Frequently Asked Questions
So, how much cash are we talking out of pocket for me to move in?!
They won’t just take cash or charge it?
How long before I have to find out when I can move in?
Do I gain any interest on my security deposit?
A completed application which authorizes a credit check and landlord tenant risk factor to be run on the applicant(s). The previous year’s tax return, a copy of a recent bank statement, a copy of photo ID, an employment verification letter, or three consecutive pay stubs and sometimes a landlord reference letter are the backup or supporting paperwork required.
What income do I need to qualify?
Tenants are required to have an annual income equal to 40-50 times the monthly rent. If the rent is $2,000 a month, an applicant must document no less then $80,000 (40 x $2,000). If the apartment is to be shared, the sum of all applicants’ income will usually be considered.
Can I use a Guarantor (co-signer)?
Yes, guarantors must document annual income equal to 80 times the monthly rent. Guarantors must be from the United States and most landlords prefer the tri-state area.
How much is the security deposit, or “how much do I have to come out of my pocket with?”
One month’s rent is the standard deposit. Additional security may be required under certain circumstances. (Bad credit, out of state guarantor, students.)
In general, it’s fair to assume a formula of 3.5 times the monthly rent will cover everything involved in the process just to be prepared.
One month rent, one month deposit and any fees for expenses to find a place. It can vary a little above or below depending upon the market and season.
What checks do I need at the lease signing?
Upon lease signing, you will need certified/bank teller checks for the first month’s rent, the security deposit and the retainer for our service. Also, a money order is sometimes accepted and in rare cases, a wire transfer can be made to our company escrow account and we will cut a corporate check.
Basically, "GOOD" money is required for this initial deposit. It is in a rare instance, usually only in high end luxury buildings, where credit is accepted.
With thousands of landlords here in NYC, I have seen approvals in twenty minutes and as long as two weeks. This varies based on how technologically savvy, well staffed, motivated or just plain busy or even organized a landlord or management office is. This is also dependent upon whether the applicant has the required documentation and submits it in a timely manner.
Will I earn interest on my security deposit?
Security deposits will earn interest subject to bank regulations. The interest is placed in a nominal interest bearing account, and if you fulfill all the terms of your lease, the interest will be refunded minus a 1% administrative fee the owner is entitled to.