Two Important Qualifications

The two main qualifications are annual income and credit history ...

Annual Income

Landlords and management companies will be verifying you have annual income of 40-50 times the rent. If you are applying for a $2,000 apartment you will need to to show annual income of $80,000-$100,000. If you are beneath the annual income requirement or a student you maybe able to use a guarantor as a cosigner.

Credit History

Landlords and management companies often consider different levels of scores as acceptable. Your credit score should be at least in the 650-675 area. Some but not all landlords and management companies will allow a guarantor to cosign the lease with you if your credit history falls below 650.

Other Qualifications and Considerations

Length of employment can show stability and dependability. Assets like savings, investment accounts or real estate ownership can sometimes be substituted or allowed for lack of the annual income requirement.

Guarantor Qualifications

If you are using a guarantor to support your application and cosign your lease, landlord's and management companies may  differ with their requirements. Your guarantor may need to be a family member or live in the tri state area.

The guarantor will be held to a higher annual income expectation of 80-100 times the annual rent. If you are applying for a $2,000 apartment, your guarantor will need to show annual income of $160,000-$200,000.

If you need a guarantor and you just don't have one?

We have some creative strategies we can discuss with you.

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