It is a very good idea to have everything with you when you start your search
as time is of the essence.
Requirments:
Letter from your banker stating your average monthly balance.
Statement of income, bonus structure, title, length of time with company or
starting date, on company letterhead.
For new employees, a copy of your employment contract is helpful.
Letter from landlord in departure city indicating prompt payment of rent.
CPA letter, if self employed, stating annual income.
Financial Eligibility:
If you are not a U.S. citizen, or you pay taxes outside of the U.S., or if
you do not have any credit history in the U.S., you may be required to pay
additional security at the time of lease signing. This can be as much as six to
twelve months rent in advance.
It is customary that tenants earn between 45-50 times the monthly rent on an
annual basis. This amount must be guaranteed income, bonuses are not taken into
consideration unless they are guaranteed. Although your credentials may seem strong, some tennants may not meet the strict requirements for most landlords.
A U.S. based guarantor who earns in excess of 75-100 times the monthly rent
can be requested in order to limit the amount of additional security required.
Cooperatives: The approval process can take 30-45 days. Prospective
tenants must submit extensive personal and financial information, and interview
with the Co-op board. Expect large application fees and move-in fees
($300-$500). Security deposit may exceed one month's rent.
Condominium Buildings: The approval process can take up 10-30 days based
on a credit check and individual owners requirements. Except application fees
and move-in fees. Security deposits may exceed one month's rent.
