Step 1: Set A Realistic Rental Budget
Most landlords require applicants to make 40x the monthly rent in order to qualify for an apartment.
Most landlords require applicants to make 40x the monthly rent in order to qualify for an apartment.
The ideal time to start your search is 30–45 days before you move. Narrow down your search criteria, then start viewing apartments three weeks before the move-in date. This gives you two weeks to find a place and one week for the landlord to paint and clean the unit for your move-in (most landlords do not start until they have a tenant for the unit). Starting earlier can be a waste of your time. Apartments are only released to the market a few weeks prior to the move-in date, so nothing you see more than a month before your move will be available when you need to move in. The last week of the month typically has the lowest inventory level.
Photo ID, Letter from employer on company letterhead stating salary, position, and length of employment, Three recent pay stubs, most recent tax return, Bank statements from past two months, Letter of reference from previous landlord.
For those who don’t meet the 40x income requirement, guarantors are required to prove an income of 80x the monthly rent. Some landlords will only take local guarantors (New York, New Jersey, Connecticut).
The approval process takes anywhere from one to 10 days, depending on the applicant and the landlord. Renters prepared with all of their paperwork and any guarantor paperwork will get approved much faster than those waiting on certain documents.
Evan understands that the many facets of a real estate transaction, especially in a unique marketplace like New York City, can be complicated and often overwhelming, even for the most discerning individuals.