Rental Guide

Letter of Employment on the company letterhead, with 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 to 52 times the monthly rent; your rent should be approximately 25% of your annual income. So if your annual income is 100,000.00, your rent expense can be up to 25,000.00 per year.

Note: Depending on management’s requirement, if your annual income is below the needed amount or if you are not working and are not 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 3 most recent pay stubs are required.

Tax Returns

In most cases, the landlord / management company requires that you submit a copy of your most recent Federal Tax Return (1040). You should have these ready just in case. 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. You should have the backup detail sheets ready in the event they are requested.

Note: Most application forms (first item on this list) require banking information.

Landlord Reference

Letter the owners or management 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.

Qualifications for the Guarantor:

The documents required from a guarantor are similar to the applicant(s):

• An Application Form This is the same completed form as the applicant fills out.
• Credit Report In good standing.
• Federal Tax ReturnsThe Guarantor must be able to show an annual income of 80-104 times the monthly rent. In most cases all that is needed as proof of income are the tax returns. The Guarantor is not required to be present at lease signing. In many cases, management companies and landlords require that the guarantor be a resident of the tri-state area (New York, New Jersey or Connecticut).

Note: If you are not properly prepared, renting an apartment can be a stressful experience. A way to avoid a negative experience is to advise your agent of all your questions and concerns on any of the aforementioned requirements. Sharing this information will allow your agent to present the completed application in the most favorable manner. All information shared with Hecht Group will be kept strictly confidential and will not be shared with any other parties.

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. The cost for credit reports and application fees range from $25 to $100 depending on the management.

Note: Credit reports obtained by you will not be accepted.