By Kim Velsey
So you think you have finally found the right apartment? Not so fast.
Many New York City landlords expect to see some hefty financial documentation from prospective tenants and their guarantors. To increase your chances of landing an apartment, brokers suggest collecting the following paperwork before even starting a search and, if possible, submitting it the same day you see an apartment.
Here is what you will need:
• Pay stubs, if you are already working, typically for the last two months
• Otherwise, a letter from an employer stating your position, salary, length of employment or anticipated start date
• Tax returns for at least two years
• Recent bank statements, typically for the last three months
• Proof of other income, like revenue from stocks, securities, real estate or trust funds
• Contact information for previous landlords
• Personal references
• Business references
• A credit report (many landlords require a score of at least 600 and would like to see 700; most will also do their own credit check, for which they charge a nonrefundable fee, usually included in the application fee)
• Enough money on hand to cover initial costs
____
For that ideal studio that rents for $2,300 a month, you will likely also need:
• A nonrefundable application fee of $50 to $150
• The first month’s rent of $2,300
• The last month’s rent of $2,300 (this is not always required, as some landlords don’t ask for it)
• A security deposit of $2,300
For more read the full of article at The Nytimes
