rental guides

Rental Qualifications:

Now that you have a grasp of the building types and what size of apartment you want to see there are some basic requirements that most landlords look for.

Landlords will want to see that you qualify for the apartment financially. This normally means that you make 45X the monthly apartment rent as yearly income. If it is a couple applying then they can combine salaries. If you have a written bonus amount in your letter of employment this will normally be included in you yearly income. For example a 1 bedroom cost $2,800 a month the landlord is looking for you to make $112,000.00 a year in income.

If you do not meet the landlord income requirements then a guarantor may be added to the lease. A guarantor is someone who will pay the rent if the tenant is unable to do so. The guarantor must financially qualify for the apartment making 60X to 80X the monthly rent.

An application will need to be filled out and submitted to apply for the apartment. This application normally comes with a fee of $50 to $100 for a rental building. A Coop or Condo fee can be from $500 to $1000. The application form gives the landlord the basic information about you and your situation. Who you work for and your yearly salary, how much money you have in the bank, where you live and if you have a Social Security number.

Part of the application is a credit check that is run on your Social Security number. This shows how many credit cards you have, what your debt is and if you pay your bills on time. If you are relocating here from outside the US then you will not have a credit history here. Most landlords will then look at your income and savings along with asking for a larger security deposit. The normal security deposit is one month equal to the amount of the monthly rent. Larger deposits can be up to 6 months of the monthly rent amount. This is returned at the end of your tenancy in the apartment.