Dumbo to Downtown

Rentals Guide


For Landlords

Whether you own a long-term investment property or you just need to rent out your home for a short time, the process stays the same. Follow these steps to ensure success:

  • Competitive pricing & incentives
  • Consideration for seasonal market conditions
  • Proper presentation & staging
  • Invest in professional photography & floorplans
  • Market your property to local, national and international tenants
  • Market your property to the brokerage community
  • Screen tenants to manage long-term risk
  • Negotiate leases & maximize net income

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For Tenants

Renting a home in New York City can be more involved than buying a home in other parts of the U.S. In addition, the market moves quickly and time is of the essence. Preparation is key.

Before starting your search, we recommend that you have at least one physical copy of the following documents. Extra copies are helpful in case you would like to apply to more than one apartment. Note that this is the paperwork required by landlords, not Tawil & Team:

  • Proof of income showing between 35X and 50X the monthly rent (varies by landlord); OR Proof of funds for pre-paid rent
  • Up to three most recent bank statements (checking & savings)
  • Signed letters of recommendation from your two most recent landlords confirming that you paid rent on time, along with the landlord’s contact information (name, phone number, address, e-mail address)
  • Contact information (names, addresses, phone numbers, and e-mail addresses) for up to three personal and business references
  • Last two years of your Federal tax returns (first two pages only)
  • If applicable, signed letter of recommendation from your accountant
  • At least one form of personal identification with photograph (i.e. Driver’s license)

Most landlords do not accept personal checks or electronic payments. In order to secure a rental, expect to pay the following fees in the form of certified bank checks from a U.S. bank account:

  • Rental application fee (varies; expect $100 to $1,000)
  • Credit check fee (varies; expect $50 to $250)
  • Move-in/move-out fees (condos and co-ops only)
  • Broker’s fee, paid at lease signing (varies; expect 12% to 15% of the yearly rent)
  • First and last month’s rent, paid at lease signing
  • Security deposit, paid at lease signing (varies)
  • If you do not have a U.S. bank account: Expect four months of rent for your security deposit. You can avoid this by opening an account in NY before starting your search.

If your salary level, available sources of income, and/or your total financial picture do not meet the landlord’s requirements, then you will need a co-signor, also known as a guarantor, to guarantee the lease. Guarantors from the tri-state area are preferred. If using a guarantor, then you will also need to have the following paperwork ready:

  • Proof of income showing between 75X and 100X the monthly rent (varies by landlord)
  • Up to three most recent bank statements (checking & savings)
  • Signed letters of recommendation from your guarantor’s two most recent landlords confirming that your guarantor paid rent on time, along with the landlord’s contact information included (name, phone number, address, e-mail address)
  • Contact information (names, addresses, phone numbers, and e-mail addresses) for up to three personal and business references
  • Last two years of your guarantor’s Federal tax returns (first two pages only)
  • If applicable, signed letter of recommendation from guarantor’s accountant (include accountant’s name, phone number, address, and e-mail address)
  • At least one form of guarantor’s personal identification with photograph (i.e. Driver’s license)

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Tawil & Team