For Renters:
Income Requirements

Landlords require that prospective tenants earn anywhere from 40 to 52 times the monthly rent. Combined income between spouses is acceptable. However, there are always exceptions, such as the case of high net worth, low-income individuals. Other solutions are to offer extra security as a guarantor.

Hence, if the monthly rental price is $1,800 per month, the prospective tenant will need to show verifiable annual gross income of between $75,000 and $94,000.

IMPORTANT NOTE: Being first to apply for an apartment does not guarantee success, but it helps. The landlord may review several applications before making a selection. While finances are important, landlords may also select another application based upon a higher bid, an offer of rent paid in cash, or something as simple as the impression an applicant made on the landlord. It pays to be polite to everyone along the way.

Rent: The first month's rent. If the lease begins mid-month, you may also be asked to pay for the remaining days of the month. Sometimes you will also be asked for the last month's rent paid in advance.

Security Deposit: Usually one month's rent, held by the landlord. Returned at lease end, minus expenses for damages/arrears.

Extra Rent/Security: Can be required of those with credit problems, insufficient income, no credit history or internationals. Amounts range at the discretion of landlord.

Credit Application: $25 - $100 per tenant and guarantor (U.S. resident or green card).

Move in Fee or Deposit: Commonplace in condos or co-ops. The $250 - $700 fee is usually refundable barring damages caused during move in.

Move out Fee or Deposit: Again, usually in condos and co-ops. The $250 - $700 fee is usually refundable barring damages caused during the move out.

Brokerage Fee: Typically a percentage (%) of the annual rent.

Forms of Payment: Out-of-town checks are rarely accepted, nor are personal checks. Payment must be made with a certified bank check, traveler's checks, cash or another form of "good" guaranteed funds. On occasion, local corporate checks and wire transfers are acceptable.

Wired Funds and Charge Cards: Please be advised that funds wired internationally may take one week or longer before they are accessible here in the United States. Although Coldwell Banker Hunt Kennedy will also accept charge cards for payment of some fees, most landlords will not.

Timing of Payment: Upon selecting an apartment you must often present funds to the landlord for rent, security deposit and processing fees. Current market conditions mandate that you take the risk of losing the apartment to another party if you are not prepared to issue these funds when requested.