The New York rental process is highly competitive. Minutes really can make a difference in a hot rental market, so you should be prepared to apply the moment you find a place you love.
Having the necessary paperwork lined up ahead of time will make the application process run smoothly.
Be Prepared: What Do I Need to Apply for an Apartment?
When you begin viewing apartments, you should already have your required documents printed or scanned and ready. An application consists of a rental application form, supporting documents, and a check to cover the application fees and security deposit.
When you are ready to secure an apartment, all potential leaseholders, occupants, and guarantors (when applicable) will need the following information:
- Current government-issued photo identification such as a driver's license, passport or visa
- Proof of income (details below)
- Dog registration, if applicable (details below)
Tenant Financial Verification
Without a guarantor, a prospective tenant's annual income (whether through employment earnings, pension income, investment income, social security, unemployment benefits, government assistance, and/or any other lawful source of income) must equal a minimum of 36 times the monthly rent. For example, if an apartment has a rent of $3,000 per month, the combined annual income must exceed $108,000 ($3,000 multiplied by 36 = $108,000/yr). If there are co-tenants, the combined incomes of all prospective co-tenants may be accepted.
If employed, income can be proven with these documents:
- Two most recent pay stubs; or
- Recent employment letter stating salary and position, signed by an authorized signatory for your company and appearing on company letterhead.
In all other cases (e.g., if the applicant is self-employed, retired, and/or unemployed and can provide evidence of the required income for the payment of rent through any lawful sources of income), the applicant must provide:
- Either the IRS 1040 Tax Returns (first two pages) for the most recent two years showing an average certified adjusted gross income (AGI) equivalent to at least 36 times the monthly rent for the applicable apartment; or
- A Certified Public Accountant (CPA) letter with the CPA's license #, signed by the CPA, representing that the applicant's AGI over the past two years is more than 36 times the monthly rent for the applicable apartment.
Guarantor Financial Verification
Sometimes prospective tenants are unable to meet the financial requirements. As an alternative, a guarantor may be used to satisfy these requirements.
To qualify as a guarantor, the prospective guarantor's household adjusted gross annual income (whether through employment earnings, pension income, investment income, social security, unemployment benefits, government assistance and/or any other lawful source of income) must equal a minimum of 48 times the monthly rent. For example, if an apartment has a rent of $3,000 per month, the guarantor's income must exceed $144,000 per year ($3,000 multiplied by 48 = $144,000/yr).
The guarantor needs to supply these documents:
- A Guarantor Form will be emailed to the Guarantor via DocuSign after the online application is complete and must be e-signed immediately.
- Either the IRS 1040 Tax Returns (first two pages) for the previous year showing an average adjusted gross income (AGI) equal to at least 48 times the monthly rent for the applicable apartment; or
- A Certified Public Accountant (CPA) letter with the CPA's license #, signed by the CPA, representing that the guarantor's AGI over the past year is more than 48 times the monthly rent for the applicable apartment.
You may also choose to qualify using an approved Third Party Guarantee: http://www.insurent.com or www.TheGuarantors.com.
Dog Registration
Residents are required to register their dogs. Aggressive breeds (as determined by management) are NOT allowed. Each apartment unit may harbor not more than two dogs with a mature combined weight of 50 pounds or less.
Registration documents are as follows:
- Photo of your dog
- Current vaccination records listing your pet's mature weight- your leasing agent can supply a sample vet letter to be completed by your vet.
- Current New York City Dog License- a clear copy of the dog's license tag or a copy of the registration from the city that the license application was approved. Details can be found at https://www1.nyc.gov/site/doh/services/dog-licenses.page
Next Steps
After all tenants, occupants, and guarantors (when applicable) complete their online application, your lease application will be reviewed.
Typically, a non-refundable background screening free and holding deposit (will be applied towards your 1st month's rent) will be requested.
Once approved, you will be asked to submit the First Month's Rent, Security Deposit, and each tenant will receive an email invitation to sign the lease online.
Written by Damien Statuto