Most landlords in New York City desire tenants who are financially stable and able to pay their rent consistently. Thus, these landlords have stipulated that to rent an apartment, you must earn 40-50 times what the monthly rental is (base salary, not including bonuses or overtime). For example, if you want to rent an apartment for $1,500 a month, you must make at least $60,000 a year. Moreover, each renter should have an established credit history that is sufficiently high enough (each landlord is different and requirements may vary; that being said, an average of 650 among all three credit scores is desired). This requirement is to protect both landlord and tenant.
Prep Needed for Landlord
When you find that perfect apartment, your work is still not over. Keep in mind that some landlords may need more or less information than what is stated here, so always ask what the landlord needs. Generally, most landlords request a document packet, consisting of copies of:
- State or Federally Issued ID (not a school ID)
- W-2 and tax return forms for the most recent 2 years
- Last two pay stubs and most recent bank statement
- If you are currently renting an apartment, then a recommendation letter from your landlord may help you secure your apartment and set you apart from other candidates
- Proof of Employment: position, duration at the company, salary. You should have all requested information on company letterhead, and a secondary recommendation letter from your supervisor may also help bolster your case.
Currently, brokers in the NYC area charge anywhere between a 10-15% “Brokerage Fee” as a form of payment for the legwork that goes into helping you find your perfect apartment. However, RoomMatchers prides itself on connecting you with as many “no-fee” apartments as possible. Although we do offer apartments in which you are charged a brokerage fee, this fee is usually much less than our competitors. We are an organization that was started by students, so we know that every renter extends himself or herself as much as possible to snag that perfect apartment. We solemnly promise that our brokerage fee, if they exist for your perfect apartment, is less than our competitors and will not “break the bank”.
- Since the search and paperwork process may take a few weeks to complete, please start the search for your apartment well in advance of your planned “move-in date”. Our experts recommend at least three weeks of search and prep.
- If you do not go through Room Matchers to find your ideal roommate, then we recommend that all parties be present when searching, and ultimately deciding on an apartment. You do not want to have any last minute bickering that may result in you forfeiting your ideal apartment and set back your planned move-in date.