Recently laid off, but need to rent apartment

I would start at offering prepaid 6 months rent and see where it goes. Show you have cash reserves to your landlord and hopefully you have good credit. If that doesn't work, try to increase to 8 months prepaid and see what kind of a response.

I would think you will definetly have to prepay at least 6 months of the 12 month lease. If you demonstrate yourself as trustworthy and just temporarily affected by the economy, kind of a it's not my fault I lost my job situation.

Not at all hopeless, but you're not going to be looking at prime buildings. I would concentrate in the Financial District, where there's more inventory than demand. Try 10 Hanover Square (10hanover.com) or an owner renting 20 Pine Street or 2 Gold Street.

kingdeka, that is some good advice.

thanks, I was thinking about Brooklyn actually. My credit is excellent, I just managed to sell my manhattan apt and will have cash in the bank. Wish me luck.

Good luck. If you are having trouble getting a rental/managing agent to rent to you, try craigslist. Brooklyn (esp. Williamsburg) is full of people trying to rent out their investment condos. Someone will glady acceptly 6 months of immediate cash and hope that you land a job 6 months from now.

If you do pre-pay, you should get some discount for essentially taking all of the LL's risk away,

The world has changed since you rented your last place and I would guess LLs are going to much more flexible. In the past it would have been weighing your application vs. someone with a job. Today it might be your application vs. an empty apartment. Good luck.

Don't have anything of value to add but just wanted to wish you luck anyway, both on renting and finding another job. Tough times.

don't offer anything but first and last month..your credit is good and in this market that's what LLs are looking for.

you do not need to prepay -- maybe a longer deposit -- but you can rent on an asset basis -- not income...

Best bet is to find a sublease or direct from owner on Craigslist. You should have no trouble finding a home, and don't lead with a 6 month offer - who knows where the world (or you) will be 6 months from now (maybe a great offer in another city?). Offer first last month and you can alwasy negotiate up from there.

trulia, come over to Astoria.
1Br - $1250 -1500 (depending on the size)
2Br - $1800 -2500
All renovated, 3-4 blocks from Subway, nice residential area and 7 min to Manhattan. Housing is cheaper, prices are cheaper.
If your credit score is good and you have liquid assets in a bank after sale of your current place, you won't have problem renting a place.

elena
(broker)

Depending on what you are looking for, this is not going to be easy. LL's do care about savings but they also want you to have a job. When your income is a bit short of the 40-45 times the monthly rent formula they will often ask for extra security. I would rather pre-pay rent than put up a lot of extra security if I had the option.

A sublease is an excellent idea or a small owner such as someone with a brownstone in Brooklyn. I have a furnished 1 bedroom in Chelsea that may work for you. The rent is $2400 per month with a 3 month minimum. Best of luck and feel free to call or write me with any questions.

Some private owners of multifamily houses don't have 40 x rent requirement and don't care about your paystubs (How do selfemployd find housing?), as soon as you have good credit and can proof that you will be able to cover monthly rent. Bank statement will do.

By law they don't have to sign a lease with a tenant, so there is an option to go on a month by month basis for as long as you want or have a lease in place.

elena
(broker)

A friend recently laid off rented through a management company and they didn't blink when she submitteed the application with no job. Her credit was good and they required first and last. My suggestion...don't say anything about not having a job, just fill out the application honestly and completely and they'll check your credit and you'll be home free!! good luck

I have been a landlady and I would not take an unemployed tenant with cash under any terms -- what's the recourse if the tenant decides to stop paying but doesn't want to move out? Then you're in a fight with someone who has both time and money to go to housing court.

However, trulia, is something that you can test out -- apply for a couple of apartments, and if you can't get them, get a guarantor.

Best of luck in finding a great new job.

ali r.
{downtown broker}

in this market -- any tenant could lose their job in a nanosecond -- so lots of cash in the bank is better than no cash and a job that could go away...

Agree with that. Remember that in a deflationary environment, the LL should proably expect to rent out the apartment at a lower price next month. Just look at the listings on this board and how fast some of them are coming down. Any advice on what happened in the past is just historical information and may not apply today.

For support, look at what Archstone announced this week - they will let any new renter out of their lease if they lose their jobs. Are they doing that for publicity or to be good citizens? No. They need renters, even renters who may not be able to finish their leases.

Trulia - go down to FIDI and try to cut a deal directly with an owner. Rents are the lowest of anywhere in the city and many of the new buidings offer services beyond compare. Even working with a broker/management company you can easily get a 1BR for $2000 or under.These guys are absolutely desperate. That would be my plan if in your shoes.

Wow, thank you all for the comments, very helpful. I will go out there and look starting in two or three weeks (still waiting for the board approval on my buyer, but it is an all cash deal, so I am not worried.)