Income Requirements: Most landlords require that you make 40x the monthly rent in guaranteed income (if rent is $2,000 per month, you must earn $80,000 per year).
Guarantors: If you do not meet the financial requirements for your landlord, you can have a guarantor who will be responsible for the rent if you fail to pay. Most landlords require guarantors to make 80x the monthly rent and live in the tri-state area (if rent is $2,000 per month, the guarantor must earn $160,000 per year).
Application Fees: Application fees are generally $50-$100 per application and are used to run your credit check. For co-op and condo buildings, application fees can be upwards of $250.
Closing Costs: You will generally have to bring one month’s rent and one month’s security at lease signing, in the form of two separate certified checks (no personal checks or cash). You will also have to bring a certified check for the broker fee, if applicable. Certified checks are available at any bank.
Note to International Renters: Many landlords have strict requirements for international renters without credit histories. You may be required to pay 6 months of rent or more up front. If you need a guarantor, you can use Insurent for a fee. They will preapprove you for free before your search.