Advice on securing a rental while unemployed
My family is returning to NYC after living out of the US for 8 years. What a time to return, right? Anyway, my wife and I have been working as consultants during this time and have no US employment record since 08. We are coming back to look for jobs and in a way it’s a massive reset button. We do, however, have excellent credit scores and banks accounts totaling around 450k including some securities. I’m coming back first to secure a place (hopefully) then my wife and daughter will join. I’m probably looking at a 1 bedroom in the $2000 range for the first year until we get settled. We have no other debt at all but will be faced with the daunting experience of having to buy health insurance out of pocket and pay for childcare. Wait. Why are we coming back again? It’s NYC and there’s nothing else like it in the world. Would those of you that have dealt with having tenants comment on whether I’m likely to approved or not? I really need to get a sense of just how strict agencies are and how much of an asset is required to be your own guarantor of sorts. Thanks!
j.e.c2769
in General Discussion 8 years and 6 months ago
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6 replies
resident2 | 8 years and 6 months ago
$2,000 for a one bedroom, big enough for a couple and a child is on the low end for a realistic budget. So up your budget and be prepared to offer a years rent in advance.
You will find it easier to find something in the anonymous corporate new developments. Where they have a glut of vacant apartments that they need to fill. But the budget needs to be higher.
slopefarm | 8 years and 6 months ago
LL, here (though our rental is occupied). We normally rent our unit without a broker, but perhaps you should make the same inquiry of a couple of brokers (go mainstream, large brokers in your target hood, maybe even one that owns buildings and would speak from an owner’s perspective) and see what they recommend about how you should best support your application in your circumstances.
One additional thought — if what you are looking to do is a 1 year rental and then scale up when you have jobs and a family in tow, that would make me wary. as an owner/LL with a 2-fam, as it is better for me if good tenants stay longer, minimizing the cost of a month’s vacancy, repainting etc.
dorkofwindsor | 8 years and 6 months ago
to clarify from my previous post, you may need to do a good job of “selling” yourself. I’ve had many potential tenants do this, some better than others. Currently i have a couple renting where one is self employed. Your longstanding history of making a living doing this is a big selling point, and if your landlord or agent looks up your website for instance, it should look very professional to back your story. Offering more upfront money to the story is a good combo. Attaching an addendum to your renters application detailing your (hopefully steady) work history, clients you have worked with (and could provide references) etc as well as how responsible you are and your experience renting overseas and previous rentals before that, plus your good credit history and assets can hopefully pull the whole story together nice and cleanly. Help them make a connection to you, serve up what a amiable tenants you would be – and don’t forget to let them know how much you like the apartment and would take good care of it.
dorkofwindsor | 8 years and 6 months ago
After you apply to landlord showing your employment as self employed / consultant and can back that up with tax returns documenting the income, a landlord may view this as acceptable if said consulting can be assumed to continue (in their eyes, i.e. you have shown ability to make money at what you are doing). Yes, many landlords can view self employed status as a question mark, but keep in your back pocket offering to pay 6m months + upfront etc as has been suggested here. If you still are seeing resistance, as a last resort you could try to rent a place month to month, which gives the LL all the power if they have issues with your income. In case you were not aware, tenants have tremendous rights / power to hold off evicition in NYC vs other cities in the USA, so even paying a year rent upfront does not preclude a tenant from claiming hardship etc and fighting evictions for 6months+. This is why landlords are weary, and in a tight rental market like NYC they can pick and choose their tenant profile.
stuyheights | 8 years and 6 months ago
Or at least 3/4 months security deposit
Rick | 8 years and 6 months ago
If you can swing it, offer to pay a years rent in advance.