how do landlords react to a year's rent up front?

It depends on the management/landlord...I know of some that will not accept full years rent. Check with the landlord.

nybits.com

Related is WAY overpriced (though they are rent stabilized). Try B&L.

Back in '99, I tried to do that, and the rental company told me it was "illegal", and they wouldn't do it. Ironically, they wanted cosigners and crap, and eventually rejected my app, even though I was offering them risk-free rent for a year, up-front. (The place sucked, anyway, so it all worked out in the end.)

"" I don't make enough to meet their 40 times monthly rent criteria.""

Therein lies the rub. A landlord is always thinking ahead -- if your numbers aren't right, he might worry he'll be stuck with a deadbeat tenant once the pre-paid lease is up. Then he'd really be screwed since eviction is a long and painful process, with housing court generally favoring the tenant.

He's clearly seeing red flags that negate any potential upside to an upfront payment.

Small shop will be more amenable to the idea. Really, every company would like it, but the bigger the company, the more restrictions they'll have in place and the less able they'll be to make exceptions. But I do think you'll be fine.

I've had similar problems as an MBA student with no income, and even offered the rent up front. My experience is - if you're honest and have a legitimate story, something can be worked out - a larger security deposit, something up front, some other arrangement. Good luck.

Squid...once again you get it wrong...a landlord need only request 3 months security which is the time it takes to evict someone...too much time under water.

""Squid...once again you get it wrong...a landlord need only request 3 months security which is the time it takes to evict someone...too much time under water.""

Um, no. The full eviction process, especially in NYC, can easily drag on beyond three months and any security monies are quickly depleted by legal fees, which can be staggering. Also, let's not forget to factor in the endless wasted time shuttling back and forth to court.

Related will ROB you of as much of your security deposits as they can, and they are pretty good at it by now, watch out. They are corporate nightmare to deal with about anything.

...and as an owner myself, I would not want a full year up front because then what happens at the end of the year? How do I know more income is coming in? Usually my tenants stay much longer than a year. Maybe a year up front with 3 months security, but I rather have a traditional tenant if there are multiple applicants

You won't know until you ask, but as pointed out above, it probably won't work. (Let us know if it does, that's an interesting data point about the rental market).

If the company says no, your options are to re-apply with a Tri-State (NY, NJ, CT) guarantor or to rent through a smaller landlord.

ali r.
{downtown broker}

stevejhx said "Related is WAY overpriced (though they are rent stabilized)"

Related is not rent stabilized.