Financial District Apartments: Paperwork to Prepare Before You Start Looking

Financial District Apartments: Paperwork to Prepare Before You Start Looking

Financial District apartments (FiDi rentals) are very in demand. The neighborhood has a lot to offer and has become one of the most desired locations in which to live in bustling New York City.

Because of the popularity of the area and the beautiful apartments you’ll see once you start looking, it’s imperative to prepare your paperwork before you start your search. The following should complete your rental application package and allow you to land that great apartment when you run across it.
Paperwork to Gather for Renting a Financial District Apartment

Income Verification: This usually consists of at least the most recent two year’s tax returns, along with bank statements (the most recent three months).

If you’re self-employed, further documentation may be needed, eg, a letter from a CPA, income projections for the next year or two; and possibly three year’s tax returns (instead of two). All of this depends, of course, on how long you’ve been self-employed.

Note: Your annual salary should be 40 to 45 times the monthly rent you’re looking to pay. So for example, if you want to rent an apartment for $2,000, your annual salary needs to be $80,000 to $90,000. This is standard for renting Financial District apartments in New York City, as well as other neighborhoods in the Big Apple as well.

Letter from Employer: To rent an apartment in New York City, you need to show a steady work history. Hence, you’ll need a letter from your employer on company letter head (this is very important) stating: (i) how long you’ve been with the company; (ii) your title; and (iii) your annual salary.

The letter should be signed. It can be from a person in Human Resources, or any of your superiors. Contact information of the signor should also be provided because most landlords will call to verify.

Guarantor (If Necessary): If you lack any of the above, a guarantor ‘” whose income is 80 to 85 times the monthly rent ‘” will be necessary.

Money in the Bank: Finally, don’t forget to have funds “ready and available” before you start your search.
As stated in the beginning of this article, Financial District apartments are highly desirable. And, the good deals go fast. Hence, there won’t be time for “funds to clear” or your next pay period to roll around. Have the money ready today. That way, when your rental agent shows you that great FiDi apartment with the great views, your response can be, “I’ll take it; where do I sign.”

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