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I get anxious thinking about the rental application process and want to know if anyone can give info about what to expect.
Moving from Boston. It’ll just be me (no kids or pets) and can afford around $4k/month. I worry that I’ll find the perfect spot but will end up rejected after submitting the paperwork because I won’t meet qualifications. I’m mostly relying on my long term partner as he will be listed as my guarantor. He currently lives in NYC, has financial wealth and backing that I lack. I had a great paying job but unfortunately was let go so I wont meet income requirements. My credit is OK, not perfect but not bad. I have rented from two different landlords in Boston, whom I can use as references if need be.
I wonder how much leasing offices or landlords look at my information as primary deciding factor or if a local guarantor will help them decide favorably in my way if I’m listed as an adult dependent. Any help much appreciated.
I admit I don't know a lot about it, but I always thought that the important part about the guarantor's finances would be his/her annual income, not bank account.
Guarantor needs 80x the rent. Sometimes it's harder if the guarantor is out of the tristate area. You should be fine.
If it were me, though, with no income I'd be looking for a cheaper apartment. It's not always avoidable, but the less you rely on an SO to support your lifestyle, the better it is, generally. You don't want to be constrained in your choice of job by a hefty rent bill, and you don't want to have to move if things goes south.
If it's just you, why don't you try to find a place for $3000 or less? If you have no income, the more expensive the apartment, the more suspicious a LL will be.
Meanwhile, get the LL reference now. By the way, you probably won't find the perfect spot. You try for the elements most important to you, and hope for the best.
Quote:
Originally Posted by livingsinglenyc
They don't care who signs it so long as someone has the funds. Though you should know guarantor needs to make 80x's the monthly rent.
Sorry, but in my experience, that's not true. Any time that someone else is the responsible party, it's one more avenue for problems.
The landlord wont be suspicious. As long as you have a guarantor and all their paperwork you are fine. If you don't have a guarantor you can probably find a place and pay the years rent in advance and be fine. Make sure you have all your paperwork together before seeing places because one thing I know annoys landlords is having to wait for that and getting paperwork piece by piece.
I admit I don't know a lot about it, but I always thought that the important part about the guarantor's finances would be his/her annual income, not bank account.
I meant that as a euphemism for all the money/income partner had.
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