Renter’s Guide:

Following are typical steps to successfully rent an apartment in New York City. 

Process:

 

1. Discuss with PAIP experts your housing criteria and timing

2. Your agent will explain the application process and financial requirements

3. Once you find an apartment, your agent will walk you through the entire application process

4. Agent will negotiate price and lease terms for you

5. Requirements for your lease will be specified by the Landlord at the time of application.

6. Prepare the following: 

  • Fully completed and signed application

  • Bank account information

  • Previous Landlord names, address and phone numbers

  • Personal and Business references

  • Tax returns

  • Income of 40-50X the monthly rent, or other proof of income

  • Personal identification with photograph

 

7. Once application is accepted, landlord will outline final payments due at lease signing. 

  • First Month's Rent and sometimes last month's rent (usually certified checks)

  • Security Deposit (depending on agreement)

  • Broker's fee 12-15% of the first years rent (paid by the tenant)

  • Application fee

  • Credit check fee

  • Move-in/move-out fees 

 

8. If your income and financials does not meet landlord's requirements, you will need a guarantor. Most Landlord prefer a guarantor in the tri-state area.

Guarantor Requirements:

  • Fully completed and signed application. 

  • Proof of income

  • Bank account information

  • Tax return 

  • Personal identification with photograph 

  • Income of 75-95X the monthly rent

 

 

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