Getting approved for good and affordable student housing NYC can be a challenge. This is because most landlords in NYC require the following:
- a job earning 40 times the monthly rent
- substantial savings
- tax returns
- pay stubs
- letter of employment etc.
- FICO of 700 or better
So how does a student qualify for off campus student housing NYC?
Off Campus Student Housing NYC: Proof of Enrollment
It’s not good enough just to declare that you are “a student”. You will have to prove it. This proof comes in the following forms:
- Letter of acceptance and/or enrollment
- Current photo ID issued by the school
It helps to be enrolled in a recognized school. The more prestigious the school the better. Students at NYU Law will be viewed differently than students from the Twice Happiness Beauty School.
Off Campus Student Housing NYC: Money In The Bank
If the student has substantial savings in the form of liquid assets this could help to qualify. Having an amount equivalent to the yearly rent plus living expenses is recommended. Be prepared to show current statements of all bank accounts.
Off Campus Student Housing NYC: Scholarship
Students with full scholarships including living expenses have an excellent chance of getting approved for student housing NYC. All documented proof of such a scholarship award must be presented with the application.
Off Campus Student Housing NYC: Guarantor
The usual way that students get approved for an apartment is by presenting a guarantor. The guarantor is usually a parent or other family member, but not necessarily. Guarantors from the tri-State area (New York, New Jersey, Connecticut) are preferred. Foreign guarantors are usually not considered.
The guarantor is usually required to earn 80 times the monthly rent and should provide the following paperwork:
- Completed guarantor application
- Letter of Employment
- CPA Letter if self employed
- Bank statements-savings and checking
- Retirement account statements
- Last two pay stubs
- Most recent tax return
- Most recent W2 or 1099
Off Campus Student Housing NYC: Prepayment of Rent and Extra Security
For foreign students who do not have a local guarantor, the primary option for renting off campus student housing NYC is to prepay rent and extra security deposit. This can amount to six months or more worth of rent at the outset.
Prepayment of rent. The rent will be prepaid before the rent is actually due. The landlord for student housing NYC might ask for the first few months to be prepaid or the last few months (of a typical 12 month lease), or a combination of the two.
Extra Security Deposit. The security deposit is usually held by the landlord in an escrow account as surety to cover damages and/or unpaid rent. The security deposit must be returned to the student at the end of the lease term if there has been no damage to the apartment and if all the rent has been paid. The lease should specify this. Security deposit is usually not to be used to pay the rent.
New York City offers many options for off campus student housing NYC. It is not difficult to qualify if the correct steps are taken. Preparation is the key to securing student housing NYC.