Most landlords require that your guaranteed annual income is at least 40-50 times the monthly rent and that you have good credit. For example, if the monthly rent were $4,000 month, you would need to show a guaranteed annual income of at least $160,000 per year. ($4,000 x 40 = $160,000)

A bonus may be included if the bonus is guaranteed, or if a documented history of bonuses can be provided.

Discuss your financials and potential credit problems with your agent in advance. There are often alternative ways to present an offer and application, or certain apartments where landlords may be more receptive to your situation.

If your guaranteed yearly income falls below the landlord's requirement, there are other factors that may be taken into consideration, such as assets, income from other sources, housing allowances, or the use of a 'guarantor' (below).

Landlords may accept roommates' combined incomes to determine financial qualification for an apartment. In other words, if the rent for an apartment is $2,500, the landlord would want to see a total income of about $100,000. If both roommates make at least $50,000 annually, they could 'combine' their incomes in order to qualify for the apartment. If the landlord does not allow for combined incomes, or if the combined total is not enough, they will require a 'Guarantor' or 'Lease Co-signer', which is a person who accepts financial liability in the event you or your roommates fail to pay the rent.

Landlords typically require that guarantors must make between 75 to 100 times the monthly rent in annual income. This means that for a $4,000 apartment a guarantor must show a guaranteed income of at least $300,000. ($4,000 x 75 = $300,000)

Most landlords prefer that you use a guarantor from the 'Tri-State' area, i.e. New York, New Jersey or Connecticut. Some landlords are more flexible and will accept guarantors from anywhere in the U.S. If you intend to use a guarantor from outside the Tri-State area, please notify your agent before you start your search.

The guarantor will be required to produce the similar paperwork as the potential tenants, but is not required to physically come to New York.

Completed Application: RES has a standard application that your agent will have you complete when you begin the process. In addition, some landlords may have their own application, which would have to be completed as well.

Letter of Employment: This letter should be issued within 30 days from your application and should be on official company letterhead and contain the following:

Job title

Duration of employment

Annual guaranteed income

Signed by a supervisor or HR representative

If self employed, the letter should be from your CPA, stating nature of your business and verification of your last 2 years of income

Two most recent pay stubs

2-3 months of bank statements (also, bank account numbers area usually required on application forms, have them ready just in case)

Verification of any additional sources of income

2 years tax returns

Credit report: A credit check will be run by your RES agent, prospective landlord or the management company of the building. Discuss any potential credit problems with your agent in advance.

Landlord references: Although they are not always required, they certainly can be helpful if provided. If you do not have a letter, make sure to at least have your previous landlord name and number readily available, as they are often required on applications.

Misc. other documentation depending on management company or landlord (i.e., reference letters, asset verification, etc..)