For Renters:
Rental Procedures

Most rental applications require the following:

• Name
• Social Security number
• Current address/phone number
• Current rent/mortgage payment
• Previous address
• Current landlord's name/phone number
• Occupation
• Name of employer/address/phone number
• Length of employment
• Annual salary
• Total other household income
• Names of additional residents
• Bank name, address, account numbers
• Accountant's name/phone number

Income Verification: the landlord will want to check with a representative of your company, so you will need to give him the name of someone who can verify salary, employment history, and the probability of future employment. The landlord may want this information in writing. If you own your own business, you may have to provide an accountant's or tax attorney's statement, and a copy of your most recent tax return.

Credit Check: Good credit is required to rent an apartment. Explanations for minor deviations will most probably be accepted, but additional security deposits may be required. You will probably have to pay for the credit check yourself, which should be less than $100. Everyone on the lease will have to have his or her credit checked, including spouses and/or partners.

If, for any reason, you cannot meet income, employment, or credit requirements, you may have a guarantor sign your lease with you, and that individual will be responsible for all aspects of the lease if you default. A guarantor will have to meet an annual income requirement of at least 80X the monthly rent, and reside in the USA. Some landlords may require 100X the monthly rent and/or residency or business in New York State, New Jersey or Connecticut.

One month's rent is the usual amount for a security deposit, payable at the signing of the lease with the first month's rent. These will need to be "good funds", cash, a bank check, money order, certified check or traveler's check. Some landlords will accept credit cards or permit the funds to be wired into their account. Your security deposit may be held in an interest-bearing account; if it is, the total interest earned, minus 1% will be payable to you annually. If you abide by the terms of the lease, and leave the apartment in the same condition it was at in the beginning of the lease period (excepting normal wear and tear) the total security deposit will be refunded.

LEASE AND LEASE TERMS

Most landlords and building owners use the standard form of apartment lease. If you rent an apartment that is "rent stabilized," you are protected by New York City rent stabilization laws through which tenants have certain renewal options and increases are regulated by the City. If you feel that there is a great likelihood that you will be transferred before your lease period expires, tell your agent BEFORE you begin your search, and it may be possible to negotiate a lease break clause, allowing you to leave with minimum penalties. The chances of negotiating such a clause will depend on the state of the rental market at the time.

Two people sharing an apartment may be acceptable, and more may be allowed in larger units. Roommate sharing services do exist to help find a share, but most people rely on personal contacts. There are companies that can divide an apartment using a temporary wall that is disassembled when you leave, and some landlords will agree to this as long as the structural integrity of the apartment is not affected, and the number of occupants is agreed upon. (See Tips)

Do not try to hide a pet. Some landlords have strict regulations regarding dogs; however, cats are normally allowed. If you have a pet, be sure to look only at "pet friendly" buildings.