Landlords and management companies will be verifying you have annual income of 40-50 times the rent of your private bedroom. If you are applying for a $2,000 apartment and your private bedroom is $1,000 you will need to to show annual income of $40,000-$50,000. If you are beneath the annual income requirement or a student you maybe able to use a guarantor as a cosigner.
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.
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.
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.
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