Rental Landlord Requirements
Although each landlord has their own criteria for approving rental applicants, here are some basic guidelines to keep in mind during your rental search.
Many landlords in New York City look for tenants who have good credit (what is considered good credit may vary from landlord to landlord), and make 40 - 50 times the monthly rent as their annual income.
The following are examples of some of the documentation prospective tenants may need to provide:
- Copy of Photo ID
- Letter of employment stating length of employment, position and salary or CPA's letter if self employed
- Recent bank statement
- Tax return or w-2 from the previous year
- Landlord letter of reference from current or even possibly previous landlords
- Current pay stubs
- Brokerage / security statements
If an applicant does not meet the landlords criteria for renting a specific apartment, some landlords will accept a guarantor (or co-signer).
The criteria for a guarantor will vary from landlord to landlord and they will probably look for a greater amount of income than required from a tenant. For example, they may need to prove income double that which is required from the applicant. Usually the documentation remains somewhat similar but may include additional documents such as proof of ownership of property.
Not all landlords accept guarantors and even landlords that do accept guarantors might not in all situations. There may also be other alternatives such as offering additional security or prepaid rent.
Remember, each landlord has their own guidelines and ultimately determines whom they rent to. The above highlights general guidelines to help prepare you with possible requirements. You must speak to your personal real estate agent to obtain the specific requirements of each property.
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