Frequently Asked Questions
Questions
1.) What is used to determine who is a qualified applicant:
2.) What is a guarantor?
3.) Do I need a guarantor?
4.) Who can be a guarantor?
5.) How much money is required for the security deposit?
6.) How long does it take to process my application?
7.) What forms of payments are accepted at the lease signing?
8.) What should I bring to the lease signing?
9.) If I am not a citizen, can I still qualify for an apartment?
Answers
Q: What is used to determine who is a qualified applicant:
A: In order to qualify on your own without a guarantor, prospective tenants must make an annual base income of no less than 40 times the monthly rent. If the rent is $2000, the household income must be at least $80,000. In addition, each applicant must also have a stable employment history and a good credit rating. If the applicants do not meet these requirements, a guarantor or extra security may be used.
Q: What is a guarantor?
A: A guarantor, also called a co-signer, is someone who agrees to be equally responsible for all the terms of your lease. We may require only 1 guarantor, even if there are several tenants on the lease and sometimes combined guarantors can be allowed.
Q: Do I need a guarantor?
A: If you do not meet the financial or credit requirements, a guarantor might be your solution. Students or young individuals who do not meet the income requirements will usually need a guarantor. When bad credit is the reason, allowing a guarantor will depend on how bad the credit is and on how strict the management. Sometimes a combination of guarantor and extra security is needed. If you think you might need a guarantor, please advise your agent of this so that together you can prepare yourself to the best of your ability.
Q: Who can be a guarantor?
A: A guarantor can be a relative, employer, associate or anyone who is financially sound and has strong credit. Many landlords require the guarantor to live in the tri-state area meaning NY, NJ or Connecticut. If an applicant is required to show an annual income of 40-50 times the monthly rent, a guarantor is required to show an annual income of 80-100 times the monthly rent. The documents required for the guarantor are similar to those required for applicants.
Q: How much money is required for the security deposit?
A: Standard security deposits are one month rent but security is determined by the qualification of each applicant. Some landlords will deposit the security in an interest bearing escrow account for the duration of the lease. The deposit will be fully refunded at the end of the lease provided there is no damage to the apartment and all rent has been paid.
Q: How long does it take to process my application?
A: Applications can be processed and approved within the hour if all the necessary paperwork is submitted. It is very possible to sign a lease even that same day.
Q: What forms of payments are accepted at the lease signing?
A: At lease signing we accept certified checks, bank checks, postal checks, money orders and/or cash! NO PERSONAL CHECKS!!!
Q: What should I bring to the lease signing?
A: At lease signing all monies (Rent, Security and Broker Fee) should be brought in along with all original documents.
Q: If I am not a citizen, can I still qualify for an apartment?
A: You can still qualify for an apartment as long as you have a working VISA or Green Card as well as your passport and United States Immigration papers.
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