renter's guide

The NYC rental market is extremely fast paced. It is always a good idea to be prepared before you begin your search. Failure to properly prepare can result in missing out on your dream apartment. Madison Estates would like to break down the process and make this a bit simpler for you.

Getting Started

Rentals typically run on a monthly cycle. It is a good idea to begin your search at least one month before your desired move-in date.

Design a “wants list”; know your price range, neighborhood, apartment size, move-in date, and any other feature that you may “want”. This will save you the time of looking at apartments that do not fit your needs. If your “wants list” should ever change, inform your broker so that he or she doesn’t miss a potential apartment that may be suitable.

Get up and go! If your broker has an apartment that meets your needs it is not a good idea to put off viewing it until the weekend or on your next day off from work. Most of the time your broker will have easy access to the apartment and it will not be uncommon for he or she to have keys making show times extremely flexible to fit your schedule.

A renter can expect to submit a variety of documentation in order to confirm their financial ability. In most cases landlords require that a tenant earn 40-50 times the amount of the monthly rent to meet financial eligibility. A landlord will typically require a good credit history and may request references from your employer and prior landlords.

Employed

  • Letter of employment specifying your annual salary, position and time at company
  • Two most recent pay-stubs
  • Two most recent bank statements
  • Most recent tax returns
  • Most recent W2 statements
  • Copy of a photo ID - State issued or passport
  • Funds to cover the first months rent, security deposit and broker fees

 

Self-Employed

  • Proof or income – Pay stubs, contracts, bank statements for company
  • Two most recent personal bank statements
  • Most recent tax returns personal & business if applicable
  • Copy of a photo ID - State issued or passport
  • Funds to cover the first months rent, security deposit and broker fees
  • Proof of other assets – Stocks, Bonds, Mutual Funds, etc.
  • Funds to cover the first months rent, security deposit and broker fees

 

Guarantors

  • Most recent tax returns showing income of 80 times the monthly rent
  • Two most recent bank statements
  • Signed and notarized guarantor letter (upon approval)
  • Copy of a photo ID - State issued or passport
  • Funds to cover the first months rent, security deposit and broker fees

 

Students

  • Copy of a photo ID - State issued or passport
  • Proof of admission to school being attended
  • Guarantor – See checklist for Guarantor
  • Funds to cover the first months rent, security deposit and broker fees

 

Disclaimer: Use this checklist as a reference and keep in mind that every landlord may have different requests and this is in no way a standard for all apartments.

Renter's Timeline

 

  • Preparation:
  • 5-10 days - Typically
  • Apartment Search:
  • 1-20 days – this varies based upon your “wants”
  • Application and Credit Check:
  • 1-3 days – in most cases this can be completed right in your brokers office.
  • Lease Signing:
  • 1-3 day – In some cases this can take place in your brokers office.
    It can take longer if one of the parties is out of town.
  • Move-In:
  • Varies – The new landlord will determine the policies.