Just to add to the other comments on this post. Many rental buildings are rent stabilized and by law cannot accept upfront payments. If paying upfront you will either have to find a rental building which is not rent stabilized, or opt to rent from an individual owner. Insurent is a great service, however, your agent should check that any building they show you accepts Insurent as a guarantor before they take you there. The rental market has become very tight over the past year so landlords have the option of being very picky over their tenants. If you can find a guarantor in the Tri-State area who earns 70-80X the monthly rent in a year, I would highly recommend this as the best option.
Good luck with your search.
Bad credit can be a stumbling block in trying to rent an apartment here in Manhattan but it's not totally impossible. Your budget is certainly tight if you're actually expecting a 2bdrm but a 1bdrm is certainly do-able uptown in the Heights. I would be glad to assist.
Licensed Real Estate Salesperson
Apartment updates available at http://www.christinegordon.postlets.com
"Home is where the heart is."
1. If your income can pay or the apartmen in nyc area several times over than I do not see any problem with finding an apartment.
2. There are shorter lease terms or month to month lease terms
3. If your credit score is not sufficient enough that some management require more security money down or anther grantor
Please let me know what are you looking for in NYC
1. IDEAL LOCATION
3. 1-2 BEDROOM
4. WHEN ARE YOU READY TO MOVE?
For that price you should look for the apartment in Queens or Brooklyn. If you have income equal to 40 times the monthly rent and no evictions or collections in your credit report you can find the apartment. If is not that then you should have a guarantor.
Often bad credit can be offset with either a larger security or a guarantor with good credit. Paying the entire year in cash, up front, is another possibility but not practical for most folks with bad credit. If they had taht kingd of cash, they probably would not have bad credit in the first place. for most properties in NYC, you'll need at least 40X the rent in income. If you'll need a guarantor, the person vouching for you will need at least 80X the rent in income. With a guarantor, you may be able to get away with a bit less than 40X the rent. I'd be happy to help you. Give me a call... 917-517-8572. Joyce Mincheff, The Corcoran Group.
I'm happy to help you find suitable, affordable, & commutable housing by November 1st. I'm also happy to refer you to the best person within 50 miles who will help you with your credit score.
Don't be shy and please don't hesitate to give me a holler. I'm here to help!
Licensed Real Estate Sales Person
A.C. Lawrence & Co
228 East 45 St, Ninth floor
New York, NY 10017
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If you have poor credit, try to find a guarantor. Most landlords require that this is someone with excellent credit and makes at least 75-80x the monthly rent. Sometimes a landlord will also accept a 3-6 month's rent security deposit if you can't find a guarantor.
I know this process can be very frustrating, but maybe this will help you understand the landlord's point of view: To a landlord, an applicant that makes very little and has poor credit is a liability because they probably can't pay their rent. However, an applicant that makes a lot of money and has poor credit is equally (if not more of) a liability because their past bad credit behavior reflects a *choice* to make late payments or to default on bills. The fact that an applicant has supporting income is positive on an application, but if the applicant doesn't pay bills their income is irrelevant - the landlord doesn't believe they will be paid. Of course, that says nothing about you or your intention to pay a landlord - the landlord just has to work based on the facts of an application, so this is the way they determine approval.
I hope that helps! In your case, a guarantor is probably all you need to get approved :)
-Jess (Licensed Real Estate Salesperson)
One option is to pay a few months in advance. That tends to make a Landlord more secure in tou as a tenant.
Another option is Insurent-- it is what is sounds like: insurance against your financial rental obligations. You do need to make sure that the Landlord you are working with accepts it, but Insurent is a great solution!
Best of luck and Happy Renting!