Time is always of the essence when the right apartment comes
along. To ensure you don’t miss out on the perfect apartment, we recommend you prepare
all required paperwork in advance. This documentation must be in order so that the
landlord or management company can quickly process your application and approve
you for your selected apartment.
The following checklist will help you prepare:
Completed Application Form
Valid Photo ID
Letter of Employment on the company letterhead, stating the
2. Length of employment
3. Annual income
In most cases an offer and acceptance letter for a new position is not sufficient.
Note: Annual income should be in the range of 40 times your monthly rent. Depending
on the management’s/landlord’s guidelines, if your annual income is below the required
percentage or if you are not working and generating income or if there is a requirement
for a certain length of employment, then you might need a Guarantor. More information
about the guarantor’s requirement is listed below.
Copies of your 2 most recent pay stubs.
In most cases, the landlord/management company requires that you submit a copy of
your two most recent Federal Tax Return (1040). If you are self employed or if your
income comes from several different sources, you will be required to submit your
tax returns and a letter from a certified public accountant stating the nature of
your business as well as a projected income.
A copy of the three most recent statements from checking, savings, stock accounts
or any other financial institution is acceptable.
The owners or management company processing your application will require references.
The most important is the reference from your previous landlord. Some landlords
require that you also submit business and personal reference letters or a combination
A guarantor or a co signer is a person who is able to guarantee the entire rent
for the entire lease term and all lease renewals should you default on your rent
payments. A guarantor could be anyone ready willing and able, and qualifies to act
The required documents required from a guarantor are similar to the applicant(s):
1. Completed Application Form
2. Credit Report (in good standing)
3. Federal Tax Returns
The Guarantor must be able to show an annual income of 80 times the monthly rent.
In most cases the only required proof of income are tax returns. In some cases,
management companies and landlords require that the guarantor be a resident of the
tri-state area (New York, New Jersey or Connecticut).
The following are approximate costs for the Application Process:
Credit Reports/Application Fees
All applicants and guarantors must have their credit reports submitted, no exceptions.
Some landlords and management companies will allow pre-approval with you supplying
your own credit report but they will usually pull an official report as part of
the permanent file. The cost for Harlem Lofts Inc credit report/application fees
Other Fees Associated
When landlord/management agrees on your application, you will then be required to
pay all deposits and broker fees in a timely fashion. Your application alone does
not “hold” an apartment. In most cases first month’s rent is required along with
one month security deposit. Some landlords/management companies require last month’s
rent as well.