Excessive requirement of rental application (Accord: section 8, apartment, condo)

[snowthunder]

I recently found a studio I'd like to rent. But I find the landlord application requires very extensive materials.

According to the lanlord, each rental application needs to include:
1. 5 reference letters, including 2 from business contacts, 2 from personal/character contacts, and 1 from previoud lanlord.
2. Letter from CPA verifying income.
3. Letter from employer confirming work and income.
4. First two pages of tax returns of last 2 years and w-2 forms.
5. Monthly bank statements/ monthly brokeage statements.
6. Copy of driver license
7. Copy of Social Security card
8. seven other documents/forms.

I feel the application is really too complicated. My concern is the lanlord is over demanding in the application process, so he may be also very difficult to deal with during the lease.

Has any one had experience for such a complex apartment rental application?

[SobroGuy]

That sounds like a smart landlord to me. He is doing his best to eliminate potentially problem tenants, because once they are in, it is very difficult to get them out. The only leverage a landlord has is in the very beginning when he is selecting a tenant. Once the tenant is in the apt, it can take literally a year to get them out if they are not a good fit/deadbeat, etc.

It may be frustrating to you, but the bigger picture is everyone else at this residence has gone through the same rigorous vetting process so it is highly likely you will have good, respectful, courteous, working, responsible neighbors who will make living there pleasant...and isn't that what we all want? I would tend to be more interested in a place which is so restrictive, versus a half-a$$ process which basically allows too many potentially deadbeat tenants who will make your life miserable.

Think about it.

[Forest_Hills_Daddy]

#s 2 to 7 are not hard to obtain, if you've held a steady a job. I don't know what #8 is.

As for #1, it may not be as hard as you think. Some people would consider an e-mail to be as valid as a signed letter. If you have no acqaintances in the area, you can ask those from out of town to just send you a reference e-mail.

[hancox17]

I have to disagree--this person is asking for everything he needs to steal your identity. Why does he need your SS card? And your driver's license? Tax returns and W-2's? Bank statements? A letter from a CPA verifying income as well as a letter from your employer? No--sorry--not for renting a studio. If you were buying, maybe but this is serious overkill for a rental. I would certainly think twice about it.

[jcoltrane]

#1, the number of reference letters may be a bit much, but it is nothing more than what you'd be asked at a top firm when being hired.

You may or may not be fully comprehending the instructions.

Take #2, if you read carefully this requirement probablly pertains only to those who are self-employed.

#3 and #4 seem redundant, but it is likely the LL wants to use each for verification of the otherr.

#5, a bank statement verifies that you have a bank/checking account. Just white out the money amounts. The LL doesn't need to know how much you have in the bank.

#6, drivers license is simply for identification.

#7, not sure why they need your social, but the number can be used for background checks.

#8, no one can comment as you did not list any further items.

****

I had to provide virtually all the above. Most higher end buildings have similar requirements. If you were renting a condo/coop there w/b even more hoops to go through.

[Forest_Hills_Daddy]

Or white out the bank account number.

[jcoltrane]

Originally Posted by hancox17

I have to disagree--this person is asking for everything he needs to steal your identity. Why does he need your SS card? And your driver's license? Tax returns and W-2's? Bank statements? A letter from a CPA verifying income as well as a letter from your employer? No--sorry--not for renting a studio. If you were buying, maybe but this is serious overkill for a rental. I would certainly think twice about it.

One presumes that the LL/management company or Broker are reputable entities.

Tax returns, W2s, employment letters can all be faked.

Btw, what does the size of the apt have to do with it? Studio or 3 bdrm, what difference with regard to the application requirements?

A luxury studio can rent for more (and be larger) than a 3 bdrm in a walkup.

[hancox17]

All I suggested was that the OP think twice about it. I understand the size of the apartment isn't important. And I don't presume anything when it comes to handing over all my personal information to anyone.

Out of curiosity, snowthunder--where is this apartment and how much are they asking?

[bluedog2]

It all seems pretty standard to me.They need the social security card and driver's license to do background checks and credit profiles.Bank balances must be checked to make sure prospective tenants have emergency reserves in case of loss of income.Who wants a tenant who lives paycheck to paycheck with no emergency funds when the easiest creditor to screw is your landlord ?

I also agree with sobroguy. Who wants to live in a building where they don't thoroughly check out tenants ?

The rent laws in NYC make it so that landlords must view almost every potential tenant as a lifetime legal entanglement. Of course they are going to be careful.

In most cases they probably cut you some slack on an item or maybe two but if you can't pass muster on too many they see a pattern and reject you.

If someone doesn't like the vetting requirements of a landlord they can always search for one of those buildings/landlords that doesn't care who they rent to .There are enough of those around too.

Obviously this is also a way of not having to deal with section 8 and other program applicants without having to risk a lawsuit for refusing a government sponsored tenant.

[SobroGuy]

Bluedog about sums it up fairly well.