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Monique Thom…, Renter in Queens, NY

Why are these landlords making it so damn hard for people to rent apartments in New York City?

Asked by Monique Thomas, Queens, NY Thu Sep 13, 2012

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16
Hi Monique,

Since you've mentioned that you only have funds allocated for the 1st month's rent plus 1 month's security I would suggest checking out the NYC Rent Guidelines Board website at http://www.nycrgb.org/ because they have a lot of resources to help you rent directly through a landlord without incurring any additional fees. If you decide to utilize the services of a real estate agent then you would pay a brokerage commission. The RGB has lots of good information and links to a variety of cost efficient and high quality housing options. All the best!

Looking forward,

Christine Gordon
Licensed Real Estate Salesperson
Cell: 917.881.2924
Fax: 347.328.9352
Apartment updates available at http://www.christinegordon.postlets.com
"Home is where the heart is."
1 vote Thank Flag Link Mon Sep 17, 2012
it is very hard for landlors to evict tenants so they are very difficult to take people in.
0 votes Thank Flag Link Tue Oct 23, 2012
Erika is right about landlords' financial obligations, which are taxes and also their own mortgages that many landlords have on their buildings. Both, a bank and tax authorities have the first lien on landlord’s property and can foreclose, if they do not get paid. In order to be able to pay them on time, Landlords have to make sure they get the rent paid on time by all of their tenants, as well - this is why they have to make sure that their tenants are credible and are able to support their rent obligations during the entire lease term - so they check tenants payment/credit history and get a proof of income. When a landlord has a mortgage banks can require the landlord to do certain due diligence on each tenant. Also in New York cost of living is higher than many other places - this is why landlords are making sure that tenants have enough income left over after rent for regular living expenses and other bills and came up with a standard 40 times monthly rent annual income requirement.
0 votes Thank Flag Link Sat Sep 22, 2012
Because their taxes are so darn high in NYC. One landlord pays over $200,000 in city taxes each year! Before they rent an apartment, they need to make sure the tenant can pay the rent. Otherwise they will be in a hole. It puts additional burdens on renters for proof of income and credit checks. Since there were not that many vacant apartments this summer, rents really went up! That is supply vs. demand. If it is at all possible, try to wait until Jan/Feb/March, when no one moves. Landlords are more willing to rent than have an empty apartment for several months. If you need to, work on improving your credit during that time. Hope this is helpful!
0 votes Thank Flag Link Wed Sep 19, 2012
Because certain landlords are able to use discriminatory practices to avoid renting to what they consider a certain class of people who they do not want living on they're property. Also most of the landlords who will gladly rent to you are mandated and are greeted with a bunch of red tape just to be able to rent to whom ever they want to rent to. There are also apartments that are given trough a lottery process based on need also based on race and income. There are so many guidelines to only separate and divide the races. Also the apartments are just plain over priced for certain people but not for others who may rent the apartment for a couple of thousand less then they would rent it to you or me. For example the stereotype is that people who live in Projects are the lowest form of society, generally destitute poor and living outside of society. The fact is most of the people who do live and rent from The New York City Housing Authority pay the market rate for rent have been in they're apartments for decades and pay they're rent on time and also even fix up they're apartments very nicely. So private landlords asking for outrageous rents and deposits from prospective tenants only do this to scrutinize and to intimidate. They set they're own prices as to make certain people think that they will never be able to afford an apartment in Manhattan. But of course this same apartment may be rented to a good friend or relative of the landlord for a reasonable affordable price or rented with the price doubled to someone just arriving from overseas who does not speak english and is paying more than they are supposed to pay for the rental of that apartment so they're is alot of deceit, discrimation and outright fraud. The truth is that if you were low income and wanted to live in Trump Towers you indeed could live there. Being that apartments are set aside for lower income brackets otherwise Trump would not get the tax breaks that he so needs. Everyone deserves a safe nice place to live without having to go through the red tape and bureaucracy that only some have to go through to get an apartment in this city.
0 votes Thank Flag Link Tue Sep 18, 2012
Simply put --- - because they can!

...........all the reasons for which have been listed below

What are the specific issues/problems you have been having?

