New Jersey Rental Guide 2022

Rental Qualifications To rent an apartment in New Jersey, prospective applicants must meet three specific criteria: 1. A guaranteed annual income that is at least 30 to 40 times the monthly rent (e.g., $3,000.00 per month rent = $90,000.00 to $120,000.00 gross US income) 2. A strong US credit history and score, i.e., 700 or higher (see “What is a Credit Score?”) 3. The ability to show consistent employment over an extended period (e.g., 3+ years) What If I Do Not Meet These Qualifications? The following options may be available for those who cannot meet all the requirements listed above. However, each landlord has different policies on which of these options they will accept. 1. Prove financial stability i.e. 3 (three) months of bank statements 2. Letter of reference from previous landlord 3. Provide a guarantor 4. Purchase an Insurent policy What If I Am Not A US Citizen? The application process for international applicants is slightly more complex than for US citizens. Landlords may be more cautious when accepting international applicants because of the potential for losses; should a tenant choose to leave the US and return to their home country on short notice, a landlord has no means to collect outstanding payment from overseas. To assuage this concern, landlords will not recognize foreign assets and require proof that international applicants are financially qualified (preferably over-qualified) to cover the cost of rent with US holdings. It is strongly recommended that international applicants open a US bank account and transfer sufficient funds (enough to cover six months to one year’s rent) into the account immediately after their arrival. There are additional factors that may improve the odds of securing an apartment as a foreign national. While these criteria are not mandatory, they may further pacify cautious property owners. In the eyes of a landlord, employment with a prominent organization or company may further legitimize a foreign applicant’s credentials, as does any housing allowance or additional guaranteed relocation allowance provided by a company on the applicant’s behalf. The biggest obstacle to overcome is a lack of US credit history; landlords will not accept foreign credit reports. In addition to proof of a stable income with a well-known corporation and assets held in a US bank account as discussed previously, landlords may ask for. These terms will vary by landlord; in extreme cases, landlords may ask for one year’s rent in advance or a six-month security deposit which will be held until the tenant moves out of the apartment. By law in New Jersey, the maximum amount a landlord can require is a month and a half as a security deposit. It is up to you as the applicant to decide whether or not you are comfortable accepting these terms.

© 2022 Station Cities

7

Rental Guide: New Jersey