Most landlords require that tenants earn between 45-50 times the monthly rent on an annual basis. This amount must be guaranteed income, bonuses are not taken into consideration unless they are guaranteed. Many people who are relocating to New York are surprised that even though their credentials seem strong they still do not meet the strict requirements for most landlords.
If you are not a U.S. citizen, or you pay taxes outside of the U.S., or if you do not have any credit history in the U.S., you may be required to pay additional security at the time of lease signing. This can be as much as six to twelve months rent in advance.
A U.S. based guarantor who earns in excess of 75-100 times the monthly rent can be requested in order to limit the amount of additional security required.
Below you will find a list that can help prepare you for the necessary paperwork that most landlords require. It is a very good idea to have everything with you when you start your search as time is of the essence.
Typical Required Documentation:
- Statement of income, bonus structure, title, length of time with company or starting date, on company letterhead. For new employees, a copy of your employment contract is helpful.
- Letter from landlord in departure city indicating prompt payment of rent.
- Letter from your banker stating you average monthly balance.
- CPA letter, if self employed, stating annual income.
The approval process can take up 10-30 days based on a credit check and individual owners requirements. Except application fees and move-in fees. Security deposits may exceed one month’s rent.
The approval process can take 30-45 days. Prospective tenants must submit extensive personal and financial information, and interview with the Co-op board. Expect large application fees and move-in fees ($300-$500). Security deposit may exceed one month’s rent.
International Settling – In Services
- In – office map orientation and overview of the area
- Visit to Social Security office to begin process of securing Social Security number
- Optional visit to Department of Motor Vehicles
- Visit to local bank to open account
- HELP ! How to get it when you need it—fire, police, hospital
- Review of transportation options….subways, bus, taxis
- Schools…private and public choices. Immunization requirements
- Daily needs : drug store, grocery store, cleaners, laundry
- Miscellaneous Information: how to use a pay phone, tipping practices, venues for the arts, parks, weather, restaurants, delivery service, libraries,
- US holidays, cable and utilities, car rentals, insurance
This is the basic description of our one day settling in services. The fee for these services is $1000. If a car and driver are requested, that fee is passed on to our client.