REN T ER’S GUIDE
Trump International Realty is world-renowned for its excellence in service and real estate expertise in New Jersey. Our highly qualified agents are trained to provide each client with a unique and successful home-rental experience. Our agents’ thorough market knowledge combined with their negotiating skills and top-tier services will make renting a home a pleasant and gratifying process. This Renter’s Guide will list key information to help you smoothly navigate the leasing process.
THE RENTAL PRO CESS
AV E R A G E S P E N D I N G REQUIREMENTS
ON
RENT
AND
LANDLORD
As a guideline in New Jersey, you can expect to spend approximately 25% of your gross annual income on rent. Landlords normally require that you make at least 40 times the monthly rent. For example, if the rent is $2,500 you should be making at least $100,000. Landlords will also expect you to have good credit.
T H E R E N TA L P RO C E S S
1 Find the Property – Discuss rental priorities with your agent such as number of bedrooms and bathrooms, square footage, views, parking, in-unit laundry, desired amenities and price range. Your agent will then provide you with a list of available rentals and will schedule a site visit for each of these. 2 Application - Once you find the property that fits your needs, the next step will be to formally apply. Along with the application the landlord will more than likely want to see your credit score, income verification and references. Once this is submitted, they will review and make a decision.
3 Approval - If the landlord approves your application, the lease will be drafted by
your agent and sent over for you to review and sign.
4 Securing the Property - The next step is to sign the lease. Please note that for the lease
to be official you will need to provide your agent with a bank or certified check for the first month’s rent (normally 1 1/2 months security deposit), the broker fee (normally 1 months’ rent) and building application fees or move-in fees.
5 Building Application - Some condo buildings have a building application that will
need to be filled out. This application is reviewed by the building’s board and will to be approved before you can move in.
6 Renters Insurance - The New Jersey Lease requires you to have renters insurance.
This is normally only 10-20 dollars a month and can be obtained online through most insurance providers.
7 The Move-in Process - Once the lease is signed you can schedule your move. Please note every building is different in respect to move-in times and days. Discuss this with your agent before scheduling your move. It is also important not to forget to have the utilities switched over to your name (this will normally be the power and the gas) and schedule your phone, cable and internet installation. Every building has different providers. Make sure to check with your agent which services are available. * Estimated cost are approximate and may vary. Please confirm costs for specific transactions with your real estate agent or the property owner.
RENTAL PRO CESS
R E Q U I R E D D O C U M E N T S F O R Y O U R A P P L I C AT I O N Every landlord will require paperwork. The following documents may be needed to secure a lease. Must be on official company letterhead. The letter must state your position, length of employment or start date, your annual income and the letter must be signed by a person authorized to verify the information provided. Please note that a signed offer and acceptance letter is usually not sufficient. LETTER OF EMPLOYMENT
PAY S T U B S
A copy of 1 month or 2 most recent pay stubs.
Some management companies require a copy of your most recent federal tax return. A tax return is usually required when a person is self-employed or if you are basing your income on several different sources of income. TA X R E T U R N
Letter from your recent landlord can always help in the process and is often required. If you are unable to get a letter, have the name, address and phone numbers of your landlord ready.
LANDLORD LETTER
Three most recent statements from your checking account and savings account or a financial bank statement B A N K S TAT E M E N T
BANK ACCOUNT NUMBERS
Often required on application forms. Have them
ready just in case you need them. If you have an accountant or attorney you might need their numbers to put down as a reference. Think of other people that could be references in case you need them and have their information handy. You will need at least one business reference and one personal reference for most applications. Not all landlords will require letters of reference.
REFERENCES
Many landlords require a copy of a photo ID and some buildings require 2 ids like a passport and a driver’s license. I D E N T I F I C AT I O N
T R U M P I N T E R N A T I O N A L R E A LT Y Full-ser vice brokerage company covering the State of New Jersey JERSEY CITY, NJ
COLTS NECK, NJ
1 8 5 H U D S O N S T R E E T, S T E . 2 5 0 0 J E R S E Y C I T Y, N E W J E R S E Y, 0 7 3 1 1 212.247.7100
O N E T R U M P N AT I O N A L B O U L E VA R D , C O LT S N E C K , N E W J E R S E Y, 0 7 7 2 2 212.247.7100
Trump International Realty is a Licensed New Jersey Real Estate Broker. All information is from sources deemed reliable but subject to errors, omission, change of price, rental, prior sale, lease or financing, or withdrawal without notice. All measurements and other information are approximate and should be verified by your own attorney, architect or other professional. If your property is currently listed with another real estate broker, please disregard this offer. This is not intended to solicit property already listed. All material herein is intended for information purposes only and has been compiled from NJ Tax Records, NJMLS, Garden State MLS, Monmouth Ocean County MLS and HCMLS that are deemed reliable but not guaranteed. * Tax Rates should be verified at the County Assessor’s Office. Š 2019 Trump International Realty