The Rental Market in New York City changes as fast as a New York Minute! The Market may not be what you are used to. The rules here are different and the competition is much stiffer. Be PREPARED to move on your ideal space when you find it, because in the TIME it takes you to decide on the space, someone better prepared is signing leases on it.

TO MAKE YOU BETTER PREPARED IN SIGNING LEASES ON THAT DREAM SPACE, WE'VE ASSEMBLED A GUIDELINE TO HELP YOU SPEED THROUGH THE PROCESS OF RENTING IN MANHATTAN

AS A GENERAL RULE

LANDLORDS require perspective TENANTS to prove a TOTAL ANNUAL INCOME of at least 45 times the monthly rent. (If you cannot prove this income, you will be required to have a Guarantor.)

When a Guarantor is necessary, both perspective TENANT and Guarantor must provide the following information:

1. LETTER OF EMPLOYMENT & VERIFICATION OF SALARY (if not yet employed, include your start date and previous employment details)
2. RECENT BANK STATEMENT
3. LANDLORD LETTER OF RECOMMENDATION
4. 2 PERSONAL LETTERS OF RECOMMENDATION
5. 2 BUSINESS REFERENCE LETTERS
6. Recent TAX RETURN (W2)
7. PAY STUBS (last 3 months)
8. PERSONAL IDENTIFICATION (two forms) ex: driver's license, passport, or social security card
9. Additional sources of income with verification ex: Net Worth Statement, stocks, bonds, property owned
10. CHECKS for the deposit & credit check (at time of application)

In New York City, Brokerage fees are paid by you, the TENANT. The standard Brokerage fee is around 15% of the annual rent. This fee is due upon signing of the lease, paid in certified funds.

LANDLORDS in New York City will not accept out-of-state checks. During the initial rental process, they require certified funds.

THE FOLLOWING IS RECOMMENDED

Establish a New York BANK ACCOUNT before you begin your search.

If this is not possible, bring the necessary funds to cover:

• 2 MONTH'S RENT bring traveler's checks this covers 1st MONTH'S RENT & 1 MONTH'S SECURITY these will have to be converted into CERTIFIED CHECKS
• BROKER'S FEES
• CREDIT CHECK: $50 to $10 (standard) which can be paid by personal check
• DEPOSIT