RENTAL GUIDE

The past 40 years has been an incredible time for New York's economical growth and popularity. As more financiers, artists, bankers, diplomats and celebrities continue to flood the city, neighborhoods and areas that were once considered unlivable or dangerous, are becoming the "up-and-coming" places to live. As a matter of fact, there aren’t really any more undesirable neighborhoods in New York City. From the Financial District to Alphabet City to Hell's Kitchen and even Harlem, landlords offer quality living as great as anywhere else in the city.

We will listen to your wish list, review all the options with you, and then show you the best of what is out there to fit your needs. We will prepare you in advance for all possibilities and make sure that you don't miss out on any opportunity to rent the perfect home.

What do I need?

  • Proof of income
  • Employer verification letter - On company letterhead, signed by supervisor or HR stating:
    • Salary
    • Guaranteed bonus
    • Title
    • Start date
    • Housing allowance, if any
  • Most recent pay stubs
  • Last 2 Year's tax returns
  • Copy of driver's license or passport
  • Credit application information showing names, phone numbers, addresses of
    • Employer
    • Banker
    • Accountant
    • Previous Landlords
    • Guarantor
  • Most recent bank statement or stock portfolio
    • First month's rent
    • Security deposit
    • Application fees ($25 - $100)
    • Brokerage fee (15% of the annual rent or less, which includes NO FEE apts)

Rent & security are due, usually in the form of two certified checks at lease signing. If you do not have an account established here, you may choose to bring travelers checks or arrange to have funds wired to an appropriate account here in Manhattan.

Financial Qualification

Most landlords require that you make 40-50 times the amount of monthly rent. Outstanding loans, assets liquidation, credit and rent history are also taken into consideration.

Guarantors

If you do not meet the financial requirements of the landlord, you may be required to obtain a lease guarantor. The guarantor must be financially able and qualified to pay your rent as well as comfortably carry his or her financial responsibilities in case you default on the lease. This means that your guarantor will need to make 80-100 time the amount of monthly rent.

Many landlords require a Tri-state guarantor and prefer a relative. If you are being relocated by your company and need a guarantor, you should check with human resources to see if the company will provide one., they usually do.

Credit Check

An application fee ranges between $25-100 and will cover the cost of your credit check. A good credit rating should have no delinquent or collection accounts, over 60% available credit and no substantial amount of debt. Some landlords are more flexible than others when it comes to credit.

International

If you are a first time renter in New York and do not have a credit history in the U.S., landlords might require an extra security deposit, a guarantor or additional rent paid up front.

Consult one of our expert PRIME agents for additional advice. Procedures and requirements may vary from one building to another. We'll make sure to guide you through the entire process informatively.

Board Approval

If you are subleasing a co-op or leasing a condominium, board approval will be required. Condominiums are very easy and almost never reject renters. Co-ops are stricter and may require a personal interview. Some co-op boards may only meet once a month or even once every two months. Your interview date may depend on it so keep that in mind before making your decision based on your move in date.