If you are a person that wants to move to New York for the first time, want to move out of your current place or you will be studying in New York City, it can be cumbersome to find a new apartment because of the financial requirements that most landlords have therefore, I will share with you the documents needed to rent in NYC.
For example, not only would it be beneficial for the tenant to have a strong credit score, but many times the annual income of a prospective tenant has to be 40 or 50 times the monthly rent. To illustrate the example; if a person’s monthly rent is 2,500, then the landlord would require the tenant or tenants have an annual income of six figures, which is obviously easier for roomates or a couple. With both parties working, this could realistically work. Needless to say if only one party is working or there is only one tenant for the apartment, said tenant must be doing financially well. Most leasing agencies in Manhattan require a list of paperwork, I suggest you search for all of these required documents (listed below) a couple of weeks prior to your search. This will save you a great deal of time and energy.
Documents Needed for NYC Apartment
- Residential Lease Application – ( including your DOB and Social Security Number. This will give the landlord the right to obtain your credit score.)
- Letter of Employment – (on the company letterhead and signed by an HR Manager or supervisor); job title, brief description of responsibility and salary (ask the boss to include any potential bonus!)
- Last two most recent pay stubs from work – annual income of 40 – 50 times the monthly rent
- A copy of the most recent bank statement
- Tax Returns – Form 1040
- Copy of your Passport or government issued ID (i.e. State Driver’s License)
- Landlord Reference Letter (in some cases)
- Here is some more info about required documents.
What are the Financial requirements to rent in New York City if Self Employed ?
For people without a regular income, such as an unemployed person or a student moving to NYC, it would be more difficult to get an apartment because they would not have proof that they can produce money on a regular basis to meet the monthly rent. On a similar note, those who are self-employed may have to pay anywhere from 4-12 months rent in advance. In those cases, the prospective tenant or tenants would have to produce proof through other means (i.e. liquid assets in bank account) that they would be able to pay the rent.
If a prospective tenant is not from the United States and does not have a credit history in the United States, the landlord may require that the tenant pay up to 12 months of the rent before they agree to allow the tenant to lease the apartment.
Can I use a guarantor/co-signer if I can not Qualify to rent an apartment in the Big Apple?
For those that do not meet the financial or the credit requirements, one of the options that they have would be to have a co-signer or a guarantor of the lease. An example would be college students that want to rent their own apartment in Manhattan, in that case a co-signer would probably be one and/or both of their parents. Whatever the situation of the prospective tenant, any adult can be a co-signer or a guarantor of the lease. The landlord will ask the guarantor of the lease for the same financial documents they would ask a tenant for. The landlord will also likely require that the guarantor of the lease have an annual income double that of what would be required of the tenant. That makes sense because the landlord would need to have a guarantee. In the event the tenant cannot pay the rent, the co-signer could pay the rent on the tenant’s behalf and the landlord would be safe to take further action.
I do not have a guarantor/co-signer that can guarantee a lease.
If there is no person that could be a guarantor for an apartment, there are companies such as Insurent that will act as a co-signer for the apartment. Insurent assists prospective tenants with financial hardship to rent an apartment in New York City such as a college student or a self-employed person. Indeed almost every type of tenant, even those not born in the United States can get Insurent for a fee.