GPS Guide for Renters

The past half-century has been an incredible period for New York's economical growth and popularity. As more artists, bankers, diplomats and celebrities continue to flood the city neighborhoods, the Greater Metro Areas of Rockland and Westchester are becoming the "up-and-coming" places to live. I

The options are countless and time is of the essence in this high-demand market. Let a professional lead you through the process and help you make it an enjoyable experience.

We will listen to your needs, review all the options, and then show you the best of what is out there. We will prepare you in advance for all possibilities and make sure that you don't miss out on any opportunity to rent the perfect home.

What to Bring?

Proof of income
Employer verification letter - On company letterhead, signed by supervisor stating
1. Salary
2. Guaranteed bonus
3. Title
4. Start date
5. Housing allowance, if any
Most recent pay stubs
Last 2 Year's tax returns
Copy of driver's license or passport
Credit application information showing names, phone numbers, addresses of
1. Employer
2. Banker
3. Accountant
4. Last Landlords
5. Guarantor
Most recent bank statement and stock portfolio statement, if any.
Money
1. First month's rent
2. Security deposit + extra deposit for pets if required
3. Application fees ($25 - $50)
4. Brokerage fee (usually equivalent to 1 months rent)

Rent & security are due, usually in the form of two certified checks, on the business day following apartment selection. If you do not have an account established here, you may choose to bring travelers checks or arrange to have funds wired to an appropriate account here in New York.

Financial Qualification

Most landlords require that you make 40-50 times the amount of monthly rent. Outstanding loans, assets liquidation, credit and rent history are also taken into consideration.

Guarantors

If you do not meet the financial requirements of the landlord, you may be required to obtain a lease guarantor. The guarantor must be financially able and qualified to pay your rent as well as comfortably carry his or her financial responsibilities in case you default on the lease.

Many landlords require a Tri-state guarantor and prefer a relative. If you are being relocated by your company and need a guarantor, you should check with human resources to see if the company will provide one. They often do.

Credit Check

An application fee ranges between $25-50 and will cover the cost of your credit check. A good credit rating should have no delinquent or collection accounts, over 60% available credit and no substantial amount of debt. Some landlords are more flexible than others when it comes to credit.

International

If you are a first time renter in New York and do not have a credit history in the U.S., landlords might require an extra security deposit, a guarantor or rent paid up front.

Consult one of our expert agents for additional advice. Procedures and requirements may vary from one property to another. We'll make sure to guide you through the best possible options.

Board approvals

If you are subleasing a co-op or leasing a condominium, board approval will be required. Condominiums are very easy and almost never reject renters. Co-ops are stricter and may require a personal interview. Some co-op boards may only meet once a month or even once every two months. Your interview date may depend on it.