Application & Review - Sumitomo Real Estate NY - Sumitomo Real Estate Sales New York

RENTERS GUIDE

Application & Review

When you find your favorite apartment, submit an application accompanied by all required documents. In addition, there will be associated fees and expenses depending on the property type.

1. Required Documents

Items Comments
Passport & Visa
Employment Letter* Must be in English, and it must include annual income, job title, and length of employment including the start date.
Bank Statement
Reference Letter** Can be written by previous landlord(s), employer, friends, or colleagues

* Annual income must be at least 40-45 times the monthly rent.

** Reference letters are required for condominium board package.


2. General Expenses

Items Fees
Credit Check Fee ~$20 (NYC), $100~ (Outskirts)
Processing Fee*** $200~$3,000
Move-in Deposit/ Fee**** $200~$2,000
First Month Rent and/ or Last Month Rent Equivalent to 1 month rent
Security Deposit Equivalent to 1 month rent
Tenant Insurance $250~$500 per year
Broker Fee 15.0% of annual rent

*** Processing fee not needed for rental buildings.

Processing fee is necessary for the condominium board package application.

**** Move-in Deposit/ Fee is the fee required for moving in, including fees for such services as fees for reserving an elevator, etc. Depending on the building, it could either be both: Move-in deposit and Move-in fee, or just Move-in Deposit alone. For deposit return, you need to request the management for a refund after your move-in.