Rentals in New York>Question Details

shelleybeth, Renter in Brooklyn, NY

Our credit stinks (we're rebuilding it), but we do have some assets. Our max rent for a 2B is $3000. What advice can you give?

Asked by shelleybeth, Brooklyn, NY Mon Apr 15, 2013

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My advice would be:
As others have said, there are different standards with each landlord.
Some will not work with you.
What's bad for one landlord may not be bad for another.
Some may want additional security - maybe 2 or 3 months instead of one which is more typical.
Some may want advance rent.
Some may want a guarantor.
So be prepared to pay more money upfront or get a guarantor is what you should be prepared for.
1 vote Thank Flag Link Tue Apr 16, 2013
Each landlord is different, therefore consider being upfront regarding your credit; be prepared to show proof of income/pay stubs, possibly have some reference letters handy, possibly offer additional security, possibly pre-pay some of the rent, etc., or consider a guarantor...
1 vote Thank Flag Link Mon Apr 15, 2013
Please contact me to discuss your situation. My name is Tanuja and I can be reached at 347-882-0353. Thank you and good luck.
0 votes Thank Flag Link Tue Apr 16, 2013
Not all landlords are the same. I have worked with clients with bad scores. Have ready all evidence that can prove your responsible at paying bills on time. I have had clients with good scores yet struggled to pay rent. Landlords are people who can be rational working with a good team or broker can help you.
0 votes Thank Flag Link Mon Apr 15, 2013
Shelleybeth,

AS a landlord, I am not as much concerned with the bad credit as I am with how the credit became bad.

AS a Realtor, I try to explain the difference to prospective landlords.
0 votes Thank Flag Link Mon Apr 15, 2013
Thanks! We had to foreclose on a condo we couldn't sell when we left Philadelphia five years ago. It was on the market more than a year and the condo fees killed any prospects!
Flag Mon Apr 15, 2013
Generally speaking, some managements in manhattan do work with bad credit, depending what is the reason for it. A way to work around it (not every management will allow it though) is getting a strong guarantor, paying extra security / rent upfront or using Insurent. Although, not every management will allow those options and it really depends on the listing.

If you have any other questions ill be happy to help.

Raanan Laufer - senior VP
Alpha Properties NYC
Raanan@AlphaNYC.com
0 votes Thank Flag Link Mon Apr 15, 2013
We need advice on what to expect in the rental market and how we can get an apt. with our stinky credit.
0 votes Thank Flag Link Mon Apr 15, 2013
Raanan is correct! I would tell you also to lean towards rental buildings vs coops or condos which generally have MUCH tougher applications in general. Often a leasing office/ landlord may end up helping you if they like you as a potential tenant and thus bend the rules for you:)
Flag Mon Apr 15, 2013
Do you want advice about your credit or what to expect regarding a potential rental because of your damaged credit?
0 votes Thank Flag Link Mon Apr 15, 2013
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