FINANCIAL QUALIFICATIONS FOR RENTING:

INCOME REQUIREMENTS
Most landlords require guaranteed income of 40-50 times the monthly rent. If you are renting an apartment as a couple or as a roommate share, your combined income will likely be accepted. Landlords may also take into consideration outstanding loans and liquid assets

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HOW MUCH CAN I AFFORD TO PAY IN RENT?
To determine how much you can afford, simply take your salary or combined salaries and divide by 40, 45 or 50.

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GUARANTOR REQUIREMENTS
If applicants do not meet the financial requirements of the building, the landlord may accept a lease co-signer or guarantor. The guarantor will most likely need to be from the tri-state area of New York, New Jersey or Connecticut but this may vary.

Typically guarantors are a family member, but that is not mandatory. Guarantors are expected to earn at least double the requirements of the applicant. For example, 80-100 times the monthly rent.

Documentation of a guarantor's financial position will be required including 2 years of tax returns. In addition, a notarized "Guarantor Letter" accepting the terms of the lease must be submitted.