For your convenience, our most common customer questions are answered right here.
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- When is the best time to start looking for an apartment?
- What are the requirements to qualify for an apartment?
- What is a “Guarantor”?
- What is a “good faith” or “Apartment Hold deposit”?
- What documents will i need to apply for an apartment?
A: On a general basis, Landlords will not accept applications for apartments more than 30 days in advance. Say your move date is June 1st, the earliest to apply would be May 1st. Some Landlord and management companies will still push for a May 15th occupancy at May 1st.
A: Apartment qualifications vary by Landlord and Management companies. In NYC the General requirement for yearly income is 40x the monthly rent (E.G if the rent is $1000 per month, the yearly income should be $40,000) and for Credit, the score should be at least 650. Speak to one of our professional agents to see if you would qualify.
A: Anytime you might not meet the landlord’s requirements, a guarantor may be required. For example, if your income isn’t 40 times the monthly rent, if you have bad credit, or if you have no rental history, a guarantor might help you qualify. Now, not all landlords allow guarantors, so make sure you ask about this before you visit the apartment. Guarantors are required to make at least 80 to 100 times the monthly rent and have great credit. (If your rent is $2,000 per month, a guarantor needs to make $160,000 to $200,000 per year.)
A: When submitting an application to rent an apartment you may be asked if you would like to place a “hold deposit”. The purpose of this deposit is to show the landlord that you are serious and committed to renting the apartment and in many cases your spot will be held for you before the landlord will look at the next application. This deposit is non-refundable if you are approved for the apartment and will get credited to the total you would need for the lease signing (First month rent, Security deposit and Broker fee-if applicable). If the Landlord denies your application then this deposit is usually refunded.
A: Once you decide on an apartment, its best to submit an application ASAP. Typical requested documents include:
- Photo ID (drivers license or passport)
- Employer letter on letterhead stating job title, length of employment, salary and expected bonus.
- Copies of last three pay-stubs
- Copies of last one to three bank statements
- Copies of last one to two tax returns
- Copies of last one to two W2s
OPTIONAL BUT RECOMMENDED:
- Letters from past landlords On letterhead, saying you’re a great tenant, pays on time, etc…