Paying for rent with loans, no cosigner.

Asked by Hannahcamille, Dayton, OH Thu Jul 5, 2012

In about 2 years, I'm planning on moving to Brooklyn with two friends. Two of us will be attending grad school, and the other will be employed. The other woman attending grad school is being assisted by her parents, so I'm assuming they will co-sign as she won't be working full-time and would be unable to provide proof of income.

My situation is different. No one I know is financially stable enough to co-sign for me, but I'm paying my portion of the rent with student loans/money I've saved up. If I can prove I have this money in my savings, will we have any issue securing an apartment? I could even pay the landlord the rent in two, possibly one large payments over the year.

I'll have the money available immediately, which I can easily prove. I just don't know if they'll want employment verification or a co-signer when I can clearly pay my rent in one or two lump sums. And I have good credit, by the way. And we're planning on renting by owner. Thanks!

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Angela Nelson, Agent, Tarrytown, NY
Thu Jul 12, 2012
When you arrive give me a call 718.791.5427
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Joseph Hasti…, Agent, Bayside, NY
Fri Jul 6, 2012
Hi Hannah. While I tend to agree with the statements below I would also consider this. While it seems your two other roommates have what the Landlord will require (a job and co-signers), Your situation may be less dire as you have proof of funds.

See what can be worked out and try to not give up a full years rent unless absolutely necessary. What do you have to lose? Good luck.
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Jacques Ambr…, Agent, Forest Hills, NY
Fri Jul 6, 2012
More than likely a year up front should do the trick. Sometimes proof of funds and 3 months security will work too
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Martina Ryan, Agent, Bayside, NY
Fri Jul 6, 2012
You should have no problem. You have proof of funds, seem organized & have one co signer.
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Tina Lam, Agent, San Jose, CA
Fri Jul 6, 2012
If you are able to pay for a whole year of rent at once, then I find it hard for any landlord to object, since that alone obviates the need for credit. But, given that you're looking for an apartment in NY, you'll have to adapt to the current situation and maybe up the stakes to compete with other highly-qualified renters.
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