Qualifications and Documentations

New York City is one of the most densely populated cities in America, if not in the world. Thus the competition for housing is intense. All landlords have specific requirements that you have to satisfy in order to apply, unlikely to be found anywhere else in the world.

The most common requirement is that a tenant must have an annual salary 40 to 50 times the monthly rental fee. If you are moving with a roommate or spouse, it is likely the landlord will accept your combined annual salaries. Every applicant is subject to a credit check as a part of the application process, thus if you have late payments or bankruptcies, you credit rating will suffer. In this case, you have a few options. First is to get a Guarantor, someone who will co-sign the lease and makes 80 times the monthly rental fee. The other option is some landlords will allow you to pay additional rent in advance or more security upfront, to make up for poor credit or a limited salary. If you are a newcomer to the US and do not have a Social Security number or any credit history at all, you will almost certainly need extra security, rent and/or a Guarantor who lives in the US.

The documentation that is required by landlords is generally the same; most of them require you to complete an application form, provide a letter of employment, pay stubs, and photo identification. The application might also ask you to provide the landlord with information about your past employment, previous living addresses and landlord information, credit references and financial assets; which may include private checking and savings account information. The letter of employment is a document, which states your current salary, job position, and time of employment printed on the company’s letterhead. If you are just starting a new job in NYC, a simple offer letter will be sufficient on the company’s letterhead with a salary quote. In case you are self-employed, a copy of the first two pages of your most recent Federal tax return or a letter from your attorney or accountant will be required. These same requirements exist for your Guarantor, in terms of the first two pages of their most recent tax return or an accountant letter. As for the photo ID, any ID with your photo will do, such as valid driver’s license, a passport or a student ID.

To secure apartment you will need to put down one month’s rent and one month’s
security deposit plus the $50 application fee, which includes credit check.