For international renters, it can be difficult trying to score an apartment in New York City’s high demand real estate market. To make life easier, here are the requirements which need to be fulfilled in order to rent in New York City:
1. Income must be at least 40 to 50 times the rent of the apartment. If the renter has guarantors, the income requirements are anywhere from 75-100 times the rent of the apartment.
2. Employer verification letter on company letterhead, signed by supervisor, stating:
○ Guaranteed bonus
○ Start date
○ Housing allowance, if any
3. Last two pay stubs.
4. Last two years’ tax returns.
5. Last two months’ bank statements.
6. Name, addresses, and phone numbers of previous landlords.
7. Two personal reference letters.
8. Two business reference letters.
9. Photo identification such as driver’s license, passport, etc.
10. Verification of other assets such as real estate, securities, etc.
According to the U.S. Department of Education, the number of international students attending school in New York City has increased by 45.4% from 2000 to 2009. However, there is no system in place for international students to easily find housing.
New York landlords are reluctant to accept guarantors from overseas, or even outside the Tri-State area (New York, New Jersey and Connecticut). Yet, with the growing number of international renters, the high bar set on international guarantors has increasingly become a problem for both the students and landlords.
While international students face many of the same hurdles as other prospective tenants with limited work experience or credit history, those from outside the U.S. often encounter additional problems, because for most landlords, an international guarantor is no guarantor at all. In the eyes of the landlord, because of the difficulty in verifying international credit, it’s a large risk to take in case the tenant skips out on rent.
However, international students do have the option of paying between six months to a year’s rent up front. But that is still not a perfect solution because some landlords remain wary of not being able to evict a tenant who has already paid rent. Rent stabilized building owners are prohibited from accepting these types of contracts.
If it feels like your options of renting in NYC as an international student are thin on the ground, don't worry -- things aren't always so bleak. In reality, plenty of international renters find housing in the city. With some perseverance and luck, you’re sure to find your perfect home away from home.
Check out other postings on our blog, and see our listings at remaxnyc.com.