Rentals in New York>Question Details

Luke, Renter in New York, NY

Will offering six months rent up front help or hinder my chances of lease approval?

Asked by Luke, New York, NY Thu Aug 15, 2013

I will be moving to New York (most likely Brooklyn) at the first of the year. I will not be employed at the time of the move. I will be searching for employment as soon as I arrive.
However, I will have a $2600.00 monthly living stipend from the GI Bill as an immediate source of income. I have a good credit and rent history. And I will be able to pay six rent installments of up to $2200 up front in lump sum.
Is it a good idea to offer payment on half of the lease up front or does this raise a red flag?

0 votes Share Flag Rentals in New York

Help the community by answering this question:


I agree with Janet. To the landlord, it's a business and each landlord is different. It's a matter of assessing the risk of loss by renting to you. Your biggest "red flag" is your employment status - which makes you a high risk. Paying 6 months rent up front reduces the risk to the landlord to only 6 months worth of rent (assuming a 1yr lease).

A few other options for you:

A: Get a Guarantor - a person who is willing to guarantee your rent payment if you can't pay -- like a co-signer on a car loan . Your Guarantor will need to submit employment and income info to the landlord as well.
B: Get a lease guaranty insurance policy. (For Example: The Lease Guaranty Insurance takes the place of a human Guarantor. It is an insurance policy that will pay the rent to your landlord if you do not. The prices on these policies can be high as they are also based on risk -- but if you have $13K+ in cash to work with, it may be an option for you if you can't find a landlord who will accept you with 6 months pre-paid rent.
C: Look for a 6 month lease (with option to renew). Since you have 6months worth of rent -- try for a 6-month lease and pay it all upfront. Then there is very little risk to the landlord. That would give you 6months of time to change your employment status and/or accumulate another 6 months worth of rent to renew and pre-pay again.

So, yes pre-paying 6 months of rent will help your chances - but depends on the landlord. As I've noted, there are other ways to leverage your cash on hand. Just be creative and you can make it work.

Best of luck ... and thank you for your service. Very much appreciated.
0 votes Thank Flag Link Thu Aug 15, 2013
Much will depend on the individual landlord, and employment might become an issue for some; however you can also consider a guarantor...
0 votes Thank Flag Link Fri Aug 16, 2013
So I'm assuming you are serving so I'd like to start by thanking you. As an MOS here I understand your situation as so many of my co-workers have been through some similar situations. E-mail or call me so we can figure something out that works better for you.
0 votes Thank Flag Link Thu Aug 15, 2013
Yes you can find some very nice Apt. for you
0 votes Thank Flag Link Thu Aug 15, 2013
Thats about the only way you will be able to rent.
A better option would be to use a guarantor who would need to be able to show annual income equal to 80 times the monthly rent. Could be a little less or more.
0 votes Thank Flag Link Thu Aug 15, 2013
Hi Luke,

While it may not be necessary, you should definitely increase your chances by being able to offer 6 months up front.

I would also have all of your paperwork ready - showing that this is part of your income. any landlord is going to want to see proof of income, last years tax returns, and bank statements at the very least, so you may as well be up front with them from the very beginning.

Best of Luck,
0 votes Thank Flag Link Thu Aug 15, 2013
It could go either way for you but explaining your situation as above, and showing supporting documentation of your reliable history, may very well work. On the flip side, in the event that you do not find employment, a landlord my find renting to you a high risk. It's going to boil to the mindset of the landlord. Good luck.
0 votes Thank Flag Link Thu Aug 15, 2013
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