This time of year I am contacted by many people moving to Manhattan from other U.S. states or from overseas. Let's look at each case and the variables involved in each deal.
Let's take on the move from another U.S. State first(this also applies to those moving within Manhattan). The basic requirements of most landlords to rent in NYC are as follows:
1) Employment letter w/ position, income on company letterhead and signed. Make sure its dated as well.
2) A copy of a bank statement. Some will want to see savings others a checking statement with activity. In most cases its always good to show some savings, sure more is better. Some LL's will want to see a certain level of savings. (Coops are another animal and will be tackled later).
3) A copy of a photo I.d.
4) A completed application (usually provided by the LL or your broker).
5) A credit check. This is either run by your broker or the LL. This can be from a basic report to a product that has a terrorist list search. This can also include a housing report, either in NYC or the state you are moving from. Good credit is very important. If you are a couple and one has bad credit, it is best to leave that person off the application. Then the sole applicant will have to meet the financial requirements for approval.
6) Most landlords will want your gross income to be 40-45 times the monthly rent.
If you are self-employed you may be asked for a letter from a CPA and or your most recent tax returns.
If you are a non citizen relocating to the states it can get a bit trickier. Having a social security number helps, however in most cases it may be for work only, so you most likely have not established a credit history here. Of course in some cases people have a form of residency that does allow them to establish U.S. credit, or they had lived here before and had U.S. issued credit cards. In this case pleases see above (you may also have to show your VISA along with the above referenced documents).
For non-U.S. applicants with no credit or employment history here, you have a few options. Find a landlord/individual owner that you can speak with directly, explain your situation to and provide documentation to back it up. Perhaps offer to pay the last month’s rent in advance in addition to the security deposit.
Some will work with you others may ask for a year’s rent in advance. But in today’s softer market most will work with you.
Another option would be to have a "guarantor". Many owners will want this person to be from the tri-state area, some will insist they own property. Generally they will want the guarantors income to be 75 times the monthly rent. Your guarantor will have to provide the same documentation as you and sign the lease or a rider.
Subletting a co-op is no fun for anyone. For starters most foreigners with no established credit history or employment history will have a difficult time with the co-op process. Some things they may ask for:
1) Two years tax returns and a current employment letter.
2) Six reference letters (3 of each; business/personal)
3) Two years of bank/brokerage statements.
4) Letter from current management agency/landlord
5) Completed financial statement w/supporting documents
Sub-letting a co-op can be a real pain in the ass!
If you are well prepared, the process of renting or sub-letting an apartment in NYC can be a fairly straightforward proposition. If you choose to enlist a broker to help you, make sure upfront you discuss how he/she will be compensated. This way there won’t be any nasty little surprises or uncomfortable disagreements down the road.
Well I typed this on my mobile word program using my Blackberry while riding the A train downtown. I hope it is clear and can be of some assistance to anyone looking for some guidance with finding a new home on our little island. Of course there can be other variables, but I think this outline covers most of the scenarios you will come up against.
Let's take on the move from another U.S. State first(this also applies to those moving within Manhattan). The basic requirements of most landlords to rent in NYC are as follows:
1) Employment letter w/ position, income on company letterhead and signed. Make sure its dated as well.
2) A copy of a bank statement. Some will want to see savings others a checking statement with activity. In most cases its always good to show some savings, sure more is better. Some LL's will want to see a certain level of savings. (Coops are another animal and will be tackled later).
3) A copy of a photo I.d.
4) A completed application (usually provided by the LL or your broker).
5) A credit check. This is either run by your broker or the LL. This can be from a basic report to a product that has a terrorist list search. This can also include a housing report, either in NYC or the state you are moving from. Good credit is very important. If you are a couple and one has bad credit, it is best to leave that person off the application. Then the sole applicant will have to meet the financial requirements for approval.
6) Most landlords will want your gross income to be 40-45 times the monthly rent.
If you are self-employed you may be asked for a letter from a CPA and or your most recent tax returns.
If you are a non citizen relocating to the states it can get a bit trickier. Having a social security number helps, however in most cases it may be for work only, so you most likely have not established a credit history here. Of course in some cases people have a form of residency that does allow them to establish U.S. credit, or they had lived here before and had U.S. issued credit cards. In this case pleases see above (you may also have to show your VISA along with the above referenced documents).
For non-U.S. applicants with no credit or employment history here, you have a few options. Find a landlord/individual owner that you can speak with directly, explain your situation to and provide documentation to back it up. Perhaps offer to pay the last month’s rent in advance in addition to the security deposit.
Some will work with you others may ask for a year’s rent in advance. But in today’s softer market most will work with you.
Another option would be to have a "guarantor". Many owners will want this person to be from the tri-state area, some will insist they own property. Generally they will want the guarantors income to be 75 times the monthly rent. Your guarantor will have to provide the same documentation as you and sign the lease or a rider.
Subletting a co-op is no fun for anyone. For starters most foreigners with no established credit history or employment history will have a difficult time with the co-op process. Some things they may ask for:
1) Two years tax returns and a current employment letter.
2) Six reference letters (3 of each; business/personal)
3) Two years of bank/brokerage statements.
4) Letter from current management agency/landlord
5) Completed financial statement w/supporting documents
Sub-letting a co-op can be a real pain in the ass!
If you are well prepared, the process of renting or sub-letting an apartment in NYC can be a fairly straightforward proposition. If you choose to enlist a broker to help you, make sure upfront you discuss how he/she will be compensated. This way there won’t be any nasty little surprises or uncomfortable disagreements down the road.
Well I typed this on my mobile word program using my Blackberry while riding the A train downtown. I hope it is clear and can be of some assistance to anyone looking for some guidance with finding a new home on our little island. Of course there can be other variables, but I think this outline covers most of the scenarios you will come up against.
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