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 following information:
1. Position
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.

Pay Stubs

Copies of your 2 most recent pay stubs.

Tax Returns

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.

Bank Statements

A copy of the three most recent statements from checking, savings, stock accounts or any other financial institution is acceptable.

Landlord Reference

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 of both.

Guarantor

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 as guarantor.

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 is $75.00.

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.