Most of the time, the application process takes one to three business days. Background checks and employment verification may take some additional time.
The collected information helps landlords assess whether the applicant is creditworthy and capable of reliably paying rent. Typically, a New York rental application includes questions regarding the applicant's personal details, financial information, rental history, references, and intended occupancy.
Many landlords in New York City require that prospective tenants have a minimum income of 40 times the monthly rent to qualify for an apartment.
The 40-times-rent rule simply says that a renter's gross annual income must exceed the rent by 40 times. For example, qualifying for a $2,500 apartment would require an annual gross income of $100,000.
There is often no lease in a month-to-month tenancy, which may be ended by the landlord or the tenant. However, notice must be given at least one month before your next rent payment is due. Public housing authority leases have their own regulations and specific lease conditions.
Depends on the building. if it's a smaller building, it's easy to work something out with the landlord. if you're talking a luxury building with a legit management company, you're gonna get denied unless you've got a guarantor with a good credit score.
No limit on how much your landlord can increase your rent. However, your landlord must give you advanced written notice before they can raise your rent 5% or more. advance written notice. This applies to month-to-month tenants without a lease as well.
NO rental agreement or lease REQUIRES the tenant to make 3x the monthly rent. But if you don't make enough, the landlord isn't going to consider your application since you'd quickly get into financial problems and stop paying the rent. This is a GUIDELINE or “rule of thumb" for people to know what he/she can afford.
Within a few weeks after the lottery application deadline, Housing Connect randomly assigns log numbers to all applicants whose applicant profiles (Household Info) are complete.