Having this package prepared and organized will impress a prospective landlord and will speak to your organization and commitment as a prospective tenant.

Contact me for more information and for help on how to gather this information. I am available to assist in putting together your "packet" for submittal.

Be sure to check out my recent listings on www.goleaseit.com, follow my updates on Twitter @ www.twitter.com/NYCrentaldeals and become a FAN on my facebook page here http://bit.ly/cmLcaR. Of course you can always give me a call at 212-452-6108 to talk about your current needs!

-BGD

2 comments:

  1. NY apartments are usually small, so no more due to it. For example, if you have a king-size mattress, but is moving into an apartment, which can barley fit a full size, then it is time to sell an old mattress.

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  2. I never thought that renting an apartment in New York requires that much paperwork. I always thought that the high rental cost and finding the apartment that I will be renting would be my only worries.

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