Market is very fast due to very limited inventory. You should prepare your paperwork and if you need a guarantor you should prepare him/her as well with the following:
-EMPLOYMENT LETTER stating a salary and position on a company letterhead
-FIRST 2 PAGES OF Your LAST TAX RETURN
-MOST RECENT PAY STUBS
-MOST RECENT BANK STATEMENTS
-COPY OF ID
-SUBMIT APPLICATION FEE ($50-$150 depending on the landlord)
If you are self employed you will need the following:
-CPA LETTER your accountant needs to state your estimated salary for the following year and a statement of your salary last year on his company letterhead with his signature and contact information.
-FIRST 2 PAGES OF YOUR LAST TAX RETURN
-MOST RECENT BANK STATEMENT
Most landlords require you to make 36 - 45 times the rent to be qualified.
The most common is 40 times the rent. SOME LANDLORDS ALLOW COMBINED INCOME, SOME DON'T
EXAMPLE: rent $2,000 income: 40X2,000= $80,000 if you make up to $10,000 less then that you will need to come up with extra security. If you cant come up with extra security and making less then the income requirements or you are a student you will need to use a guarantor which will need to earn in between 80-100 times the asking rent. The most common is 80 times the rent.
EXAMPLE: rent $2,000 Guarantors income 80X2,000= $160,000
If you don't have a guarantor you can use Insurant to guarantee your lease(note: not every landlord is open to take Insurant and especially not a condo/coop buildings). The fee for Insurant will be a separate fee from the standard broker's fee.
Please see Guide to Renting in NYC here:
Battery Park City, Clinton, Flatiron District, Gramercy Park, Hell's Kitchen, Kips Bay, Midtown Center, Murray Hill, Upper East Side, Upper West Side