When renting in NYC, preparation is key. The process is a fast one. So before the search starts, feel free to ask any and all questions about neighborhoods, building types, transportation access, what’s included and what’s not. This way, We will assure that to customize your search to meet your specialized needs as an international relocation renter.
Many landlords require their tenants to earn an income of 40 to 50 times the monthly rent, go through a credit check, and/or criminal/background check. If your annual salary does not meet the income requirements, many landlords require that a United States guarantor (which typically should earn around 80 times the required monthly rent). As you most likely will not have a US guarantor:
YOU MAY NEED TO APPLY FOR INSURENT OR THE GUARANTORS. THESE BOTH ARE THIRD PARTY GUARANTORS.
Previously landlords would accept additional security or rent up front to help get an application approved, however
https://www.nyrealestatelawblog.com/manhattan-litigation-blog/2019/july/the-2019-changes-to-new-york-s-landlord-tenant-l/" rel="noopener" target="_blank"> AS OF JUNE, 2019, NEW YORK STATE PASSED A RULE - LANDLORDS CAN NO LONGER COLLECT ADDITIONAL RENT OR SECURITY.
As soon as your arrive in New York City, after dropping off your luggage, it is best that you take a trip to the Social Security Office, to enroll for a Social Security Number. This is required to open a US Bank Account. Some may be fortunate to have a UN bank account which could help with funds. Landlords and owners of apartments do like a US Bank Account too.
Get your documents in order:
1. A letter from your employer stating your position, salary, start date and length of commitment (if there is a time framework), and opportunities for bonuses.
2. Your last two pay stubs, if this is a transfer within the same company to another location/office.
3. Your last two months’ bank statements - even from your home country. Even if from a non-United States bank could help, as it will demonstrate to your new landlord what your overall "FINANCIAL HEALTH" looks like.
4. Verification of other assets, if any (i.e. 401k, savings, investments, etc.).
5. Government Issued Photo ID (ex: Driver’s License, Passport, etc.)
Additional documents are sometimes requested.
There are a few key differences between renting a condo and renting a co-op.
A condo is like owning a house therefore you will submit your documents to the owner. They will approve and once the owner approves your application, the management company will approve along with some additional documents and fees. When the owner approves your application .
A co-op rental is most likely not an option, as co-op apartments are share(s) that maintain a corporation that own the buildings where their units are. Also, there is a in person interview, as well as a complicated sublet application with additional fees.
I recommend...
A condo or landlord rental will be the most productive. This is my specialty to know which situations and landlords are friendly to international renters and diplomats.
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