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Renters guide

Landlord Requirements:

The following information is extremely important for you because it provides the necessary preliminary information before meeting a prospective landlord. This valuable information will save you time, money and prevent misunderstandings. With plenty of reference checking and screening, we are committed to finding the best possible properties for your specific needs.

Before meeting prospective landlords, you should be aware of the most common details you’ll be asked to provide while filling out the rental application. Things like:
- employment, income and credit history
- social security and driver’s license numbers
- past evictions or bankruptcies
- references

Before choosing potential tenants, landlords use to (a) check with previous landlords; (b) check other references; (c) verify income, employment and bank account information; (d) request a credit report which provides an indication whether you have a history of paying rent or bills late, have gone through bankruptcy, been convicted of a crime or have ever been evicted.

As a general rule, landlords require an income equal to 45 times (on average) the monthly rent in annual salary (combined income used for couples and roommates). Prospective landlords may also ask another landlord to provide credit or other information about a current or former tenant.

Here is the most common information landlords may require from tenants:
1. Letter of Employment. Such a letter would include basic employment data, employment status, employment dates, job title, annual salary, bonuses, and so on.
2. Copy of Recent Pay stubs to show current income
3. Bank Statements of the past month/s to confirm financial ability, including status & balance of account(s), date of issue date, etc.
4. A letter from the current Landlord. A landlord who sticks to the facts that are relevant to the tenant’s creditworthiness (such as whether the tenant paid rent on time) is allowed to respond to these inquiries. Such a letter will specify rent paying history.
5. Credit. If the tenant’s credit is not impressive enough, the landlord may require a guarantor.
6. Personal Identification, like a passport or driver’s license.

In addition to the above requirements, landlords also ask for security deposit. A security deposit belongs to the tenant until it is later refunded or applied to cover unpaid rent or damage beyond normal wear and tear.

Always prepare the necessary security deposit funds upfront. These funds are usually equal to one month’s rent, either as certified checks (preferred), money order, wire transfer of travelers checks.


Guarantors

A guarantor, or a “co-signor,” is an individual who is willing to guarantee your lease on your behalf. The guarantor is responsible for all terms of your lease and guaranties not only your share of the rent but the entire lease - if in a share situation. Where a guarantor has entered into an agreement, this means that in the event of a tenant being unable to meet their obligations under the tenancy agreement, whether it is for overdue rent, damage to the property or whatever, the Guarantor is legally bound to accept the liabilities on behalf of the tenant.

Use of a Guarantor is like an insurance policy for the landlord. A guarantor must usually be a homeowner that does not fail a credit inquiry and is therefore probably in regular employment. He is usually asked to disclose detailed financial information and fill out a credit application as part of the approval process and sometimes he’ll have to be a family member living in the vicinity of New York City.