Rental markets are competitive and move at a rapid pace. Be ready for any application by expecting these basic requirements.
Requirements vary based on the owner, the building, and the location. The following are a few general guidelines that apply in most cases. We advise you seek legal advice from a licensed attorney for explicit inquiries. Please use this guide for informational purposes only. UrbanBound fully supports state and local fair housing regulations as well as the principles of the federal Fair Housing Act (Title VIII of the Civil Rights Act of 1968), as amended.
Financial Disclosure
Proof of Income: Most landlords require tenants to earn 40 to 50 times the monthly rent of the apartment on an annual basis. This generally refers to guaranteed income and does not include bonuses. (i.e.: If the property is $3000.00 a month, you must earn $120,000.00 to $150,000.00 a year in order to qualify to rent the apartment.)
Lease Guarantor: If an applicant does not meet the financial requirements, the landlord may require a Lease Guarantor—someone to pay the rent if the tenant cannot. They are generally required to navigate the same application process as the tenant, and earn 80 to 100 times the monthly rent.
Application/Credit Check: This document provides the landlord with the applicant’s required financial, professional, and personal background information.
When viewing a unit, bring all paperwork and money required, including employment and income verifications, pay-stubs, tax returns (for businesses owners), and your checkbook. Get a receipt for any deposit that explicitly states your money will be refunded if rejected. If your application is accepted, try to sign the lease as soon as possible.
Fees & Payment
Application Fees: Application fees are typically required, and range in price from $50–$100 for a rental building, and anywhere from $250–$1,000 for a condo. Beware of shady requests! Research common rental scams before sending any money.
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Brokerage Docs & Fees
Brokerage Agreements: You may be asked to sign a fee agreement when enlisting the help of a broker. This agreement simply states that you agree to pay a fee to the broker if they help you to obtain a lease on a particular apartment. You do not have to pay a brokerage fee if you are unable to secure a lease through a broker.
Brokerage Fees: You are only responsible for this fee if you secure an apartment through that broker. Fees should always be made payable to the brokerage firm and not a specific agent. If an apartment listing says NO FEE, there will be no broker fees charged at any stage.
Owner-Paid Fees: In certain instances, a landlord may pay a portion of a fee to a broker. Your Real Estate Broker will help you prepare your application, double checking all requirements and following up with the leasing organization quickly to ensure that nothing slips through the cracks, particularly in special circumstances.
