Parkoff Application Process:

Must earn 40x net = rent. For Example: $2000 rent = $80,000 NET (AFTER ALL DEDUCTIONS), NOT GROSS, income required, which is different than most landlords. You must also have very good credit.  If income isn't on books or you don't have a guarantor, it may be possible to pay extra rent or security to offset the requirements.  

Here is how the formula works:

For most landlords: 40 x $1500 rent = $60,000 gross income required (before any deductions).

For this landlord: 40 x $1500 rent = $60,000 NET income required, so the amount you actually deposit per week - after all tax withholding, 401k contributions, union dues, etc - would need to be at least $1153.85 ($1153.85 x 52 weeks = $60,000).

In addition applicants are required to provide ALL of the following as part of the application process: 

  1. $100 non-refundable application/credit check fee, money order or cash only, per applicant +/or guarantor.

    The application must be filled out and returned along with the following paperwork:

    •    letter of employment or offer letter if starting new job
    •    3 paystubs
    •    2 full bank statements
    •    1st 2 pages of federal tax returns + w2
    •    drivers license, social security card and passport if possible
    •    copy of existing lease or notarized letter from person you are living with if not on a lease indicating as such
    •    3 most recent rent receipts if applicable

  2. FULL MONTH DEPOSIT as money order or cash only which is applied as security deposit if approved. If denied or not approved within the time YOU specify, they mail you a refund check

  3. If approved, schedule a lease-signing walkthrough with the property manager, and sign the lease with the property manager at the apartment during business hours.

  4. You will need 1 month rent + any portion of prorated 2nd month rent (i.e. if lease starts April 15, you'll need 15 days rent + full month May rent) + broker fee (if applicable) at lease signing.

 

Needless to say this process is not for everyone, and there are less stringent landlords out there.  However, their buildings are very well maintained, family owned for many years, and most of your neighbors would have gone through the same process, perhaps resulting in a higher-quality experience all around.

By all means feel free to ask any questions you have about the apartment, building, or process.

Thank you,

Liam