In the state of New Jersey, the Tenant has many legally protected provisions, but there are not many legally defined guidelines for lease eligibility. As a result, lease eligibility varies widely based on the landlord. Thus, it is essential that the tenant have a good credit score and appropriate proof of tax-reported income. In general, the tenant should have a minimum credit score of 680, and a credit score of 720 or higher is considered good. Some landlords not only require a high credit score, but will also carefully review the tenant’s credit history. Typically, the landlord will require an income ratio of 3:1, and this acts as a rough guideline for how much the tenant’s income must be in relation to the monthly rent. This, however, is also not a set rule and will depend on the landlord.
| Monthly Rent | Yearly Salary |
|---|---|
| $1,500 | $54,000 |
| $2,000 | $72,000 |
| $2,500 | $90,000 |
| $3,000 | $108,000 |
| $3,500 | $126,000 |
| $4,000 | $144,000 |
| $5,000 | $180,000 |
- Rent Price
- Reputation of town
- Reputation of a school district
- Type of home – Single family, two family, condo, etc.
- Number of bedrooms and bathrooms
- Parking
- Laundry (Washer/Dryer)
- Pets
- Move-in date
- Terms and Conditions – Utilities, Lease Terms, tenant responsibility (landscaping and snow removal), backyard usage, etc.
- Rent Application
- Tax Return
- Current Pay Stubs
- Credit Report or NTN Report
- Photo ID (All Lease Signers)
- Co-signer
- Letter of recommendation from past/current landlord
- Proof of funds from the bank
- The lease agreement must be reviewed and signed
- At the signing of a lease agreement, payments are made in certified checks
- 1.5 month security deposit
- 1 month rent (first month)
- 1 month broker fee
- Complete W9 form
- Complete the Change-of-Address form at the post office
- Open utilities accounts
- Obtain tenant insurance before moving in
- Final walkthrough
- Move in (For condos, must submit move-in documents beforehand)
- Must submit all documentation required by the management office prior to moving in
- The move-in date must be agreed upon with the management office
- A Moving company must submit a Certificate of Insurance
- There may be a move-in fee (typically $300-$600)
- There may be a refundable deposit (typically $500-$1,000)
PSE&G
800-436-7734
www.pseg.com
Orange & Rockland
877-434-4100
www.oru.com
Veolia Water
800-422-5987
mywater.veolia.us
