New York City Rental Requirements

Renting an apartment in the Manhattan rental market is like no other place in the world

. You need to be educated about the NYC apartment rental market as well as the new york city apartment rental building requirements. Every NYC apartment rental building has rental requirements, below are the general requirements.

In general, requirements to rent in New York City are as follows:

1. There is an application fee for each person that rents a new york city rental apartment anywhere from $50 to $125 depending on the new york city rental building. If there are any guarantors, the same fee applies. The application fee is non-refundable and covers running of credit for all applicants and/or guarantors.

2. The income requirements are anywhere from 40 to 50 times the rent of the NYC rental apartment. For example - if the NYC apartment for rent was $2000 x 50 = $80,000 - the applicant would need to earn $80,000 to qualify for the apartment. If there are guarantors, the income requirements are anywhere from 75 up to 100 times the gross rent on the apartment. For example - if the NYC apartment for rent was $2000 x 75 = $150,000. If the applicant and/or guarantor are short on the income, additional security may be necessary.

3. In order to verify your income, many Manhattan rental landlords require your last few pay stubs and/or Letter of Employment on company letterhead which indicates the applicant's and guarantor's title, salary and length of employment with the company. If you are self-employed, a letter from your CPA may be necessary indicating your earnings for the previous year as well as your projected earnings for the current year.

4. In order to verify you have sufficient assets, some Manhattan rental landlords require your last few bank statements. Some Manhattan rental landlords require a certain amount to be in the bank account.

5. Some new york city rental buildings require your last year's tax return to verify your income.

6. If you rent, some new york city rental buildings require a landlord reference letter or last few canceled checks to verify that you've paid your rent on time.

7. All buildings require a form of identification which can be a driver's license, passport, etc.

Before you decide to go out to view NYC apartments for rent, you should have all of this paperwork with you or readily available so that when you find your perfect NYC rental apartment, you can move forward and secure it. If you don't, then you will risk losing it as the New York City rental market moves very quickly.

Once you are approved, lease signed is typically scheduled immediately thereafter. At lease signing, you typically bring the first month's rent AND the security deposit which is normally equal to one month's rent and both are paid with certified funds.

New York City Rental Requirements

By: Wilhelmina Thomas

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