Minimum Annual Base Income

40 to 50 times the monthly rent of the apartment should be earned. For example, for a $2,000 per month apartment, the minimum income requirement would be $80,000.

Guarantor/Co-signer

An individual who has enough income to satisfy the landlord’s requirement can be presented as your guarantor if you do not meet the minimum annual base income. Your guarantor will have to provide financial paperwork and documentation to prove his/her ability to guarantee the lease, should be someone that lives in the Tri-State area, and typically a family member or guardian.

Credit/Background Check

Most landlords (and realtors) will run a standard background check. A background check will generate your credit score, employment history, criminal record, rental history, including any negative or nonpayment history, and pertinent financial information in order to help landlords assess whether you’ll make a reliable tenant.

Rental Application

Be prepared to provide the following information: official letter of employment stating your base salary, position, and start date; proof of yearly income, such as w2's or tax returns; at least 2 months of pay stubs and/or bank statements; and personal references.

Enlisting a Real Estate Agent

As a commission for finding you an apartment that meets your stringent requirements, New York City Real Estate Agents typically charge 10-15% of your annual rent. For example, if your rent is $2,500 per month, the broker who finds you the unit may charge you $3,000 (10%) to upwards of $4,500 (15%) in commission for their services. No Fee apartments are listings where the building owner/landlord pays the Realtor the commission, so the renter is only responsible for the landlord’s rent and security deposit.