New Jersey Rental Guide 2022

When applying for an apartment, alternate documentation is accepted in lieu of some forms of standard documentation for non-US citizens. These items include: 1. A valid visa that indicates legal alien status 2. A valid passport 3. A Social Security card or proof of application for one

4. Bank statements from a US bank 5. An employment verification letter

Guarantor What is a guarantor? Should the tenant ever fail to pay rent, a guarantor (also called a co- signer) will be legally obligated to make those payments on their behalf. For someone to be eligible as a guarantor, they must go through the same application process as the applicant but will likely be asked to include even more financial documentation. Their annual income must be twice the amount that the applicant must earn, i.e., 80 to 100 times the monthly rent, and they must also have a strong US credit score. Furthermore, most landlords will require the guarantor to reside within the Tri-State area: New Jersey, New York, or Connecticut. This may vary by landlord, as some will accept a guarantor from any US state. If the individual does not meet all of these qualifications, they cannot act as a guarantor for the applicant. In this case, the applicant only has one other option; they can use an institutional guarantor, like Insurent, to assume financial obligation on their behalf. Roommates Renting Together When searching for an apartment with roommates, it is important that everyone has the same knowledge, understanding, and expectations. Before viewing apartments, roommates need to have a frank discussion about their financial circumstances with each other and their broker. Each person should have a clear understanding of their roommate’s credit history, employment situation, and income. Every roommate should be present at each apartment viewing and have all their necessary documentation in hand. In many instances, landlords will allow roommates to combine their respective incomes to meet the financial qualification. If roommates do not collectively qualify, they may also secure a guarantor. There may be multiple people willing to act as guarantors, i.e., parents. However, regardless of the number of guarantors, each one will be responsible for the entire lease and not simply their guarantee’s portion. If only one roommate’s guarantor is on the lease, or there are multiple guarantors on the lease who only want responsibility for their pro rata share, the willing parties may make an outside agreement; they can agree amongst themselves to share the responsibility in equal portions, despite the landlord holding each one of them solely responsible. What Documents Do I Need To Rent A Property? Employer Information • Employer’s contact information • A signed (by HR dept. or supervisor) letter of employment or employment contract on company letterhead. It must contain the following information:

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Rental Guide: New Jersey