Asset Check on a Rental

They typically request tax returns, letter from accountant, current bank statements & sometimes investment statements, as well as a credit report & a reference from your current landlord. All typical.

It's not a co-op board. They just want to make sure you can pay the rent.

actually, thewiseking, is this for a co-op rental? co-op boards do typically ask for all of this information. i think it sounds like a lot for a standard rental building.

i would think that a credit check, bank statement(s), and letter from your employer would suffice.

Is this the same broker you want to bang? If so, maybe she just wants to see if you are endowed (financially) before taking the plunge?

"They typically request tax returns, letter from accountant, current bank statements & sometimes investment statements, as well as a credit report & a reference from your current landlord."

That is incorrect, as that is hardly typical. In fact, I have NEVER seen that with the exception of a coop rental. UWSMOM got it right, for a typical rental they ask for a credit check, bankstatement, and letter from your employer. If the rental isnt a coop, I suggest you RUN from it as quickly as possible. There is absolutely no reason they would be asking for all that information unless you had a really bad credit score. Assuming your credit is good, tell your broker to fax the property manager a photocopy of you giving them the finger.

I should note that a coop rental MIGHT have the above requirements, which (again) is more of a reason to find one of the thousands of other places that dont require you to grab your ankles.

"They typically request tax returns, letter from accountant, current bank statements & sometimes investment statements, as well as a credit report & a reference from your current landlord."

olnick rental in 2002 required all but the acct's letter of me

algin rental in 2007 required it, and when i rented a second adjoining apt this year from algin (despite prompt pay for 2 years) they required it again

related requires this also based on my niece's experience and subsequent cosign by me

you be wrong bandito

Bandit-you don't know what you are talkng about. Every management company asks for a different set of criteria. If the wiseking has no job, is self -employed or is living on a trust fund then those requests would not be unusal. Standard requirenments only apply if you have been employed at the same job for 2 years, have a NY rental history and have good credit. It is misinformation from misinformed people like you that causes so much aggravation. If the wiseking wants the apartment-he should provide the information required. Go to www.apartmentratings.com to see what other tenants think.Yes if you want to live in an Equity Resedential of an Archstone their is minimal paperwork-but if you work with smaller landlords with unique property and you have any issues-be prepared to go the extra mile.

what would a letter from an accountant be for?

"If the wiseking has no job, is self -employed or is living on a trust fund..." - this is neither standard nor typical of most renters, imo. if this is the case, then yes, different criteria might apply.

interestingly my income is over 100 times the monthly rent and I am cash liquid to cover the rent for somewhere around 16 years yet they still asked for all of this documentation. i'll tell ya something, the middle class faces extinction here in NYC until this bullshit bubble fully pops.

thewise i would tell em to fu#% off

I presume every LL/company is different. I agree that if you really want the place, cough up the docs.

and don't listen to anything i have to say b/c i'm apparently slummin' it. they didn't even run a credit check on us.

That type of info is not that strange on a condo or coop. Much more atypical for a rental I think.

i just had a credit check -- and they asked for my ckg/savings acct no. which I only gave them one of my banks... for accountant (optional) - I declined. It is too much. If you have an 800 credit score/money in the bank -- there is no reason for you so tell them everything. The brokers are often greedy (read desperate). I had the broker ask me for a guarantor on my first apt purchase in the 90s -- which i declined -- and was sold the apartment anyway. They only want to overreact to soothe their own neuroses...

uwsmom, you must have presented well.

ha, indeed i did ;)
but seriously, part of it was that the broker was a complete neanderthal and the LL is totally old-school.

OP the broker has asked you for nothing, merely relayed a request from the landlord. get your facts straight

@jimhones09 You're an idiot.

It seems to depend on how desperate the management company is to rent the apartment. I have a fair credit score, make 48 times my current rent, yet, I was offered 3 different apartments from 3 different large management companies by simply providing the credit check, employment history and bank statement. In this market, asking for more is just stupid. It seems like they're shooting themselves in the foot by making it hard for renters with such a surplus of apartments out there. And, also, if possible, everybody, please try and keep the brokers out of the rental process. They just muddy the waters.

if you have a good credit score you are fine.