Rental Guides

The Search Process

Let our team of experts guide you through each step of your journey.

When to Start Looking: 

You should start your reach around 30-45 days before your ideal move-in date; however, most landlords will want prospective tenants to start their leases for vacant units within two weeks of the application date. That being said, the more you look, the more knowledgeable you will become, enabling you to make quick decisions in the moment.

What to Prepare:

Apartments rent quickly in New York City, and having your documents in order will help you act quickly when you`ve found the right place. Make sure you have the following at the ready before you start looking:

  • Letter of employment verificatio
  • Last two years’ tax returns
  • Last two years’ W-2s
  • Two most recent bank statements for all accounts
  • Reference letters from and/or contact information for
    previous landlords
  • Photo ID
  • Landlord application

Financial Requirements:

Landlords typically require tenants’ combined annual salaries to equal or exceed 40x–50x the monthly rent. If you do not meet this requirement, many landlords accept guarantors, a third party who is willing to guarantee the entire rent and other provisions in the lease in case the tenants are unable to fulfill their obligation. Guarantors need to provide the same application support documents as you do. It is usually expected that guarantors are US citizens and earn an annual salary of at least 80x–90x the monthly rent. In some cases, pre-paying extra rent or security is acceptable.

Work With Us

For an unparalleled real estate experience where your real estate goals can truly thrive, look no further than The Thrive Real Estate Team at Compass.