Requirements

There are many steps that you'll have to take before you can actually sign the lease. It helps to be prepared, so that when the right apartment comes along, you'll be ready to sign on the spot. The requirements are:

Income Requirements:

• A minimum annual base income of usually 40 to 50 times the monthly rent of the apartment should be earned (For example: on a $1,000 per month apartment, the income requirement would be at least $40,000 to $50,000 per year).
• If your salary does not make the cut you'll need a guarantor, or a co-signer, to guarantee the lease. The best person to ask for this "favor" is a family member, preferably someone who lives in town or at least in the tri-state area (New-York, New Jersey or Connecticut), and has enough income (usually double your income requirement) to satisfy the landlord requirement. Your guarantor will have to provide financial paperwork and documentation in order to prove his ability to guarantee the lease.

  If you don't meet the income or guarantor requirements additional security might be required by the landlord.

Application Requirements:

• Official personal photo identification.
• Application - A list of your personal and business references: Name, Social Security Number, current address & phone number, current monthly rent or mortgage payment, previous address, occupation, name of company, address & phone number, length of employment, annual salary, total other annual income)
• Official letter of employment, stating your base salary, position and starting date.
• A list of bank accounts and credit card numbers.
• A list of previous landlords, including contact information.
• Accountant's name and W2's or tax returns.
• Recent pay stubs.
• Recent Bank statements.

Credit Requirements:

A (good) credit report/history is required by all landlords. If you don't have the adequate credit, a guarantor will be required to guarantee the lease and/or additional securities may also be required.

Arrange ahead of time:

• A Local Bank Account: Open one as soon as possible. You'll need to have a local bank account in order to get a certified check that will cover the cost of your rent, security and brokers fee.
• A Certified Check: If you can't arrange to open a local account before you begin looking for an apartment, bring enough money in traveler's checks (to cash at the bank for a certified check) to cover the first month's rent and security deposit of one month's rent, plus a broker's fee, if applicable, and a little extra for incidental.