Have you ever lied about income when applying for an apartment rental? (New York: condo, co-op)
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Nice area. I thought you were going to say Astoria, Jackson Heights, Elmhurst or even Roosevelt Island.
Could your younger brother not afford to pay his rent on his own? How was his credit?
It was his first real job, first time having an apartment of his own so no former landlord references to give, credit was only one bank credit card which he just got, so no real credit history to look at.
It is a product of properties that fall under rent stabilization and rent control, not all units. As a LL with a 3 family property who lives onsite, my building is exempt from rent stabilization.
Then why did you write:
And the main issue with the idea that you are "just renting the place" is that in NYC U ARE NOT JUST RENTING A PLACE. You are theoretically a lifetime commitment + future generations in some cases.
Just being dramatic?
So it looks like that's not true for the vast majority of NYC landlords and tenants THESE DAYS.
It was his first real job, first time having an apartment of his own so no former landlord references to give, credit was only one bank credit card which he just got, so no real credit history to look at.
So, she was more of a CO-SIGNER than a GUARANTOR, because of his lack of credit history. I understand this and it makes very good business sense.
And the main issue with the idea that you are "just renting the place" is that in NYC U ARE NOT JUST RENTING A PLACE. You are theoretically a lifetime commitment + future generations in some cases.
Just being dramatic?
So it looks like that's not true for the vast majority of NYC landlords and tenants THESE DAYS.
Sobroguy owns property in the Bronx, so maybe the "lifetime tenant" thing is more common in his area.
Sobroguy owns property in the Bronx, so maybe the "lifetime tenant" thing is more common in his area.
Yeah, there may very well be a lot of existing "lifelong tenants" in the Bronx, but how common is it for BRAND NEW tenants moving into an apartment RIGHT NOW to expect to have a lifelong tenancy and expect to be able to pass an apartment down to their relatives when they die?
He's acting like the reason NYC landlords have these stringent requirements is because they are potentially making a lifelong (and possibly beyond) commitment to a new tenant. I just don't buy that. That's why I wanted to know if LLs being forced to renew leases is also for apartments that are non-rent controlled and non-rent stabilized and on the open market.
Yeah, there may very well be a lot of existing "lifelong tenants" in the Bronx, but how common is it for BRAND NEW tenants moving into an apartment RIGHT NOW to expect to have a lifelong tenancy and expect to be able to pass an apartment down to their relatives when they die?
He's acting like the reason NYC landlords have these stringent requirements is because they are potentially making a lifelong (and possibly beyond) commitment to a new tenant. I just don't buy that. That's why I wanted to know if LLs being forced to renew leases is also for apartments that are non-rent controlled and non-rent stabilized and on the open market.
I can't be sure, but I'm assuming NO, because the whole "market rent" thing spun off trying to get rid of rent controlled and stabilized tenants. I thought once a tenant left or moved out of an apartment from one of these buildings, the landlord could raise it to "market rent" after renovating it.
This is why you have threads on here of people living in "luxury" buildings having conniption fits that they have to share it with a retired postman or janitor.
I thought once a tenant left or moved out of an apartment from one of these buildings, the landlord could raise it to "market rent" after renovating it.
How is it that you think that ? It is well known that they cannot necessarily do this.
Many do, but the fact that the next tenant is usually a transplant, someone not from here and therefore unaware (and not interested in learning unless "it's about ME"), means that nobody checks to be sure that any increases were valid.
I'm not some new jack that just arrived, I GREW UP HERE. I'm not in "awe" of this city like the people who relocate here. I know EXACTLY what these intrusive practices are.
Your comments, each and every one, would seem to fundamentally disprove this claim.
Marilyn are you currently or have you ever been a LL in NYC? If not, that is probably why you don't understand why a LL requires paystubs, bank statements, W-2s, tax returns etc...because of people like Kefir who simply lie and defraud. Just because I am not a bank does not mean you are not defrauding me with bogus pay stubs.
