Every landlord and management company in New York City is different. Part of our job as your agent is to help you navigate through the application process and make you bulletproof to even the most conservative, scrutinizing landlord. This starts long before we ever set foot into an apartment, in the form of you culling the necessary financial documents prior to our initial consultation.
The list below is intentionally thorough, so that if you have all of these items prepared, regardless of which landlord you end up applying with, you’ll sail right through the process and secure the apartment you love quickly. In rare cases, a landlord may require additional documentation in order to understand and feel comfortable with your financial story (if you are self-employed, have multiple jobs, are an investor, etc) – but the list below will be enough to get you through the door. If you have any unusual circumstances regarding your income, please let us know and we’ll figure out a solution together.
You will need to demonstrate that your annual income exceeds forty times the monthly rent by providing:
- Income letter from employer or CPA on letterhead verifying source of income, i.e. job title, length of employment, and gross annual income
This letter must be on company letterhead, with the signature of the composer and the date (must be dated within the past 30 days). Must also include e-mail and phone number for the landlord to use in order to contact your employer and verify any information from the letter. Usually a supervisor will write this letter, or someone from your company’s Human Resources department. If your employer uses WorkNumber.com exclusively, you will need to obtain the company code, etc from them in order for the landlord to be able to verify your income using that portal.
If self-employed, CPA letter should include what industry you are working in, how long you’ve been in that position, confirm your income from the past two years (must match the tax returns provided), and any other pertinent comments to help your would-be landlord understand your income. Rental companies in Manhattan don’t look favorably upon self-employment (unlike the rest of the world!), mostly due to the perceived lack of reliable income compared to a salaried position – so having a strong accountant letter is very important.
- Two most recent Federal Tax Returns
Landlords will generally only want to see the first two pages of your 1040 from the last two years. If you are self-employed or have any out of the ordinary deductions, you’ll want to show the entire return. If you are a W2 employee, you can provide your W2s IN ADDITION TO the tax returns. You may redact spouse or childrens social security numbers from the return, provided they are not going to be a resident of the apartment you are applying for (you may not redact your own social security number).
- Two most recent bank statements (full bank statement, not just the summary page)
This should be the account that your paystubs are deposited into. Must be the FULL STATEMENT, not a summary page and with nothing redacted. Must display applicants full name and address. This is generally a checking account statement, but it is worthwhile to provide any attached savings accounts as well. Must be your personal account, business accounts will not be accepted (unless you are applying for a corporate lease).
- Four most recent pay stubs, if applicable
If pay stub is multiple pages, must include ALL pages from each stub (not just the summary or first page).
- Two most recent investment portfolio / savings statements, if applicable
Liquid assets have the greatest positive impact on an application. Non-liquid assets can be included as well, but priority should be to showing cash in banks.
- Reference letter from most recent landlord, if applicable
This letter must be on company letterhead and include start / end date of tenancy, rent amount and verify there were no late payments during the lease term. Landlord is welcome to include positive comments on your personality if they are comfortable doing so (client was very quiet, clean and friendly, would happily rent again, etc).
The 40x rent qualifier is calculated based on BASE SALARY ONLY. Bonuses, commissions, future raises, etc. are not included in this calculation.
If you are new to the work force or have been working at your current job for less than one year, a guarantor or additional security deposit may be required – depending on how the rest of your application package looks (and which landlord we are dealing with).
If you are a student, you will need to provide proof of enrollment from your university, two bank statements and a landlord reference letter (if applicable).
If you do not earn forty times the monthly rent (or are a student), you may submit an application from a guarantor who earns a minimum of eighty times the monthly rent and can demonstrate this using the same items listed above.
If you are relocating from outside of the United States, you will need to demonstrate U.S. employment and U.S. assets in most cases. In place of an established U.S. credit history, most landlords will request an additional security deposit (up to six months) or additional rent (up to twelve months) at lease signing. We will discuss this further during our initial consultation.
If your income is derived from Rental Subsidies or Public Assistance Programs, you may provide evidence of vouchers including Section 8, Advantage, HASA, SSD, SSI or other public sources of income which will be used to pay rent. You may also provide:
- Two most recent bank statements
- Reference letter from most recent landlord
All applicants must have favorable credit history.
BOND New York Properties, LLC is a licensed real estate broker committed to providing equal housing opportunity. We do not discriminate on the basis of race, color, national origin, religion, sex, familial status, disability, age, marital status, military status, sexual orientation, gender identity, source of income, alienage/citizenship status, domestic partnership status, lawful occupation, and any other characteristics protected by law.