How do people who retire in their 50s move to a new town without a job and rent? (apartment complex, renters)

[chit chatter]

My brother who is 57 years old wants to move out of the city where he works as a business executive and retire (EARLY). He would have lots of money from the sale of his home and savings but does not want to buy a home yet in the new town he is looking at. He wants to rent for about a year to see how the new town is and better understand the community.

He looked into renting and was told that without a job and regular income no one would rent to him. He thinks this is insane because he would have almost a million dollars in assets after sale of his home and in his retirement accounts (401K) and in stocks, bonds, ETF's savings, etc.

But the apartment buildings said no job, no apartment. They suggested he buy a home and not rent. What do you recommend?

[STT Resident]

So many apartment complex property management companies have become so ridiculously anal about this and it defies all logic. Suggest to him that he look for a private landlord and/or for a single family house to rent. Check with real estate agents too.

[MrRational]

Originally Posted by chit chatter

He looked into renting and was told that without a job and regular income no one would rent to him.

no one = office drones at the property management office.

They suggested he buy a home and not rent. What do you recommend?

Either go up the food chain at the development places or find a small time LL who makes his own decisions.
If he has assets then he has income and he'll have 1040's for the last few years.

word of advice: do NOT tell them it's a short term thing.
No one wants a one year tenant.

[sware2cod]

Private landlords will rent to him. He will need to show his proof of assets. I dont think his 1040 will be any good if the money is in an IRA (won't show as income). But they might want to see his 1040 as well. Even if he earns a small amt of interest on that money (.10 interest rates in money markets)..he still can reasonably withdraw money to pay is monthly rent and expenses.

Sometimes the folks at large complexes aren't used to handling cases that aren't typical. It is possible he could go to that same apartment complex on a different day and get another person that would allow him through based on his assets alone. He could try to find out the name of the manager of the complex or if they are a national firm, he could go up the ladder. Or he could go to a different complex or find a rental condo or duplex or rental home that is through either a private landlord or a small real estate firm.

I was a private landlord and rented to retired folks and saw their savings act statement and was fine with it. They paid on time every month and were great renters.

This gets more common in areas that have lots of retirees.

[bentlebee]

We will rent to him...no problem..just verification of assets and he can rent after we have run a background check...

[andyselec]

Pay 6-12 months in advance