In order to qualify, without a guarantor, prospective tenants must make an annual base income of no less than fifty times the monthly rent. For example, if the monthly rent is $2,000 each applicant must make at least $100,000 (50 X $2,000). In addition, each applicant must also have a stable employment history and a good credit rating. If each applicant does not meet these requirements, a guarantor or extra security may be used in lieu of them.
Guarantors must be United States citizens, have a good credit rating, and own property in New York or New Jersey. Only one guarantor is necessary per apartment regardless of the number of occupants. Guarantor guarantees the entire lease and all parties on it.
The amount of security that will be required is determined by the qualifications of each applicant. The deposit will be held in an interest bearing escrow account for the duration of the lease. The deposit will be fully refunded at the end of the lease provided there is no damage to the apartment and all rent has been paid. 1% of the interest accrued will be deducted as an administative fee.
Applications can be processed and approved within a few hours, provided that all required paperwork and application fees have been submitted.
1. A completed Abington Properties application must be completed for each applicant.
2. If a guarantor is being used, an Abington Properties guarantor application must be completed. Guarantors must own a home in New York or New Jersey, and provide either a copy of a deed, a real estate property tax bill, or a mortgage payment.
3. A $100.00 nonrefundable application processing fee must be submitted for each applicant and guarantor. Every application must be accompanied by the $100.00 fee in order for paperwork to be considered complete.
4. A current paycheck stub, letter of employment, and photo ID must be provided for each applicant. If you are self-employed, a copy of your income tax return must be provided in lieu of a paycheck stub and letter of employment.
Once the above criteria have been satisfied, paperwork will be considered complete.
5. If you are a student, please provide a copy of your student ID and proof of enrollment (ie: recent class schedule or acceptance letter).
All applicants should bring photo identification in the form of either a driver license or passport. The first month’s rent and agreed upon security deposit will be due at this time, and should be payable in the form of either a certified check, bank check, money order, traveler’s check, United States currency, or by arranging for a wire transfer. Please remember to verify the company that the check or wire should be made payable to prior to the lease signing.
In addition to the above requirements, you must bring your original passport as well as all of your United States immigration paperwork, which may include a Visa or Green Card.