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Tips for International
Helpful Hints for International Transferees who are renting
Financial Eligibility:
Most landlords require that tenants earn between 45-50 times the monthly
rent on an annual basis. This amount must be guaranteed income, bonuses
are not taken into consideration unless they are guaranteed. Many people
who are relocating to New York are surprised that even though their credentials
seem strong they still do not meet the strict requirements for most landlords.
If you are not a U.S. citizen, or you pay taxes outside of the U.S.,
or if you do not have any credit history in the U.S., you may be required
to pay additional security at the time of lease signing. This can be as
much as six to twelve months rent in advance.
A U.S. based guarantor who earns in excess of 75-100 times the monthly rent can be requested in order to limit the amount of additional security required.
Below you will find a list that can help prepare you for the necessary
paperwork that most landlords require. It is a very good idea to have
everything with you when you start your search as time is of the essence.
Typical Required Documentation:
Statement of income, bonus structure, title, length of time with company
or starting date, on company letterhead. For new employees, a copy of
your employment contract is helpful.
Letter from landlord in departure city indicating prompt payment of rent.
Letter from your banker stating you average monthly balance.
CPA letter, if self employed, stating annual income.
Condominium Buildings:
The approval process can take up 10-30 days based on a credit check and
individual owners requirements. Except application fees and move-in fees.
Security deposits may exceed one month's rent.
Cooperatives:
The approval process can take 30-45 days. Prospective tenants must submit
extensive personal and financial information, and interview with the Co-op
board. Expect large application fees and move-in fees ($300-$500). Security
deposit may exceed one month's rent.
International Settling – In Services
In – office map orientation and overview of Manhattan and Brooklyn
Visit to Social Security office to begin process of securing Social Security
number
Optional visit to Department of Motor Vehicles
Visit to local bank to open account
HELP ! How to get it when you need it—fire, police, hospital
Review of transportation options….subways, bus, taxis
Schools…private and public choices. Immunization requirements
Daily needs : drug store, grocery store, cleaners, laundry
Miscellaneous Information: how to use a pay phone, tipping practices,
venues for the arts, parks, weather, restaurants, delivery service, libraries,
US holidays, cable and utilities, car rentals, insurance
This is the basic description of our one day settling in services.
The fee for these services is $1000. If a car and driver are requested,
that fee is passed on to our client.
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