The Process and Paperwork Needed To Rent an Apartment
The Process and Paperwork Needed To Rent an Apartment
Once you have found an apartment you like, you will want to put a deposit down (which is usually non-refundable if you change your mind so be sure you want it) so that you don’t lose the place to someone else.
Here is a list of items you will probably need, depending on the Landlord, in order to Rent an Apartment. You want to get this paperwork together before you start searching too so that you will be prepared and have a better chance of getting the place you really want.
1. A valid photo ID (driver’s license, passport or other US Government issued ID)
2. A copy of the first two pages of last year’s tax return or W2 form.
3. A copy of your last two pay stubs.
4. A copy of your last two bank statements.
5. A letter from your employer stating your salary, position and length of employment, on company letterhead.
6. A copy of your real estate tax, school tax, water/ sewer bill, copy deed, or mortgage statement if you are a homeowner.
The Broker or Landlord will run a credit check for each applicant and there is usually a non-refundable fee for that, usually around $40 to $80 per person.
Of course, you will have to fill out a Lease Application additionally.
Some Landlord’s require 2 months security deposit.
The first month’s rent and security deposit should also be readily available since the money will be necessary at the time of the lease signing.
What if you don’t have income or have cash income and can’t document the amount you make?
If your income doesn’t equal 40x the monthly rent being charged (and it has to be documented income), then you will need a Guarantor.
The Guarantor (your mother or father or other family member usually) will also need to provide the above paperwork and must make 80 times the monthly rent.
If you know up front that you can’t document the required income, then it is best to gather all the information up front and have it ready to go so that you can jump on the place that you want.
