What paperwork is needed to apply for an apartment?
All Landlords have an established set of procedures designed for them to conduct due-diligence regarding the tenant's ability to pay and perform. Although requirements vary, most Landlords will want to see income as a multiple of the monthly rent payment, a credit history, and references from a previous Landlord. Other documents required may include:
Copy of a recent pay stub
Personal Identification that includes a valid Passport or Driver's License and a copy of a recent paystub
Tax returns for prior two years
Letter of reference and last two months statements
First month's rent and security deposit in "good funds"
If the Landlord is unsure of your ability to perform, they may require a Guarantor to co-sign the lease. Guarantors should earn enough money to meet the rent multiple required by the Landlord, should own their own home.
How much money do I need to be making to get approved?
Typically, annual income must be 40-50 times the monthly rent. Usually, income can be combined between tenants. If one does not meet the income requirement, a guarantor (co-signer) may be required if allowed by the Landlord.
Can I use a guarantor?
Most buildings accept a guarantor or co-signer. Usually, the guarantor must meet the following criteria:
Must live within the tri-state area (Some landlords only require the guarantor to be in the US)
Income must be a 75-90X multiple of monthly rent
Frequently, guarantors can be combined. Paperwork required of guarantors is the same as that required of the tenant.
How long before I want to move should I start looking?
You should should start looking about 4-5 weeks prior to your move in date.
How long will the process take once I find an apartment?
Once an application is submitted, all required paperwork must be submitted within 48 hours. This will be done immediately by your Manhattan-Spaces Associate who is armed with all required documentation from the Preparation stage. After all paperwork is submitted, approval can be expected within 24-72 hours depending on the landlord. If approved, leases are usually required to be signed within 24 hours.
What money is required up front?
Usually 1st month's rent, security deposit, and broker's commission. Some buildings carry no commission because the broker is compensated by the landlord. Other buildings pay a portion of the broker's commission leaving the balance to be paid by the client. All funds must be CERTIFIED FUNDS.
What is included in my rent?
Although individual properties vary, usually heat, hot water, and gas.
What is a security deposit?
Usually equivalent to one month's rent A security deposit is funds held in escrow by the Landlord for repairs of the apartment for any damages beyond normal wear and tear. The deposit is usually equal to one month's rent and may not be used to pay the last month's rent. The deposit may be greater than the amount of one month's rent if the renter's qualifications are marginal.
What are the usual lease terms?
Generally one or two years.
Can I paint my apartment?
You can paint, wallpaper, carpet your apartment but you must return it to the condition you received it in.