Two types of people in New York have the same question: Is it hard to get approved for an apartment in NYC? These are buyers and renters, and the answer may be different for both.
Getting Approved As A Buyer
Getting approved as a buyer is mainly a co-op problem. If you are buying a condo, the board does have some power to reject you through the “right of first refusal,” but this rarely happens. However, the co-op board approval process can be quite hard when buying a co-op apartment. You need stellar financials, a solid application, a good board interview, and multiple reference letters. Even then, it’s usually a good idea to work with a New York City broker who works with that co-op and knows the board’s process and preferences to make approval easier.
Getting Approved As A Tenant
When you are looking to rent in NYC, one of the first things prospective landlords will look into is your finances. The minimum threshold is an annual income equivalent to 40 times or higher than your rent. So, if the apartment you like has a $4,000 rent, your annual income should be at least $160,000. If you don’t, another alternative is a guarantor that will vouch for you and fit this income requirement.
If you are renting in a co-op, the co-op board will also have to approve you before you can stay. You will have to complete the board application and prepare a board package requiring documents like your tax returns, credit reports, and reference letters from employers and previous landlords. Then, you will need to pass an interview to get approved. To conclude, it is hard to get approved for an apartment in NYC, but the difficulty level varies between condos and co-ops.
Also Read: What Do You Need To Buy An Apartment in NYC?
