Landlord Requirements of Prospective Tenants
Prospective tenants may be required to submit numerous documents to prove financial ability. Those who do not meet the landlord’s minimum requirements may be eligible to use another person who qualifies as a guarantor or a rental insurance company. Discuss this with your agent.
MINIMUM REQUIRED PAPERWORK- Letter of Employment. Usually a brief statement on employer’s letterhead of annual salary, bonus, position held, and employment start date.
- Letter from Current. Landlord This letter should reference your length of previous tenancy and history of paying rent on time. If you cannot obtain a letter, provide the previous landlord’s name, address, and phone number.
- Good Credit. If your credit is not in good standing or you have no US credit history, you may be required to get a guarantor. If you do not believe that your credit is very good, feel free to ask your agent to run your credit before you start your search. We can help you analyze your credit report and determine the best strategies for negotiating your lease with the landlord.
- Personal Identification. Your landlord may ask for a copy of your passport or driver’s license.
- Copy of Recent Paystubs
- Tax Returns of most recent two years
- Financial Statement of assets, liabilities, and income
- Bank Letter or Two Months of Statements Confirming status, balance of account(s), and date opened
- Two Business Letters of Reference Usually from current or former employers and business partners
In addition to the items listed above, it is essential that you prepare the necessary funds before searching for a rental. Most landlords do not typically accept personal or out-of-state checks. You will likely be required to provide certified or bank checks or wire funds into our bank account to draw local checks as needed.
The brokerage commission, as stated in the commission agreement, is agreed to be paid at the time of lease signing. Payment may be made in the form of certified or bank check, travelers check, money order, or wire transfer or credit card payment.
If you have questions regarding these requirements, speak to your agent or relocation counselor.
New York City landlords have strict financial requirements, so the use of a guarantor is often required. A guarantor is an individual that can guarantee the lease. Guarantors should earn in excess of 80 times the monthly rent in gross annual income and have excellent credit. Guarantors from New York City are best, but ones from the tri-state area are usually acceptable. Not all landlords will accept guarantors from out-of-state and generally never from abroad. A number of companies can also assist with guaranteeing a property for a fee. Please speak with your agent about this, and she/he can point you in the right direction.
