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Getting prepared
Getting prepared
Gearing up to find your next home can be daunting. Questions about neighborhood, affordability, building amenities, transportation options and more can seem overwhelming, but with a little preparation and thought, nailing down your wants and needs can be organized efficiently.
Location, location, location. While most apartment hunters already know exactly where they want to live, New York City attracts people from all over the world. While nothing compares to physically experiencing the flavor of each area, reading about the wide variety of neighborhoods and their unique characters can help you hone in on a few options to suit you.
Qualifying financially: The rule of thumb NYC landlords usually follow is that the tenant(s) must earn 40 times the monthly rent in annual income. Therefore a renter(s) applying for an apartment at $2,500 must prove earnings equal-to, or greater-than $100,000/yr.
If you don't meet those income guidelines, don't despair. Many landlords will also accept guarantors. If that's the case, your guarantor(s) would likely have to prove 80 times the monthly rent to qualify.
Credit Check: Every application will necessitate pulling your credit report, so be ready. Know your score and if it needs improvement, start now! The new rental laws (Housing Stability and Tenant Protection Act) have greatly tilted in favor of renters, but they've also made financial qualifications that much more important for landlords to lean on. Take a look at the new laws in greater detail. If you have any questions at all, feel free to contact us for free to get the insight from a NYC Real Estate Attorney who just happens to be the founder of MeriLeads.
If you use a Guarantor, the Guarantor will be required to submit all the same documents as the applicant.
If there's more than more one applicant who will be on the lease, each applicant must submit and entire application package and run credit.
Have your documents ready to roll. NYC is an ultra-competitive market - especially for rentals. The last thing you want to happen is to find that dream apartment and then lose out while you are gathering together the documents needed to apply. More on that below...
The Application Process
The Application Process
Bring all paper work required including: employment and income verifications, pay-stubs, tax returns, identification, etc...
When filling out the application, make sure you keep in mind all the specific requirements that the landlord was looking for: income, employment, living preferences, etc.
When paying a deposit get a receipt that specifically states that your money will be refunded if rejected.
If accepted, try to sign the lease as soon as possible.
Read the entire lease and make sure you understand key elements such as: rent amount, term of lease, escalations, utilities, maintenance, pets, garbage, etc...
Make sure the landlord also signs the lease and that you receive a copy.
If you have any questions- ask. If you still feel unsatisfied have a lawyer look at it.
In almost all cases the landlord will ask you to pay a security deposit. This is refundable at the end of your lease term plus interest accrued. Security deposit money cannot be used as rent at any during the course of the lease. By law, the security deposit cannot be more than one month's rent.
Make sure you get receipts and specific explanations of what your money is for and where it is going to be kept.
After signing the lease, but before moving in, you have the right to inspect the apartment. Tenant protection laws require th landlord to offer you this option.
REQUIRED DOCUMENTS
REQUIRED DOCUMENTS
Photo ID; either a driver’s license or a passport will work.
A letter of employment on company letterhead. Make sure it has your salary and start date. If you’re going to college or grad school, get your letter of acceptance handy.
Copies of recent pay stubs and bank statements; three months is usually enough.
Landlord reference letter that says you’re a dream tenant. (You are, right?)
Depending on how intense the building is, you might need other letters of reference, but it’s not that common. Just in case, keep in mind people from both your personal and professional life who could speak highly of your character.
Your tax returns for the last two years. If you’re self employed, you’ll definitely need this, and may even want to have a letter from your accountant.
Though the management company will probably run a credit check on you as well, it can’t hurt to run one on yourself first to make sure there are no glaring problems on the horizon.
MeriLeads is not the Landlord of the unit it lists on MeriLeads.com and shows. MeriLeads does not make decisions to approve or deny applicants for tenancy. MeriLeads does not discriminate and conducts itself in strict compliance with the Equal Opportunity Housing Laws.
Equal Housing Opportunity. MeriLeads is pledged to the letter and spirit of United States policy for the achievement of equal housing opportunity. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin. We endeavor to treat all parties fairly and honestly and to support equal housing opportunities. We encourage our users to do so as well.
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