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New York City Rental Requirements

Renting an apartment in the Manhattan market is like no other place in the world. You should be educated about the NYC mortgage market and the requirements for a New York City mortgage. Every NYC rental house has rental requirements, below are all the requirements.

In general, rental requirements in New York City are as follows:

1. There is an application fee for each person who rents a New York City rental property anywhere from $50 to $125 depending on the New York City rental property. If there are guarantors, the same amount applies. The application fee is non-refundable and covers the debt of all applicants and/or guarantors.

2. Income requirements are anywhere from 40 to 50 times the rent for a NYC rental apartment. For example – if the NYC rental property was $2000 x 50 = $80,000 – the applicant would need to earn $80,000 to qualify for the property. If there are guarantors, the amount required is anywhere from 75 to 100 times the rent of the house. For example – if a NYC apartment rental was $2000 x 75 = $150,000. If the applicant and/or guarantor is low on income, additional security may be necessary.

3. In order to verify your income, most landlords in Manhattan require a small amount of your last salary and/or a Letter of Employment on the company’s website header that shows the applicant’s position and guarantor, salary and length of service with the company. If you are self-employed, a letter from your CPA may be necessary showing your income for the past year and your income this year.

4. To make sure you have enough property, real estate agents in Manhattan need your most recent bank statements. Some Manhattan homeowners need some money to stay in a bank account.

5. Some rental properties in New York City require your last year’s tax return to verify your income.

6. If you rent, new york city rental houses require a landlord’s reference letter or recent checks to prove that you have paid the rent on time.

7. All buildings require identification which may be a driver’s license, passport, etc.

Before you decide to start looking at NYC rental apartments, you should have all of these documents ready or readily available so that when you find your perfect NYC rental apartment, you can go ahead and secure it. If you don’t, then you could be losing out because the New York City rental market is moving very quickly.

Once approved, the loan signing is processed immediately. When you sign a lease, you usually bring the first month’s rent AND a security deposit which is usually equal to one month’s rent and both are paid in acceptable cash.

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