Apartments usually come on the market about 30 days before they are available so your best bet is to start viewing one month prior to move-in. There are exceptions, but this is the general rule. So how do you prep before then?
1. Determine what you can afford
In general, landlords want to see good credit and at least 40 times the montly rent in your annual gross income (pre-bonus). Outrageous, you say? Hey, don't shoot the messenger. If you fall short or are a student, hope is not lost. You can usually work around it by offering more rent or security, showing liquid assets, or by using a guarantor. Guarantors should have good credit and make at least 80 times the montly rent.
2. Prepare your paperwork
- Letter of employment on company letterhead verifying position, annual salary, and length of employment. If self-employed, provide a CPA letter stating the same.
- Last 2 months' bank statements
- Last 2 paystubs
- Tax Returns from the last 2 years
- Landlord Reference letter- confirming that you are a good tenant, paid rent on time, etc.
- Photo ID
If you are using a guarantor, they should provide the paperwork above, except for Landlord Reference Letter.
3. Rank the importance of apartment characteristics
Figure out the absolute must-have's and the can't live with's. With any budget, you still might have to compromise so you should determine what is most/least important.
- light
- size
- price
- layout
- neighborhood
- pet-friendly
- walk-up vs. elevator
- if walk-up, how many floors?
- attended lobby (full-time/part-time doorman)
- amenities: gym, concierge, children's playroom, etc.
- proximity to public transportation
- access to nightlife, restaurants, supermarkets, etc.
And now you are ready to start viewing apartments.
