For Rent in New York>Question Details

Francis Joaq…, Renter in New York, NY

Bad Credit, what are options for renting in NYC area ?

Asked by Francis Joaquin, New York, NY Thu Oct 11, 2012

I understand that Land Lords don't want to risk renting to a tenant who may end up breaking their lease terms, but if the tenant has the stable income to pay for rent several time over I find it almost insulting to turn them down. But I digress. Looking for a 1-2 Bdr for up to $1200/m. It's been exhausting trying to find a place that's not more than an hour away from the city. Nov. 1st move in. Can anyone help?

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Matthew Jupin & Alex Edwards’ answer
Hi Francis,

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.
0 votes Thank Flag Link Wed Oct 17, 2012
Hi Francis,

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.

Looking forward,

Christine Gordon
Licensed Real Estate Salesperson
Cell: 917.881.2924
Fax: 347.328.9352
Apartment updates available at
"Home is where the heart is."
4 votes Thank Flag Link Tue Oct 16, 2012
Hello, my mom and I are in the same situation. Can either of the real estate persons help my mother and I, maybe their is some hope, we need help to restore our credit but in the meantime we need a place in the city preferably in the Hamilton Heights area. Our credit is bad also but we are wiling to pay deposit and with cash, she gets a pension that can cover about 1000-1200 a month a studio to two bedroom, please help with this situation, thank you my email is, I';m mostly referring to Christine, Albert or Joyce, thank you.
0 votes Thank Flag Link Tue Aug 25, 2015
Try offering to put down a few months rent as security if there is an issue with your credit.
0 votes Thank Flag Link Sat Oct 27, 2012
Brokers have special relationships with landlords and might be able to get you in. but you have to pay a fee.
0 votes Thank Flag Link Tue Oct 23, 2012

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

2. 1200?
3. 1-2 BEDROOM
0 votes Thank Flag Link Thu Oct 11, 2012
Try insurent or pay one year upfront
0 votes Thank Flag Link Thu Oct 11, 2012
Hi Francis.
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.
0 votes Thank Flag Link Thu Oct 11, 2012
You're discussing bad credit and breaking a lease in the same paragraph. Bad credit seems to be your biggest concern so I'll address that first....

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.
0 votes Thank Flag Link Thu Oct 11, 2012
most landlords would ask for a guarantor or a pre-payment if credit is bad.
0 votes Thank Flag Link Thu Oct 11, 2012
Best bet is to go to a professional real estate salesperson and dump all your worry and paperwork and sore feet and short temper on him, uhm I mean me.

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!

Albert Capozzelli
Licensed Real Estate Sales Person
A.C. Lawrence & Co
228 East 45 St, Ninth floor
New York, NY 10017
+1(646) 258-1199 -- mobile/text -- email
0 votes Thank Flag Link Thu Oct 11, 2012
Iknow this is a old post to I'm trying to move to NYC to by October but my credit isn't great either can you help me my email address is
Flag Sun Aug 23, 2015
Please contact me. My name is Erika and I can be reached at 917-335-8569. I would be happy to assist you. Thank you and good luck.
0 votes Thank Flag Link Thu Oct 11, 2012
Please contact me. My name is Erika and I can be reached at 917-335-8569. I would be happy to assist you. Thank you and good luck.
0 votes Thank Flag Link Thu Oct 11, 2012
Hi Francis,

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)
0 votes Thank Flag Link Thu Oct 11, 2012
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!
0 votes Thank Flag Link Thu Oct 11, 2012
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