What do renters in New York need to know to be informed and make the right decisions?
We know that choosing a new home is one of the most important decisions in our lives. At Bold our goal, and the fundamental groundwork of our business model is to understand the needs of our clients and find the right place at the right price for each and every one. We also work hard and smart to find the right buyers for sellers...and sellers for buyers.
Real Estate, especially in New York City, is not easy to understand; and you must have many questions. Our Bold colleagues always do the very best to answer all client questions, address all concerns and simplify the search for the ideal condo, co-op, rental or sale. If our clients are happy, we are happy. Here is our guide to address many of the most frequently asked questions to help us help you.
Bold agents are very experienced in searching the New York rental market for the right place for you. So to guide your BOLD agent, discuss what you want re: location, price and necessary amenities. That will make the search for the ideal space more focused.
The requirements for most landlords are as follows.
- Submit most current pay stubs to confirm work income.
- Copy of photo ID
- Most recent checking and savings bank statements
- Brokerage account statements (if available)
- First two pages of the last two year tax returns
- Employment letter from your employer on company letterhead stating your salary and length of employment. If self employed, a letter from your accountant stating your annual income and the source of income.
- Note: Most landlords will require that the tenant earns 40 times the monthly rent in annual income.
Guarantor Requirement Checklist
Most management companies will require a guarantor to produce an annual income of approximately 80 times the monthly rent of the apartment. The following will be needed:
- Fill out a separate application as if securing the apartment for yourself. An additional application fee may be required
- Copy of guarantor’s personal checking or savings account bank statement
- Copy of guarantor’s photo ID
- Last two pay stubs of guarantor
- Guarantor’s first two pages of last two year tax returns
- Employment letter from employer on company letterhead stating salary and length of employment of guarantor. If self employed, a letter from guarantor’s accountant is required stating annual income and source of income.