Basic Requirements
The following income requirements are becoming standard for most landlords.
Applicants:
Annual gross income should be 40 to 50 times greater than the monthly rent of the apartment (a $1500 per month apartment would require an income of $60 to $75K). All applicants must have a good credit history.
Guarantors:
If you do not meet the income requirements or do not have adequate credit, you may need a guarantor. A guarantor agrees to guarantee the terms and conditions of the lease in case of tenant default. A guarantor is expected to earn between 80 to 100 times the monthly rent, have a solid credit history, and live in the United States. Many landlords may require a guarantor to live in the Tri-State Area (New York, New Jersey, or Connecticut).
- A copy of guarantor's most recent federal tax return, or
- An employment letter signed by a supervisor on company letterhead stating guarantor's position, salary (including bonuses), and length of employment
- A copy of guarantor's most recent pay stub
Preparation:
As you may already be aware, the choice apartments rent quickly. Our strategy is to prepare each client thoroughly with all the documentation required to secure that special apartment.
The following is a checklist of the necessary requirements:
Applicants:
- An employment letter signed by a supervisor on company letterhead stating your position, salary (including bonuses), and length of employment
- A copy of your most recent pay stub
- If self-employed, a copy of your most recent federal tax return
Finances:
Be prepared to have immediate access to funds for payment of the first month's rent, security deposit (usually equal to one or two months rent), and the broker's fee. Your employer may have arranged a discounted corporate rate, which you should verify with our agency. It is important to note that landlords will only accept payments in the form of bank certified check, cash, money order, or wire transfer. It is advisable to prearrange transfer of funds into a New York based account while you are searching for an apartment in order to avoid delays and possible loss of a chosen apartment.
Preparation Is Key!
Once you've prepared yourself with the necessary documentation and negotiable funds to secure a new apartment, you're ready for the next step--the exciting process of working with a Manhattan Apartments Inc., agent in Finding Your Apartment.