Rental Basics in New York>Question Details

Matthew Butt…, Renter in New York, NY

How can I find a place without current employment?

Asked by Matthew Butterfield, New York, NY Thu Jul 19, 2012

I'm moving to NYC without a job, but with a good chunk fo change in my pocket. I've got good credit, but still, worried about not having a job. How can I still get an apartment?

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Jenet Levy’s answer
It will be nearly impossible to get an apartment here without a job. Landlords want to see that you are employed and the standard formula is that you must earn 40 times the monthly rent as your annual salary. It's great that you have credit, but it is the ability to pay going forward that you must prove as well. I would suggest you try a roommate situation until you have a job here. You could try paying the whole year up front. If this is too difficult for you, you may want to start in a short-term rental and pay that all up front. This is a very tight rental market, and having a job and income is critical, there are few ways around it other than what I suggested.
1 vote Thank Flag Link Fri Jul 20, 2012
You will need to either get an in state gurantor, pay a substantial prepayment of the rent, or give a hefty security deposit. If you have a previous landlord, and letter might help a bit
0 votes Thank Flag Link Fri Jul 20, 2012
That's a great suggestion, the letter of recommendation is a smart move. Good thinking Jacques!
Flag Mon Jul 23, 2012
Consider a guarantor, pre-paying the rent, etc.
0 votes Thank Flag Link Fri Jul 20, 2012
Please call 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 Fri Jul 20, 2012
Ericka I am in a similar situation are you still helping people through these issues? Email me aldrichjeff at gmail dot com

Your help would be much appreciated.
Flag Mon Aug 5, 2013
Hello Matthew, if you can find a landlord willing to accept prepayment of the full term of the lease, and provide evidence of your "good chunk of change" that might work.
0 votes Thank Flag Link Fri Jul 20, 2012
There are many landlords in Manhattan who will not rent to you, period, and you will find that out for yourself in a hurry if you come here and try to put in applications. The most common requirement is 2-3 months' worth of pay stubs and a letter from your employer.

Pre-paying a year of rent will not necessarily work. The reason is, landlords can't recover damages in court from people who don't have jobs. In our hot rental market, savvy landlords with good apartments don't need to take a chance on you, and they won't.

However, there are smaller landlords and others who would consider your application. These apartments are harder to find, and not as nice. And somebody with a job who also applies will beat out your application.

A guarantor would open a lot of doors for you, and is definitely your best approach. The guarantor needs an annual income of 80 times your rent, if renting with an established landlord.

Otherwise, your best bet is to look in Brooklyn and New Jersey, and find the smaller landlord who would take a chance on you. Put together a strong application, dress well, and have plans for income generation. Also, plan on paying more in rent than people with jobs pay for the same apartment. I hope it works out for you!

Karla Harby
Licensed Real Estate Salesperson
Rutenberg Realty
New York, NY
0 votes Thank Flag Link Fri Jul 20, 2012
I don't see that as a problem..... Your credit should be able to bcak you up, that's the luxury of having good credit make sure to keep it that way. If it's brought up about your income then suggest 2-3 months security. My suggestion try finding an apartment through a private house you'll have better luck with them then a building. I can also help you if you like, If you're interested call me 718-635-2421 in the meantime wish you the best!!!!!Jeannette Batsikas
0 votes Thank Flag Link Fri Jul 20, 2012
Hi Matthew. you have a problem, no question. I've encountered this with a few past customers. The only option they had was to pay the full years rent up front. That's it. You should bring (if possible) a letter from your last Landlord stating you were a great tenant, always paid on time, etc. and if you have any prospects for employment, a letter with an interview date or something like that, it could help. Other than that have a copy of a recent credit check with a FICO score and a copy of your Bank statement showing assets. You should also consider a share situation. You might find a renter that needs the financial help of a roommate themselves.

Lastly, you might still need to use a guarantor. That would put them on the hook if you didn't pay your rent and they would need to show good credit, income, assets and work history. You will absolutely need to work with an agent/broker. They will get their commission from you. Good luck to you.
0 votes Thank Flag Link Thu Jul 19, 2012
Try offering to put some extra months of security down or pre- paying for a portion of the year.
0 votes Thank Flag Link Thu Jul 19, 2012
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