Perhaps one of the NYC agents could help you out if you clarified that.
0 votes Thank Flag Link Sun Sep 16, 2012
Monique, it really comes down to the high demand of New York City living, many renters during this time are competing with folks who can pay a years rent upfront, and credit scores above 780. The requirements of 40-50 times the rent is to insure an individual is capable of paying the rent. It has always been difficult to evict people in New York City, this too is a factor. Perhaps a private owner will be a little more flexible.
0 votes Thank Flag Link Sun Sep 16, 2012
Very simple. It seems NYC is the hardest place on the planet to evict someone. Add that to the fact that there are so many rent controlled apartments where the profit margins are slim to none and it's to be expected. North of NYC if you don't pay your rent, you can be evicted in 30 days. That's the way it should be. In NYC it could take a year and not only would you loose that marginal profit, the loss from no rent would put you back years. Blame it on the courts for failure to protect the landlords.
Don Mituzas
0 votes Thank Flag Link Sat Sep 15, 2012
I hear your frustration. Here are some reasons:

1. It's harder to evict tenants in NYC than it is in many other parts of the USA. It can take 8 months or more to get a non-paying tenant out. Consequently, landlords must be careful who they rent to.

2. For a variety of reasons, the demand for rental housing is high, while the supply is not growing very fast. This makes renting in NYC historically expensive.

If it makes you feel any better: The profit most landlords make in NYC is not particularly high relative to the investment (that is, the cap rate is not high). There are exceptions, but wealthy landlords get that way, usually, by having a lot of units to rent, the profit margins are amazingly slim per unit.
0 votes Thank Flag Link Fri Sep 14, 2012
Hey Karla. Thanks for responding. I appreciate your insight.
Flag Fri Sep 14, 2012
Hi Monique. It really get down to the dollar. Landlords will want as much paperwork as they can get like a lettter of employment, copies of your taxes, bank statements, photo ID's, pay stubs and a credit check. They want to be as sure as they can that they have a good tenant who will pay every month without fail.

Since you don't mention anything specific, my thought is your FICO score might be low or perhaps your income level is not what they are looking for. What do you need? How many bedrooms? what is your budget? What area are you interested in? When do you need to be in a new place? You gotta give us something so we can give you better answers. I strongly suggest you use a broker if possible. Good luck.
0 votes Thank Flag Link Thu Sep 13, 2012
Hi Joe. Thank you for responding. My FICO score isn't bad. All that paperwork should not be necessary. I understand the landlords frustration because it is a business. You can't get around that. I am looking for a 1 bedroom apartment just for me. I can't pay over $950 right now. I can stretch $1000 if it comes to that. I would love to move as soon as possible. I have a month's rent and a security deposit as we speak for an apartment at $950. I am ready to move.
Flag Fri Sep 14, 2012
I agree with Chris. The NYC Rental market is hot with the majorty of buildings being over 95% occupied. Landlords would rather be safe then sorry.
0 votes Thank Flag Link Thu Sep 13, 2012
The best possible explanation you can get from this article:

http://therealdeal.com/issues_articles/when-you-lease-t-expect-it/

Hope will help you.
0 votes Thank Flag Link Thu Sep 13, 2012
Many landlords have had bad experiences when not scrutinizing prospective tenants. Without knowing the specifics of your question a guess would be that the landlords want to avoid individuals who habitually take advantage of others by intentionally not paying rent. A term widely used in the real estate field is "deadbeat tenant," a person skilled at avoiding payment of rent. This small scale con artist fabricates tales of misfortune and often disappears leaving landlords with financial and physical damages.
0 votes Thank Flag Link Thu Sep 13, 2012
Low vacancy rates allow landlords to be very particular about whomever they rent to. Bad credit is a killer, for example.
It is also extremely difficult for a landlord to evict a tennat who doesn't pay their rent so that plays a part in their decision.
Low supply also means rents have increased dramatically and landlords usually want to see annual income equal to 40 times monthly rent.
What problems have you experienced?
0 votes Thank Flag Link Thu Sep 13, 2012
I get stereotyped because I am not on Section 8 with 3 kids. I have no kids, I work everyday and it isn't enough. It's driving me nuts.
Flag Thu Sep 13, 2012
What problems have you been experiencing, maybe we can offer some suggestions?
0 votes Thank Flag Link Thu Sep 13, 2012
Landlords are wanting to see everything from tax returns to the color of your underwear. It makes no sense to me why decent people have to suffer as a result of bad experiences.
Flag Thu Sep 13, 2012
Hi, Not sure what happened to you specifically but supply and demand plays a big part I'm sure. Most landlords know the city is hot and easy to rent so they can be picky.

Chris
0 votes Thank Flag Link Thu Sep 13, 2012
I understand that Chris. However, I shouldn't be stereotyped as Section 8 with 3 kids either. I may have to move to Westchester County. I work everyday. I have no children and I am not on any special programs either. It's just ME. GEEZ!
Flag Thu Sep 13, 2012
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