Preparing the Necessary Pre Apartment Search Documents

If you thought finding an apartment was a struggle, you are in for a treat, mon frere. Actually sealing the deal is half the battle, and in most cases it involves an infuriating mix of timing, luck, and favoritism. Fortunately, a little preparation and a light sprinkling of gamesmanship can give you the head start you need to nip all those other jokers at the finish line. Prepare your documentation beforehand and bring it with you when you visit apartments to put yourself on the leader board from the word “Go.” Next, make sure that any roommates have their things in order, as well. If anyone is out of town, you will need to fax all of the documents and have them sent back. In some states, these documents may need to be notarized (the same goes for guarantor’s forms, which are discussed below). Finally, try to buddy up with the super and doorman when you visit the apartment—they are on the front line and will know exactly the right time to strike.

What You'll Need

Gather these essential items below and bring them on apartment hunt outings.

• Copy of Photo ID – Driver’s license or passport should suffice, even if the picture resembles a celebrity mug shot.
• Letter of Employment – Must verify employment length, position, and salary.
• Last 2 Pay Stubs
• Copies of your Tax Return – Some places require just the past year, others require the past two years, so bring both just to be extra safe.
• Most Recent Bank Statement
• Copy of Previous Lease – Make sure the lease has the previous managing agent’s info and let’s hope there are no skeletons in the closet. If you did have a falling out with your last managing agent, pretend you spent the last few years at the ’rents.
• Letters of Recommendation – In the absence of written notes, names and phone numbers of personal or business references should be enough.
• Rental Application and Fee – The application will be provided by either the landlord, broker, or management company. Most often it is filled out on the spot, but occasionally it can be done in advance if there is a particular building or management company to which you are confining your search. The fee (about $50) is used to process the application and run a credit check.

Note that if a guarantor is involved, all of the above items will be required from them, as well.

Getting a Guarantee May Require a Guarantor

Most management companies require that a tenant’s income be above a minimum level, usually about 40-45x the monthly rent (income of roommates can be combined). For a $2,000/mo apartment that means you have to make between $80 and $90K. If you don’t stack this type of money (you’re not alone), you may need a guarantor to co-sign the lease. The guarantor agreement is provided by the landlord or management company and requires some basic personal and financial information. Signing it legally obligates the guarantor (usually a family member or close friend) to pay rent if you default. They must make a greater percentage of the rent, on average 80-90x the monthly rate, but combining the incomes of two guarantors is often allowed. Even if you can hack it alone, having a guarantor is never a bad idea, since it makes your candidacy that much more attractive.