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Old 11-15-2018, 10:40 PM
 
Location: SoCal
13,421 posts, read 6,417,350 times
Reputation: 10003

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Quote:
Originally Posted by ReachTheBeach View Post
My son just graduated college last year. He and some of his classmates that landed good jobs they had to move to are running into that. They have no significant work history, credit rating or savings. My son started in an AirBnB (while interning), as did some of his classmates. He was fortunate in that his first "real" (after internship; he did well enough to be hired) position is officially temp (no job is protected and his company has a history of keeping temps that do well) and they provide housing - a suite with a full kitchen in a hotel - to temps. If he gets a staff position, they will increase pay (technically, the "free" room is pay; he will owe taxes on it) and he will have to rent. He is pretty much resigned to having to having to find someone already holding a lease or mortgage that needs roommates. Even if he could afford a studio or one bedroom (and he should be able to), he wouldn't qualify at many complexes.
My kid had no problem in the Bay Area. Deposit was $99 to move in. She found a roommate on Facebook with the same company.
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Old 11-15-2018, 10:41 PM
 
Location: SoCal
13,421 posts, read 6,417,350 times
Reputation: 10003
Quote:
Originally Posted by marino760 View Post
Young adults might have the stigma of being the least desirable to rent to. The have a short work history, little money saved and many love to party until the wee morning hours.
Not my kid. I didn’t have to co-sign for anything. This is back to her college days. She had a part time job, her roommates had financial aid letter.
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Old 11-15-2018, 11:42 PM
 
Location: Tucson Arizona
3,940 posts, read 1,678,156 times
Reputation: 10327
We had trouble renting an apartment in Minnesota, too. We have plenty of assets but low income. Apartments turned us down even to sublet. We considered buying a mobile home or even an RV just to have a place to live for the six months we had to be there, but worked out something else.
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Old 11-16-2018, 12:20 AM
 
11,213 posts, read 8,598,226 times
Reputation: 28270
There is nothing new about asking for first and last months rent plus a security deposit. In some cities, even a broker commission.
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Old 11-16-2018, 02:51 AM
 
Location: Amelia Island
2,978 posts, read 3,972,852 times
Reputation: 3088
Times have changed and with the economy doing so well along with the rapidly rising housing prices in select areas of the US apartments can finally be select when renting and get those security deposits.

Vacancy rates are extremely low in our area and it is a tight market compared to years ago. First, last and security is a norm that not many apartment complexes could demand. Now they can. You rarely see a for rent sign go up more than three days here.

One or two rental companies here were taking credit report fees from potential renters who found that in a day a rental they wanted was gone before the report was done. Enough bad publicity and now those reports are good for 90 days if you stay with that company.

Seattle, Boston, LA are extremely hot rental markets. NYC is already having second thoughts about the effects Amazon is going to have an impact on housing and public transportation.

Interest rates are rising..........the rental market is going to continue to flourish.
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Old 11-16-2018, 04:23 AM
 
Location: FW, Indiander
834 posts, read 1,304,128 times
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Quote:
Originally Posted by HappyDogToday View Post

They wanted 3 times the monthly rent up front plus a $600 security deposit! They wanted a year's worth of pay stubs. They would not take a Social Security statement, bank statements, or tax returns as income proof. Plus credit checks, of course.

I am on SS plus self employed with a regular monthly income but their rules left me out in the cold plus the security and pet deposits being what they were.

It would cost almost $3800 in deposits just to get in a $750 a month apartment. That is insane plus the subtle implication the SS wasn't "real" income.

I am not unfamiliar with some of the stringent demands on renting now, but this was ridiculous. Thinkiing of moving? Get all your info first. It is not as easy as it was 10 years ago.

Guess I will stay where I am at for a very long time.
Paying 3 times the rent up front on top of the security deposit in the Cincy area is insanity. Unless you're paying for 1st, last and an additional month rent ahead of time, it makes no sense. The complex better be in a great area with utilities included.
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Old 11-16-2018, 04:24 AM
 
12,320 posts, read 15,241,711 times
Reputation: 8121
That neighborhood must have a tight rental market if landlords can dictate such extreme conditions. I would think seniors are much less likely to cause damage, play loud music, have parties lasting into the night.
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Old 11-16-2018, 04:45 AM
 
365 posts, read 127,133 times
Reputation: 1440
Two months security deposit has been my experience. That's a big chunk of money when one month's rent is $1200.

Pets are notoriously hard on living spaces. Unfortunately my cat infested one of my apartments with fleas and I didn't know it. They had to exterminate after I moved out. My sister's cat destroyed a door and a piece of furniture by scratching. My neighbor's dog completely destroyed the lower part of the kitchen cabinets by chewing and whatever else it was doing (jumping on it, scratching). Not to mention the horrible smell of urine that can't be removed from carpets. The amount charged for pets is actually cheap when one considers the damage that can be done. These were essentially well-behaved pets too, not nasty ones.
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Old 11-16-2018, 06:03 AM
 
8,241 posts, read 11,954,334 times
Reputation: 18138
Quote:
Originally Posted by katharsis View Post
Well, this is one MORE reason that my sympathy is with the young people.

I'm a Boomer, and when I started my adult life in the 70's, I could get a one-bedroom SoCal apartment for $175 a month, and I remember that it cost less than $500 total to move in with NO stable work history required -- I just had to provide a letter from my employer that stated what my current job and pay was. I guess that landlords back then figured that, if necessary, they would recover from the "deadbeats" from what was put down. However, back then, very few apartment building in my area allowed any pets at all.

I just can't imagine that many 20-somethings could come up with more than $3,500 today for their FIRST apartment unless they have either been living with their parents for a long time until they could save enough to move out -- or else their parents are willing to help them out with that first deposit.

I honestly don't understand, though, why landlords would not accept some kind of bank verification (like monthly statements) that show regular SS deposits along with the annual SS benefits letter that all retirees receive at the end or beginning of the year! It seems that Social Security income would be the most reliable of any!
According to the BLS's inflation calculator, $500 in 1970 is equivalent to $3,345 today, so there isn't as much difference as you think between what you had to come up with back then to move into an apartment and what young people have to come up with now.

Oh, and that $175/month rent would now be equivalent to $1,171.
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Old 11-16-2018, 06:23 AM
 
Location: New York, NY
1,177 posts, read 667,243 times
Reputation: 1743
I don't think it's all that unreasonable. Here, you have to put up three month's equivalent of rent before you can even move in. You have to pay a $50-75 application fee where they run your credit history, criminal record history, and rental history to make sure you weren't evicted. I've also had to show proof of income through pay stubs for several months to prove my income is steady. My roommate, who had a dog, had to pay a $200 non-refundable pet fee, and then $25 a month after that. All that is standard for every apartment I've ever rented here, and I'm 26.
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