Applying and Leasing

When you walk into that perfect apartment, you will know! Apartments in NYC rent quickly, so being prepared for the application and leasing process is essential. Before going out on your apartment tour, one of our real estate experts will walk you through the process step by step, but for those who want to know exactly what they are getting into, read our guide below.

Income Qualifications

  • If you are self-employed you must get a letter from your CPA verifying your last two years of annual income.
  • Good Credit! If you do not have good credit you will likely have to put down extra security.
  • If you have not been at your job for at least two to three months, it is likely you will need a guarantor.
Occupants
Must earn at least 40 times the monthly rent in annual salary.
International? Learn More
Guarantors
Must earn at least 80 times the monthly rent in annual salary.
Guarantor? Guarantor FAQs

The Paperwork

Letter of Employment

Letter of Employment stating: position, annual salary, bonus and how long the person has been with the company

Pay Stubs

Four most recent pay stubs

Bank Statements

Three months of most recent bank statements (not the transaction history)

Tax Returns

First two pages of last two tax returns

Copy of Photo ID

Copy of Photo ID

Student Transcripts

If you are a student, you will need to supply a copy of your transcript

MyGradPad takes your guarantor's personal information very seriously.
Paperwork is only seen by our team and the landlord.
All paperwork is deleted and shredded once the leases are signed.

Fees and Deposits

Application Fees

An application fee is always required by the landlord, it covers your background and credit check.

Required for a background and credit check.

Good Faith Deposit

The Good Faith Deposit is required by most landlords. It takes the apartment off the market while the landlord reviews your application.

Takes the apartment off the market while the landlord reviews your application.

MyGradPad Fee

Our tours are completely freeā€¦ we only get paid if we successfully lease you an apartment. Our fee is due at lease signing and costs a discounted 12% or 13.5% of the annual rent.

Tours are always free. Fee is only paid once we find you the perfect place.

Credit

Best 720-850
Good 680-720
Fair 640-680
Bad 300-640

Having good credit is essential to renting an apartment in NYC. For those of you who do not have good credit, landlords will ask you to either have a guarantor co-sign on the lease, or ask you to privide additional security; sometimes even both! If you need help repairing your credit, contact us today for a list of vendors we like.

It is essential to have good credit to rent an apartment in NYC. If you do not, you will most likely be required to pay extra security.

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min $1600
max $5000+
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min $1800
max $7000+
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min $2600
max $10000+
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min $3500
max $13000+
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min $6000
max $15000+
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min $7500
max $20000+
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