Apartment Rental Guide

New apartments are usually snapped up very quickly. If you don’t act soon enough, you may find that someone else just rented that perfect apartment you found but wanted to think about a little more before making a decision. In order to make your apartment search and acquisition as fast, efficient and stress free as possible, we’ve included the steps and requirements for finding your perfect home, being prepared to make an offer for it and surviving the approval process.

It is often beneficial to submit an application/offer for an apartment immediately upon seeing it because of the speed at which they are rented. As a result, it is advised that you prepare as much of the documentation as possible (all if possible) before you start looking at new homes.

Rental Application Document Checklist Summary

1. Letter of Employment on your employer’s company letterhead
2. Copies of your 3 most recent pay stubs
3. A copy of your most recent tax return
4. 3 months of bank statements and other documents showing your assets
5. Landlord Reference letter
6. Yearly salary - most landlords require 40 - 50 times the monthly rent in annual salary
7. Guarantor information if necessary - a guarantor must earn 80 to 100 times the monthly rent of the apartment
8. Assemble all documents in one location

Rental Application Document Details

Letter of Employment on the company letterhead, with the following information:

1. Your current position
2. Length of employment
3. Annual income

***Note: Annual income should be 40 to 50 times the monthly rent. If you are interested in an apartment with a monthly rent of $2000, your annual salary should be $80,000 or above. If you are not able to meet this requirement, you may be required to obtain guarantor who agrees to pay the rent if you are unable to do so.

• Pay Stubs
• Please provide copies of your 3 most recent pay stubs

• Tax Returns

In most cases, the landlord / management company requires that you submit a copy of your most recent Federal Tax Return (1040). If you are self employed or if your income comes from several different sources, you will be required to submit your tax returns and a letter from a certified public accountant stating the nature of your business as well as a projected income.

• Bank Statements

A copy of your three most recent statements from checking, savings, stock accounts or any other financial institution is acceptable. You should have the backup detail sheets ready in the event they are requested.

• Landlord and other References

Most landlords require that you submit a reference letter from your current landlord. Some landlords may also require that you submit business and/or personal reference letters.

• Guarantor

A guarantor or a co-signer is a person who is able to guarantee the entire rent for the entire lease term and all lease renewals should you default on your rent payments. A guarantor could be anyone ready willing and able, and meets the requirements below. Some landlords may require that the guarantor reside in New York, New Jersey or Connecticut. Others do not have this requirement.
The documents required from a guarantor are similar to the applicant(s):

• Application Form - this is the same form filled out by the applicant
• Credit Report
• Federal tax returns

Note: If you are not properly prepared, renting an apartment can be a stressful experience. A way to avoid a negative experience is to advise your agent of all your questions and concerns on any of the aforementioned requirements. Sharing this information will allow your agent to present the completed application in the most favorable manner. All information submitted will be kept strictly confidential.

These are some of the common costs associated with the application process:

• Application Fees / Credit reports $50 - $150
• Some landlords require a separate application and credit report fee for each potential tenant.

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