Dermot Rental Requirements
Rental requirements for renting and apartment with The Dermot Realty Management Company are as follows:
□ Non-refundable application fee is $100 per person, plus a $500 Binder Deposit to put your application first in the queue.
□ Applicants need to show income of at least 40 times monthly rent and a secure and stable employment history.
□ Applicants must have a credit score no lower than 650. A major component of the approval process is based on the credit score. The following items can negatively impact your credit report:
o A number of old late payments
o High revolving balances
o Past due payments that are outstanding
o Delinquencies and collections
o A public record (a day in court)
o A Landlord-Tenant record
If you think your credit score may be lower than the required number, advise our office when submitting an application so we can review your other documents and confirm whether you should apply or not.
In some instances we will allow renters to provide additional security deposit or may require a guarantor. However, we reserve the right to simply reject the application if you do not meet the application requirements.
□ Renters must show a good rental history.
□ Renters need to have a social security number. If you do not have a social security number or are not applying for one you must have a guarantor co-signing your lease.
Completed Application: Available to be completed online or printed and faxed to 646.607.9658
Bank Statements: Applicants must provide their 2 most recent bank statements from a checking, savings, stock account or any other financial institution.
Letter of Employment: Applicant should obtain a Letter of Employment on their company's letterhead, with the following:
o Length of employment
o Annual income
*In some cases an offer or an acceptance letter for a new position is not sufficient to show employment.
Letter of Landlord Reference: Letter of reference from a previous landlord is one of the most important reference letters a renter can submit to a landlord/management company who is processing their application. This may or may not be required.
Pay Stubs: copies of renters' 2 most recent pay stubs are required. Students who are not employed full time will need to have a guarantor co-sign their lease.
Tax Returns: Applicants must submit a copy of their last 2 Federal Tax Returns (1040).
o Business owners looking to rent must submit a tax return.
If applicants do not meet the above mentioned criteria or cannot provide any/all of the above documentation there can be two possible alternatives:
Photo ID: Applicants must provide a valid state or federally issued ID. If applicant is a foreign national they must provide a valid ID from their country of origin as well as a current and valid US Visa.
Guarantor or co-signer: A guarantor or co-signer is a person who guarantees the entire rent for the entire lease term and lease renewals should a renter default on their rent payments. A guarantor can be anyone who agrees to sign on behalf of a renter and who is willing qualified to act as a guarantor.
Qualifications of a guarantor or co-signer: documents required from a guarantor are similar to applicant(s):
o Application Form: Same form as the applicant fills out.
o Credit Report: A guarantor's credit report must be in good standing.
o Federal Tax Returns: A guarantor is required to submit their last 2 Federal Tax Returns as proof of income.
o Guarantor must show annual income of 80 times monthly rent.
o A Guarantor is not required to be present at lease signing.