How much rent can I afford?
What paper work will you need?
Will you require a credit check?
How much does a credit check cost?
What is a guarantor?
Do I need a guarantor?
Who can be a guarantor?
Will I need to give a security deposit?

How much rent can I afford?

As a guideline for NYC, you can expect to spend approximately 25% of your gross annual income on rent. If you earn $60,000 per year, plan to spend $15,000 on rent. Another way to calculate your requirements is that you much have annual earnings equal to 40 times the monthly rent.

What paper work will you need?

Application: The first step will be to complete an application form.

Pay stubs: We always require proof of income and the best form is a copy of your three most recent pay stubs.

Tax return: A copy of your most recent federal tax return may also serve as proof of income. A tax return is usually required when a person is self employed of if you are basing your income on several different sources of income.

Bank statements: Your three most recent statements from your checking account savings account or any financial institution should do.

Bank account numbers: are required on our application forms.

References: If you have any Accountant or Attorney you may need their numbers to put down as a reference or other people that could be references so have them information handy.

Landlord reference: is required on the application so have the name, address, and phone number of your current or previous landlord ready.

Identification: We like to receive a copy of your photo ID, which can be a driver's license, student ID, or passport.

Funds: When you sign leases you will need to have funds available in the amount of rent and security. Be prepared to give this in a certified form - Bank Checks, Certified checks, or Money orders. Personal checks are not accepted.

Will you require a credit check?

Yes. Credit reports are always run on every applicant and guarantor. Unfortunately credit reports obtained on your own are not accepted. A major part of the approval process is based on your credit report. So what is bad? A few old late payments are usually ok. A high revolving balance is not good. Past due payments that are still outstanding are bad. Delinquencies and collections are very bad. A public record (your day in court) is bad and a Landlord-Tenant record is the worst! If you think your credit is not good; it probably isn't. Be sure to advise your agent or us of this. Doing so will allow your agent to properly prepare you for the process. Different landlords have different ways of dealing with "credit issues". Some will allow you to increase the security deposit. Others may reject the application completely. In any case, you will need guidance to save you time money and a lot of frustration.

How much does a credit check cost?

This will depend on the agent or company you are working with. The prices of credit reports/application fees range from $25-$100 depending on the management.

What is a guarantor?

A guarantor, also called a co-signor, is someone who is willing to guarantee your lease. The guarantor is responsible for all terms of your lease and guaranties not only your share of the rent but the entire lease - if in a share situation.

Do I need a guarantor?

Yes. We require a guarantor for each tenant regardless of financial standing.

Who can be a guarantor?

A guarantor does not have to be a relative. We require the guarantor to live in the continental USA. Try to prepare your potential guarantor by speaking with them and advising them of what they will be asked for. You might have to act quickly and their cooperation may be critical for your approval. A guarantor needs to fill out an application form and provide the required documents. The requirements are usually good credit and double the income requirements of an applicant. If an applicant is required to show an annual income of 40-50 times the monthly rent, a guarantor is required to show annual income of 80-100 times the monthly rent. The documents required are similar though usually all that is needed are proof of income (usually by providing tax returns) and a credit report. Guarantors usually do not have to be present at lease signing.

Will I need to give a security deposit?

Yes. We always require at least one month security deposit. The security deposit is returned after the apartment is vacated if all the terms and conditions are met.

Prepare yourself!

Renting an apartment does not have to be a stressful experience. Consult with your agent or call our office if you have any questions.

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All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions and all square footage are approximate. For exact dimensions, you must hire your own architect or engineer.