Financial Requirements

Financial Requirements and What to Bring on Your Apartment Search In order to rent an apartment, you will be asked to complete an application, by your prospective landlord. You may also be required to pay between $50-$200 for credit reports and/or application fees. Landlords want to see evidence of steady income and good credit.
Financial Requirements - Most landlords require that the prospective tenant have an income equal to 40-45 times the monthly rent in annual salary (combined income is used for roommates). You and your roommate will need to have all of your income verification paperwork readily available upon application for an apartment. If you are a full time student or do not meet all the financial requirements, most landlords will require a lease co-signer or guarantor. A guarantor is an individual, typically a family member, who lives in the U.S., preferably in New York, New Jersey, or Connecticut. Guarantors are asked to disclose detailed financial information and have a credit report run on them as part of the approval process. The guarantor's income needs to be at least 75 times the monthly rent and they will also need to submit the paperwork listed below.
Funds - When the landlord approves your apartment application, be prepared to pay the first month's rent and the security deposit upon lease signing. Most landlords require that these funds be paid in the form of separate certified checks or money orders. Landlords will not accept personal checks or credit cards. An additional certified check or money order will be required at the time of lease signing to pay the broker's fee, if applicable. Necessary Documents - Bring the following items with you when you start looking for apartments: Letter from your current employer stating your salary or from a CPA if you are a freelance worker or a business owner First two pages of last year's tax return Most recent bank statement(s), bank account numbers and credit card numbers Most recent pay stub(s) Names, addresses and phone numbers of previous landlords Names, addresses and phone numbers of personal and business references Photo I.D. such as driver's license or passport
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