Typical Paperwork & Income Requirements For NYC Rental Clients

Most landlords will require proof of sufficient income to satisfactorily cover the monthly rent as determined by the landlord and applicable law. Please keep in mind the requirements are not standardized. Historically property management companies have asked for the following documents to the extent applicable. The specific requirements for your lease will be determined by the individual unit’s landlord, board or management company. However, the below is a good compilation of what you should plan to have at the onset, to give yourself a head-start!

1. TENANT - TYPICAL LANDLORD’S REQUIREMENTS (Subject to change based on each management company’s requirement):

• Income of 35-50X the monthly rent, or other proof of source(s) of income or ability to pay rent

• Fully completed and signed application

• Proof of source(s) of income or ability to pay rent

• Bank account information (checking/savings)

• Tax return (First 2 pages)

• Personal identification (e.g., driver’s license or passport)

• Letter or Names, addresses and phone numbers of previous landlord

IF A STUDENT, THE FOLLOWING MAY BE REQUIRED:

•School Acceptance Letter

•School ID

IF RELOCATING FROM ABROAD, THE FOLLOWING ARE RECOMMENDED:

• Try to establish a New York bank account before you begin your search. If this is not possible, landlords typically request that you have available funds with you as security in the U.S. equivalent to four (4) months’ rent to cover rent and security, as well as to avoid collection issues. See section 3.

• If you pay taxes outside of the United States, or if you have a housing allowance from your employer, your eligibility is evaluated differently. Discuss these areas with your company's relocation department and with your agent.

**If your salary level available source(s) of income and total financial picture does not meet the landlord’s requirements, you will need a co-signor, or guarantor, to guarantee the lease. Landlords prefer a tri-state guarantor.

2. GUARANTORS - TYPICAL LANDLORD’S REQUIREMENTS (Subject to change based on each management company’s requirement):

• Income of 75-95X the monthly rent, or other proof of source(s) of income or ability to pay rent

• Fully completed and signed application.

• Proof of source(s) of income or ability to pay rent

• Bank account information (checking/savings)

• Tax return (First 2 pages)

• Personal identification with photograph – e.g., driver’s license or passport

• Names, addresses and phone numbers of previous landlord or proof of ownership