No income/lots of savings
Started by alie354
over 15 years ago
Posts: 1
Member since: Apr 2011
Discussion about
My partner and I will be moving to NY in August. We'll be looking to live in Brooklyn (Ft Greene/Clinton Hill area.) We both have fantastic credit and quite a bit in savings. At the time we'll be moving neither one of us will have any income (we're moving so I can start a graduate program, and he'll be looking for work once we're settled.) Are we going to have an issue finding an apartment since we will have no money coming in? Will we simply be able to show that we have multiple years worth of rent in savings and will be able to afford an apartment? If it matters we're in our mid 30's with years of excellent rental history and will be looking for a 2 bedroom in the 2500-3000 range.
If all else fails, try 2-3 extra months of deposit intead of ususal 1 month. You should be fine with that.
alie354 - be sure to disclose all that to your agent ahead of time. Some landlords care more about credit scores and savings, others weigh employment more heavily. It's case by case. I would suggest reaching out to a rental agent sooner rather than later - even for August - to get them involved in your search early. 300_mercer's suggestion is correct, too. I have had clients pay a full year's rent up front to bypass the employment issue (or other issues, like foreign renters with no credit score).
Tina Fallon
Realty Collective, LLC
when i first moved back to new york I was told by a few LL's that i needed to pay a full year in advance, plus three months security. I finally found a LL who checked my credit and i didn't have to pay any additional months up front. I think the larger LL's are more flexible.
co-signer.
alie354,
also some advice, shady brokers and scams are common. Be very cautious.. don't assume people are telling the truth. you must verify!
common scams:
- fake broker lists an apartment and rent to multiple people. They take your deposit in cash or check written in their name
- last tenant pretends they can rent out their apartment, takes your deposit before they leave forever
- and last but not least => In NYC, if's it TOO good to be true....
With both of you unemployed, I can't imagine any landlord signing a lease with you unless you can pay 12 months up front.
And simply "showing" that you have the cash in the bank won't be enough.