You should have paperwork ready to make sure you can submit an application as quickly as possible on a place you like. The summer rental market is always competitve, so if you have the paperwork, you'll be ready to apply quickly. You do not need to give this paperwork to anyone until you are ready to apply.
Here's about what you'll need for yourself and a guarantor:
1) the guarantor needs to make 80 to 100 times the monthly rent.
2) first two pages of 2011 tax returns
3) 2- 3 recent paystubs
4) checking and savings statements
5) letter of employment stating how long you (or your guarantor) has worked at the company, position, and salary.
6) for you, you'll need a letter from your landlord stating how much rent you paid, how long you were there, and that you were a great tenant.
Also, if the guarantor is self-employeed, the requirements are a bit different.
Some landlords require more information, some less. However, if you have this information ready to go when you're looking for an apartment, you're more likely to get the apartment you want!
If you have any questions, don't hesitate to ask, and good luck!
Good Luck with your search.
- Employment letter on company letterhead stating your annual income
- Most recently filed income tax return (1st two pages)
- CPA letter stating your annual income
- Landlord reference letter (case by case)
- 3 most recent pay stubs
- 3 most recent bank statements
- Copy of government issued ID
Regardless of your income, all landlords will ask to see at least your most recent bank statement. An online version or a hard copy must show your banks name, your current balance, your name, your account number and a statement date.
All buildings require a copy of government issued photo ID to verify your identity. Additionally, some buildings will require a copy of your social security card.
This is a processing fee charged by the landlord and is usually between $50 to $150. Ask your broker for the exact fee and payment options.
Moving forward after all documentation is submitted, an approval will be received within 24 to 48 hours. Following this you will be required to sign leases within 48 hours of an approval. To prepare for this you should make sure the proper funds are available. Normally first months, last months, security and brokers fee.
Tenants are usually required to show 40 times the rent as income,
With the rental market moving so quickly, it helps to be prepared with the tenants' and guarantor(s) paperwork. Depending on the unit, owner, or building, they each may require different forms. We typically recommend to have ready the following documents: recent pay stubs, letter of employment with salary information, a copy of ID, recent bank statements and recent tax returns.
You probably don't need this when meeting brokers and landlords unless you want to apply on the spot, which could be necessary if you don't want to risk losing an amazing apartment to a more prepared tenant who submits the application before you. Otherwise, when you find the place you want, you can apply to that apartment and your agent, or the listing broker will clarify exactly what's needed.
Hope this helps. Let me know if you have any more questions and if I can be of anymore assistance.