Here are some scenarios:
1. Tenant A: Someone can be making $300K per year, and have the paystubs to verify income. Great! Sounds like a great tenant and easily able to pay $2,500 for a 1 bedroom. Except, when you pull the credit report his score is 450 because he doesn't pay his bills = BAD TENANT
2. Tenant B: Also making $300K per year, however when you look at the bank statement you see there is $40 in there for the past 2 months. WHERE IS THE MONEY GOING? If this person gets laid off tomorrow, it takes 6+ months to evict and he has $40 in his bank account = BAD TENANT.
And the main issue with the idea that you are "just renting the place" is that in NYC U ARE NOT JUST RENTING A PLACE. You are theoretically a lifetime commitment + future generations in some cases. The tenant protections are like no other place in the country, which is why the requirements are like no other place in the country. When you understand that fact, and then realize in a BEST case scenario it takes 6+ months to evict a tenant, and worse case several years, you will then understand why LLs require all those things that seem so crazy for any other city.
As soon as renting in this city has the same tenant rights, or lackthereof, as every other city, only then will you see the requirements be like every other city. Until then, expect requirements to get more stringent, not less so, as competition for apts is increasing, not decreasing, and rents continue to escalate.
Strongly agree. It is the only way of keeping out anti-socials, something that has huge implications for entire neighborhoods.
Recently, I heard about a few cases where a landlord was sued for failing to screen tenants properly, and then imposing said tenants on the surrounding tenants and on the immediate neighborhood - "warrant of habitability" was my guess. In such an environment, landlords need to have the possibility of protecting themselves, of proving due diligence. And a few of them might actually care about the sort of people they take on as renters.
My PAYSTUBS, prior rental history references, credit/background check and number to my job is ALL you NEED to see if I can pay the rent. Everything else is NONE OF YOUR BUSINESS. I'm RENTING from you not PURCHASING.
This is FRAUD and quite different. You're BORROWING money from the bank to purchase a HOME.
I'm just RENTING from you. You don't need to have copies of my W2s, tax returns, bank statements, etc. just to RENT your place.
Thank goodness this nonsense is only relegated to NYC. It's not even like the apartments here are all that to begin with. Small bedrooms, bathrooms, livingrooms, dining area (if there is one), tiny kitchens, etc. Also, pulling teeth to try to get something fixed or updated. Supers who are useless.
No, Kefir is right. Most people can pay their rent on 50% of their salaries and do it all the time.
Again, this extra nonsense is only relegated to NYC. You can't compare RENTING to LOANING MONEY to someone. You can easily evict someone for non-payment of rent these days. Housing court is no longer in favor of tenants in NYC or anywhere else for that matter.
Like seriously, a freaking GUARANTOR MAKING 80 OR 120 TIMES THE RENT too???
I can't believe people actually put up with this stupidity just to say they live in this city. *shakes head in disgust*
Sorry dear you're totally wrong, and Keifr King has never been correct about anything!
You are only "renting". Think deeply and Define that!
Borrowing money is a financial obligation. Renting property is also a financial obligation.
Those extending Credit, unsecured and secured debt, have a right and a demand to be ASSURED that the borrower has the capability to meet the financial obligation.
Renting is the extension of unsecured property!!
The possesion of property is turned over to parties with no vested financial interest, AND who have not secured the LOAN of property!!
Renters are the equivalent of unsecured borrowers.
NYC is different than Transplantland, because the value of the extended property, and that of the unsecured rent, and expenses FAR exceed that of virtually anywhere in the country.
Each month of unpaid rent is an unsecured loan. Like a credit card, monies are paid for goods and/or services. Like a credit card you can rack up a huge debt in a short period.
The ONLY security for these types of debt, rental and/or credit card is the income of the payor.
Consequently, it is more than reasonable for the payor's income to be verified as true and real. That the payor be vetted as capable of meeting the financial obligation of renting.
Without which there is no incentive to rent property.
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