QUESTION:
I’m self-employed and I’m getting ready to rent a New York City apartment on my own. How do I show proof of income to a landlord?
ANSWER:
There are a few ways that you can show proof of income to rent an apartment in New York City as someone who is self-employed, but your landlord might want to see more financial assets and a higher credit rating because your salary can fluctuate month to month. NYC landlords typically want renters who earn an annual salary of at least 40 times the monthly rent.
How do you know if you’re likely to make the grade? Adam Frisch, senior managing director of leasing at Mantus Real Estate, says renters with good credit, a reasonable income history, and who have been in business for at least two years can make a case for themselves. While the documentation required may vary, depending on the landlord, you can expect to provide a credit check and 1099 forms from at least two years, and bank statements for two to four cycles, as well as some forms of identification.
Read Full Article on Brick Underground: https://www.brickunderground.com/rent/realty-bites-how-do-i-show-proof-of-income-to-rent-a-nyc-apartment-if-im-self-employed-nyc
