Financial requirements to rent in US
Jun 2nd 2012, 9:12 pm
#1
Just Joined
Thread Starter
Joined: May 2012
Posts: 6
Financial requirements to rent in US
Weve been offered Houston move with hubby's company. Great but unexpected and so much to do!
We will rent a family home, most likely in Katy, as a two year move and keeping mortgaged home in Scotland.
We bank with Barclays so hopefully that will smooth things a bit as effectively have an account with a US bank (we have their international account).
My question really is what do we need to be able to rent a home? In terms of credit reports, references etc? We've never rented so have no landlords' refences. Presumably the credit check can be done from US into our financial affairs here in the UK? Otherwise we'd need to build a profile in the US over time before we actually had a file to check. I think I'm probably missing something!
We will rent a family home, most likely in Katy, as a two year move and keeping mortgaged home in Scotland.
We bank with Barclays so hopefully that will smooth things a bit as effectively have an account with a US bank (we have their international account).
My question really is what do we need to be able to rent a home? In terms of credit reports, references etc? We've never rented so have no landlords' refences. Presumably the credit check can be done from US into our financial affairs here in the UK? Otherwise we'd need to build a profile in the US over time before we actually had a file to check. I think I'm probably missing something!
Jun 2nd 2012, 9:20 pm
#2
Septicity
Joined: May 2004
Posts: 23,762
Re: Financial requirements to rent in US
You're a non-person as far as America is concerned. And nobody's heard of Barclays, so that won't pull any weight.
A Realtor to represent you, documentation from your employer, and $$$ are my suggestions. Shouldn't be too difficult.
A Realtor to represent you, documentation from your employer, and $$$ are my suggestions. Shouldn't be too difficult.
Jun 2nd 2012, 9:51 pm
#3
BE Site Lead
Joined: Aug 2004
Location: MA, USA
Posts: 92,170
Re: Financial requirements to rent in US
Depends on the local market.
Usually you need to put down a month, up to 3 months worth of rent as a deposit, on top of the first and last months worth of rent up front when you sign the lease. Anything from 1-3 months none refundable deposit if you have a pet.
If you use a realtor, or the landlord has used one, then you usually have 1-3 months worth of rent as a fee, but some markets the landlord pays it, but not usually if it's a busy market.
As you'll have no credit history, you'll have issues with the corporate places and have better luck with private rentals. All you can do is offer to put down a larger deposit or pay a larger amount of rent.
Oh and Barclays won't be of much help, sure having an international account will make it easier for you to transfer money back and forth but that is about it.
Usually you need to put down a month, up to 3 months worth of rent as a deposit, on top of the first and last months worth of rent up front when you sign the lease. Anything from 1-3 months none refundable deposit if you have a pet.
If you use a realtor, or the landlord has used one, then you usually have 1-3 months worth of rent as a fee, but some markets the landlord pays it, but not usually if it's a busy market.
As you'll have no credit history, you'll have issues with the corporate places and have better luck with private rentals. All you can do is offer to put down a larger deposit or pay a larger amount of rent.
Oh and Barclays won't be of much help, sure having an international account will make it easier for you to transfer money back and forth but that is about it.
Jun 2nd 2012, 10:01 pm
#4
BE Enthusiast
Joined: Nov 2007
Posts: 906
Re: Financial requirements to rent in US
Proof of employment and income should do it. Landlords are used to this sort-a thing in Houston....
Jun 2nd 2012, 10:06 pm
#5
BE Site Lead
Joined: Aug 2004
Location: MA, USA
Posts: 92,170
Re: Financial requirements to rent in US
That's lucky.
Landlords are used to it in Boston too, but they don't care as there's usually around 20 or so applications per apartment/house for anything remotely nice, so they can pick a definite.
Landlords are used to it in Boston too, but they don't care as there's usually around 20 or so applications per apartment/house for anything remotely nice, so they can pick a definite.
Jun 3rd 2012, 2:08 pm
#6
Just Joined
Joined: Jun 2011
Posts: 15
Re: Financial requirements to rent in US
We're doing same thing at the moment. We rented an apartment for 6 months to give us a chance to look around. Our realtor gets paid by the 'seller' so no worries other than finding the deposit (usually 1 month). Prices vary from 2K/month up to 5K depending on the area, house size and if it has a private pool.
We were aware of the credit issue before we came, but it still surprised me how backward the US banking system is. We had a flawless credit history back in the UK, but for some reason they can't access that info. What??? in this day and age of electronic banking?? give me a break! :-) Just another way of screwing ex-pats.
This forum is definately the place for advice. it's been a godsend.
I've just opened my Houston chronicle to find a hurricaine and flood warning guide. The diesal froze in my car 2 years ago in Aberdeen, now this!! :-)
Enjoy your stay in Houston. It's warming up nicely.
We were aware of the credit issue before we came, but it still surprised me how backward the US banking system is. We had a flawless credit history back in the UK, but for some reason they can't access that info. What??? in this day and age of electronic banking?? give me a break! :-) Just another way of screwing ex-pats.
This forum is definately the place for advice. it's been a godsend.
I've just opened my Houston chronicle to find a hurricaine and flood warning guide. The diesal froze in my car 2 years ago in Aberdeen, now this!! :-)
Enjoy your stay in Houston. It's warming up nicely.
